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 fact fell brief. Liquidity turned fragmented, communities splintered, and infrastructure proved unreliable.
Synthetix confronted frequent downtime as a consequence of unstable rollup infrastructure. Arbitrum turned little greater than a bridge to alt-L1 opponents. And as critical 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 will 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 change constructed natively on Ethereum, the world’s most safe sensible 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 consider will likely be crucial stage of the protocol up to now.
Beneath is every part you want to know in regards to the deprecation timeline, how one can handle your positions, and what’s coming subsequent.
Base Deprecation Timeline
| Date | Element | Motion |
|---|---|---|
| June 12 | LP vaults | New deposits disabled |
| June 30 | Leverage Tokens | Redeem-only |
| July 7 | Leverage Tokens | Totally deprecated |
| June 30 | Perpetual Futures (Perps) | Shut-only mode |
| July 7 | Perps & LP vaults | Totally deprecated |
What You Must 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 affect on present customers.
For those who beforehand supplied liquidity on Arbitrum and haven’t withdrawn your collateral, you should pay again any debt and declare your collateral inside the subsequent 6 months. To assert 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 be capable to shut positions however not open new ones. Funding charges could also be risky throughout this era.
- All markets will likely be deprecated on July 7. Margin will likely 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 remember core contributors won’t ever provide assist in DMs or in exterior servers.
Leverage Tokens
- Leverage Tokens will turn into redeem-only on June 30. You won’t be able to mint new tokens after this date.
- Leverage Tokens will likely be absolutely deprecated on July 7, and any remaining worth returned to merchants.
- We suggest redeeming your tokens earlier than this deadline to keep away from delays or uncertainty throughout deprecation.
Liquidity Suppliers
- LP vaults have just lately stopped accepting new deposits.
- Please withdraw LP collateral by July 7. Remaining LP positions will likely be liquidated on July 7. LPs who haven’t withdrawn by this time could have their collateral returned by the treasury.
What About Optimism?
Optimism’s time will come, will come, however not at this time.
There are no adjustments to Synthetix on Optimism at the moment. If you’re buying and selling on Optimism, we suggest subscribing to this weblog and following our Twitter to remain up to date on future adjustments.
sUSD will play an important function within the Synthetix Mainnet system, and sUSD holders will likely be incentivized emigrate their holdings to mainnet and take part within the upcoming L1 perps system. To start, sUSD will likely be accepted for early deposits in Synthetix Mainnet Vaults. Further instruments and incentives to assist sUSD holders on Optimism bridge their sUSD to Synthetix Mainnet will likely be introduced within the coming weeks.
Trying Forward
Ethereum Mainnet is now the only real focus of protocol improvement. Merchants and LPs are inspired emigrate belongings to Ethereum Mainnet with us, the place you possibly can take part in:
- Early deposit vaults for sUSD and sUSDe
- Incentives for early members via the Synthetix factors program
- Early 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.
Comply with Synthetix intently as we speedrun to mainnet:
