June 18, 2025
The next submit comprises a recap of stories, initiatives, and vital updates from the Spartan Council and Core Contributors from final week.
👉TLDR
- Mainnet:
- Synthetix goes all-in on Ethereum!
- Finish of June: Early deposit vaults for sUSD and sUSDe.
- Early contributors will earn Synthetix factors and get entry to invite-only buying and selling competitions.
- Arbitrum:
- Totally deprecated.
- All buying and selling disabled, vaults liquidated.
- Declare collateral and repay debt inside 6 months.
- Begin the method in Discord by opening a help ticket.
- Base:
- June 30: Perps in close-only mode; Leverage Tokens redeem-only.
- July 7: Full deprecation; Perps, Leverage Tokens, and LP vaults shut down.
- Shut positions and withdraw funds manually earlier than July 7 to keep away from points.
- Optimism:
- No adjustments but, all the things stays dwell.
- Put together emigrate sUSD to Mainnet quickly.
- Instruments and incentives can be obtainable for a clean transition.
- What it is advisable to do now:
- Arbitrum: Declare collateral and shut positions.
- Base: Be aware of June 30 and July 7 deadlines for closing positions and withdrawing.
- Optimism: Begin getting ready to bridge sUSD to Ethereum Mainnet.
- Mainnet: Be part of Synthetix because it transitions to an important section of the protocol but!
Spartan Council and SIP updates
In the event you’ve been across the Synthetix ecosystem for some time, you’ve most likely heard that Mainnet is the long run. Effectively, it’s now not only a speaking level — the transition is going on and it’s taking place now.
Synthetix is formally sunsetting its L2 deployments, beginning with Arbitrum and Base. Optimism will stay dwell for now, however its time is coming. Transferring ahead, Ethereum Mainnet would be the sole focus of growth, buying and selling, and liquidity. It’s the tip of 1 period and the start of one other that may probably be an important section within the protocol’s historical past.
Let’s first speak about what’s already been decommissioned. The Arbitrum deployment is now absolutely deprecated. Buying and selling was disabled months in the past, and all remaining vaults have been liquidated. In the event you nonetheless have funds on Arbitrum, right here’s what it is advisable to know:
You’ll must repay any excellent debt and declare your collateral from the treasury. The method is
simple — simply hop into Discord and open a help ticket to start. The clock is ticking, and also you’ve obtained six months to assert what’s yours, so don’t wait till the final minute! For additional particulars, you possibly can confer with SIP-416.
Subsequent, let’s focus on what’s developing for these nonetheless on Base. The wind-down on Base is going on in two steps, with key dates that every one merchants and LPs want to pay attention to:
June 30: Perps buying and selling will enter close-only mode, which means you’ll nonetheless be capable of shut out your positions, however no new trades may be opened. On the identical day, Leverage Tokens will go redeem-only, so that you gained’t be capable of mint new tokens from this level ahead.
July 7: Base can be absolutely deprecated. This consists of the entire shutdown of all Perps and Leverage Tokens, and LP vaults can be liquidated. In the event you haven’t manually withdrawn your funds by then, any remaining collateral can be returned by the treasury.
To keep away from delays or slippage, be certain that to shut your positions and withdraw your margin earlier than July 7. In the event you want extra data or assist with the method, the group is all the time obtainable on Discord.
At this level, you is perhaps questioning what’s taking place on Optimism — and what, if something, it is advisable to do. Proper now, there aren’t any adjustments to Synthetix on Optimism, as all the things will stay dwell and absolutely supported in the intervening time. However its time will finally come!
Whereas there isn’t an official timeline for when Optimism can be deprecated, now is an efficient time to begin getting ready for the eventual migration to Mainnet for those who’re holding any idle sUSD on Optimism. You’ll be capable of bridge your sUSD to Ethereum quickly, the place it is going to be essential for the upcoming perps system. We’ll have extra particulars on this within the coming weeks, together with the instruments and incentives to make the migration as seamless as attainable.
So what’s subsequent for Synthetix? The reply is easy: Mainnet is the place all the things is going on. The protocol goes all-in on Ethereum Mainnet, and that’s the place the event efforts can be centered from right here on out. This isn’t simply one other deployment on Ethereum, it’s a full pivot.
Beginning on the finish of June, Synthetix can be launching early deposit vaults for sUSD and sUSDe. Early contributors can be rewarded with Synthetix factors, and the protocol can be internet hosting invite-only buying and selling competitions the place you may get early entry to the brand new perps system. That is the second the place Synthetix goes all-in on the high-performance, absolutely composable perps DEX that Ethereum has been ready for.
The shift away from rollups isn’t just about simplifying the system — it’s about taking management. Rollups gave the protocol some nice classes, however finally, Ethereum L1’s safety and scalability are the place the long run lies.
In brief, right here’s what it is advisable to know shifting ahead:
- In the event you’re nonetheless utilizing Arbitrum, get your collateral and shut any positions. You’ve obtained six months, however don’t wait.
- In the event you’re energetic on Base, don’t neglect the important thing dates: June 30 (close-only, redeem-only) and July 7 (full deprecation). You could shut positions and withdraw funds manually earlier than the deadline to keep away from any issues.
- For these nonetheless on Optimism, you’re nice for now, however don’t sleep on the upcoming migration. Be ready to bridge your sUSD to Mainnet when the time comes.
And eventually, for those who’re buying and selling or LPing on Mainnet, welcome dwelling. The protocol is worked up to have you ever because it heads into this new section! See you on Ethereum.
