Synthetix has grown and advanced over the previous six years—from humble beginnings as a pioneer of artificial property to changing into the premier alternative for liquidity and derivatives infrastructure, powering over half a dozen platforms throughout main blockchains.
Our neighborhood, which is on the coronary heart of every part we do, has requested for a consolidated view of what has been constructed on every chain, what’s coming, and what to get enthusiastic about. This report provides perception into our present and near-future multi-chain technique. An extended-form roadmap might be shared quickly.
Base
The house of our first deployment of Synthetix V3, Base is USDC-denominated for each LPs and merchants. Supported LP collateral contains stataUSDC (non-rebasing Aave aUSDC) and USDC, which merchants use as margin collateral. As a result of this USDC focus, solely USDC-denominated property can be found for lending presently.
We’re enthusiastic about upcoming Multi-collateral Perps contracts on Arbitrum, which, alongside accepting non-USDC dealer margin collateral, will enable us to considerably increase open curiosity (OI) throughout long-tail property. As soon as reside, we’ll prioritize this improve on Base, which is at present present process checks on Base Sepolia testnet. Keep tuned for extra particulars on migration and integration updates.
In parallel, Kwenta is working towards an open beta of Orderbook Perps, focusing on a late October launch, aligned with Optimism’s Mission Request timelines. The work might be open-source to fulfill grant necessities. A full roadmap and timeline will comply with quickly.
Arbitrum
Synthetix V3 on Arbitrum is sort of right here (keep tuned), providing multi-collateral liquidity positions and dealer margin help.
Present supported collateral contains:
WETHARBUSDCUSDeEtherFi weETHLido wstETH
Governance has additionally accepted new LP additions:
stataUSDT (Aave interest-bearing USDT)stataUSDC (Aave interest-bearing USDC)Ethena sUSDe
Kwenta will combine as the primary frontend for Multi-collateral Perps, changing into the primary Perps DEX to help multi-collateral margin throughout any EVM chain.
Merchants on Arbitrum can use WETH, tBTC, SOL, USDe, and USDx as margin collateral. We additionally plan to introduce yield-bearing collateral like weETH, wstETH, and sUSDe quickly.
For liquidity suppliers, Arbitrum provides the possibility to mint USDx towards collateral and unlock unprecedented capital effectivity, whereas incomes Perps buying and selling charges. We’ll step by step elevate USDx provide caps as demand grows and its use in different DeFi protocols will increase.
Mainnet
Synthetix V3 is now deployed on Ethereum Mainnet, with the Treasury Council migrating their staking positions. V2 stakers can migrate their positions and sUSD (quickly to be renamed “Legacy sUSD”) at a 1:1 fee by way of the LP app, which additionally manages Mainnet positions.
V2 stakers will nonetheless earn charges from Perps V2, however migrating to V3 positions will present entry to our upcoming Large “Freaking” Perps (BFP) product.
BFP contracts are optimized for L1 execution, and provide a framework for delta-neutral yield vaults to again a completely decentralized, Ethena-style stablecoin. We imagine BFP would be the best and cost-effective platform for leverage on Mainnet.
Presently reside on testnet, BFP contracts are being developed with a number of integrators for buying and selling frontends and vault interfaces. In the event you’re an integrator seeking to leverage the subsequent technology of Synthetix perps on Mainnet, now’s the time to get in contact!
Optimism
Perps V2 is reside on Optimism, with SNX stakers offering liquidity. SNX stakers mint sUSD, which can be utilized for buying and selling perps, minting leveraged tokens, buying and selling parimutual markets, and incomes yield.
Lively platforms embody:
As we wrap up the Mainnet V3 migration, we’ll shift our focus to migrating Optimism to V3. SNX stakers will be capable to migrate their positions and sUSD to the brand new contract at a 1:1 fee, with sUSD used for debt administration of LP positions. Optimism will proceed to help Perps V2, with SNX LPs incomes charges.
With the Superchain technique evolving, it’s essential that integrators increase to Base and Arbitrum. OP-only improvement might be deprioritized as we push towards broader chain integration.
SNAX Chain
As Synthetix expands, the subsequent logical step is launching our personal blockchain—SNAX Chain—constructed on the Optimism Superchain.
The primary part started with migrating governance features throughout a number of chains, utilizing Wormhole messaging for each EVM and non-EVM deployments. The primary election cycle has concluded, and we’re now centered on the subsequent part of improvement.
SNAX Chain will grow to be the brand new residence for SNX staking and cross-chain price assortment, changing Optimism and Ethereum Mainnet. This migration might be incentivized by way of a revised SNX worth accrual mechanism, residing on SNAX Chain.
Finally, SNAX Chain will help cross-chain liquidity, leveraging pooled liquidity throughout a number of chains. Optimism’s interoperability will allow Synthetix to share liquidity throughout Superchain deployments, making SNAX Chain the hub for yield technology within the Synthetix ecosystem.
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As Q3 involves a detailed, we’re excited for the subsequent part of our multi-chain deployments. Observe us on X with notifications on and our new announcement channel on Telegram to get the newest information about our upcoming releases.
