The comeback of an OG DeFi protocol. @synthetix_io, launched in 2018, pioneered decentralized derivatives. After years of quieter development, it is back with a product that could reshape onchain trading and push #DeFi into its next growth cycle. 🧵

16 of 19 team members joined in the past year, led by Benjamin Celermajer with founders Kain Warwick and Jordan Momtazi still providing oversight. A stronger, hungrier team with serious ambitions.

The first perp DEX on Ethereum L1. Synthetix Mainnet will be the first CLOB perpetual futures exchange settled directly on Ethereum. Until now, no major perp platform has been able to operate natively on L1 due to performance limits.

Hybrid design unlocks scale. Order matching runs offchain but custody remains onchain. This gives traders CEX-level speed while staying fully anchored to Ethereum security.

Why Ethereum matters? Ethereum is still the home of DeFi, holding over half of all value. L2s fragment liquidity but Mainnet offers the deepest pool of capital and the highest composability. Synthetix is going straight to the core.

No bridging friction. Operating natively on Ethereum eliminates bridge risks and friction. Over $2.8B has been lost in bridge exploits. Institutions and larger players need trust in infrastructure, and this design delivers it.

Entering the “CLOB wars.” Perpetuals are the hottest market in crypto trading. Competitors like Hyperliquid, Vertex, dYdX v4, and Injective have shown demand. Synthetix is taking the boldest route by choosing Ethereum itself.

Performance that changes expectations. Testing shows 100k TPS with sub-50ms latency. That is CEX-grade throughput fused with Ethereum-grade security. A combination that can capture serious volume.

Proven demand. Perpetual swaps already dominate derivatives trading. Bringing them natively to Ethereum unlocks one of the most powerful product-market fits DeFi has ever seen.

Ethereum needs a world-class perp exchange, and our partner Synthetix is positioning itself to deliver exactly that.