Synthetix Network has returned to the Ethereum mainnet, betting that scaling upgrades will make layer-1 viable for perpetrators again.
Summary
- Synthetix has relaunched its decentralized perpetual futures exchange on the Ethereum mainnet.
- The returns follow a two-year period operating on Layer-2 networks.
- The protocol uses offchain matching with onchain settlement to scale trading.
Synthetix has returned its core trading product to its original home base.
In a blog post published on December 19, the protocol announced the launch of its canonical perpetual futures DEX on the Ethereum (ETH) mainnet, marking its first return since migrating to layer 2 networks in 2022.
Perpetual trading restarts with limited access
The relaunch will begin with a private beta. With support for the Bitcoin, Ethereum and Solana markets, Synthetix Perps currently operates on Ethereum and offers up to 50x leverage. Only 500 users, selected from contributors, stakers and seasoned traders, have been granted access.
Introducing Synthetix Perps on Ethereum Mainnet ⚔️
We are thrilled to announce that Synthetix, the canonical perp DEX on Ethereum, is now live.
🧵⬇️ pic.twitter.com/CqcptUK96R
— Synthetix ⚔️ (@synthetix) December 19, 2025
Each user has a limit of 40,000 USDT in deposits. Withdrawals will be disabled at launch and are expected to open about a week later after the team checks deposit behavior on the chain.
Synthetix (SNX) said the current lineup is just an early version. New markets are planned to be introduced weekly over the coming months, along with higher leverage limits, larger deposit limits and additional trading features.
The mainnet return follows an internal reset. Most of the current team joined over the past year, with founders Kain Warwick and Jordan Momtazi returning to active leadership roles.
Why Synthetix is betting on Ethereum again
Synthetix left the Ethereum mainnet in 2022 as gas costs made high-frequency trading difficult. Since then it has been active in Optimism, Arbitrum and Base. The team now says that these environments had boundaries that became harder to ignore over time.
The new system uses off-chain order matching with on-chain settlement. User funds remain on Ethereum. Transactions are handled directly on layer 1 and withdrawals are permissionless. According to Synthetix, this setup delivers low latency while maintaining custody and settlement on Ethereum.
Lower gas prices and recent mainnet upgrades such as Fusaka also influenced this move. The team believes that Ethereum can now support more complex trading operations without forcing users to bridge assets or distribute liquidity across networks.
Warwick said the shift is based on years of trial and error. According to him, capital, liquidity and serious traders tend to concentrate where custody, settlement and compoundability are strongest.
Synthetix plans to expand the platform through 2026 with multi-collateral margin, new order types, real asset markets, and deeper integration with Ethereum-based DeFi applications.
