Synthetix was one of many first protocols to launch on an Ethereum rollup again in 2021—a lifetime in the past in DeFi phrases. Whereas the promise of quicker and cheaper execution was compelling, the truth fell quick. Liquidity turned fragmented, communities splintered, and infrastructure proved unreliable.
Synthetix confronted frequent downtime on account of unstable rollup infrastructure. Arbitrum turned little greater than a bridge to alt-L1 opponents. And as severe builders struggled to ship, the market drifted into memecoins and short-term narratives. Within the wake of the generalized rollup experiment, each Synthetix and the broader Ethereum group got here to a tough realization: we are able to do higher.
As Ethereum core builders refocused on scaling Layer 1, Synthetix started reassessing its strategy to derivatives. The reality? The market is saturated with perps DEXs scattered throughout customized rollups and sidechains. What it lacks, surprisingly, is a single high-performance perps trade constructed natively on Ethereum, the world’s most safe good contract platform.
Synthetix is stepping as much as change that.
The L2 Celebration of Life Schedule
As a part of the transition to Synthetix Mainnet, all L2 deployments are being wound down. To assist merchants and LPs put together, we’ve put collectively a brief information. We hope you’ll be a part of us on Ethereum for early deposit vaults, factors rewards, and what we imagine might be crucial stage of the protocol thus far.
Beneath is all the things that you must know in regards to the deprecation timeline, how you can handle your positions, and what’s coming subsequent.
Base Deprecation Timeline
DateComponentActionJune 12LP vaultsNew deposits disabledJune 30Leverage TokensRedeem-onlyJuly 7Leverage TokensFully deprecatedJune 30Perpetual Futures (Perps)Shut-only modeJuly 7Perps & LP vaultsFully deprecated
What You Have to Know
Arbitrum
Yesterday, the Synthetix deployment on Arbitrum was absolutely deprecated. This transfer comes a number of months after the preliminary wind down of Arbitrum buying and selling, and may have minimal influence on present customers.
Should you beforehand offered liquidity on Arbitrum and haven’t withdrawn your collateral, you will need to pay again any debt and declare your collateral inside the subsequent 6 months. To say your collateral from the treasury, please go to us in Discord and open a assist ticket. For governance particulars, see particulars in SIP-416.
Base
Perpetual Futures
Perps enter close-only mode on June 30. You’ll have the ability to shut positions however not open new ones. Funding charges could also be unstable throughout this era.All markets might be deprecated on July 7. Margin might be auto-returned in USDC after July 7 if not withdrawn, minus any debt owed. To keep away from delays, please shut positions and withdraw your margin earlier than this date.You probably have questions or particular circumstances, please go to us in Discord and open a assist ticket. Please bear in mind core contributors won’t ever supply assist in DMs or in exterior servers. Leverage TokensLeverage Tokens will grow to be redeem-only on June 30. You will be unable to mint new tokens after this date.Leverage Tokens might be absolutely deprecated on July 7, and any remaining worth returned to merchants.We advocate redeeming your tokens earlier than this deadline to keep away from delays or uncertainty throughout deprecation.
Liquidity Suppliers
LP vaults have lately stopped accepting new deposits.Please withdraw LP collateral by July 7. Remaining LP positions might be liquidated on July 7. LPs who haven’t withdrawn by this time can have their collateral returned by the treasury.
What About Optimism?
Optimism’s time will come, will come, however not in the present day.
There are not any adjustments to Synthetix on Optimism right now. In case you are buying and selling on Optimism, we advocate subscribing to this weblog and following our Twitter to remain up to date on future adjustments.
sUSD will play a vital function within the Synthetix Mainnet system, and sUSD holders might be incentivized emigrate their holdings to mainnet and take part within the upcoming L1 perps system. To start, sUSD might be accepted for early deposits in Synthetix Mainnet Vaults. Extra instruments and incentives to assist sUSD holders on Optimism bridge their sUSD to Synthetix Mainnet might be introduced within the coming weeks.
Wanting Forward
Ethereum Mainnet is now the only real focus of protocol growth. Merchants and LPs are inspired emigrate property to Ethereum Mainnet with us, the place you may take part in:
Early deposit vaults for sUSD and sUSDeIncentives for early individuals by means of the Synthetix factors programEarly perps entry and gated buying and selling competitions (with invite code)
Search for the early deposit marketing campaign earlier than the top of June, 2025.
Observe Synthetix intently as we speedrun to mainnet:
