Synthetix has relaunched its perpetual futures platform on Ethereum, marking a return to the network after nearly two years focused on layer-2 deployments.
The protocol originally moved away from Ethereum in 2022 as high transaction costs made active derivatives trading difficult. Since then, it operated across Optimism, Arbitrum, and Base. Recent improvements to Ethereum’s mainnet, including lower fees and scalability upgrades, have now prompted a shift back.
The relaunch begins with a private beta limited to 500 users, including long-time contributors and experienced traders. At launch, the platform supports perpetual markets for Bitcoin, Ethereum, and Solana, with leverage of up to 50x. Deposits are capped at 40,000 USDT per user, while withdrawals are expected to open roughly one week after launch.
Synthetix is using an off-chain order matching system paired with onchain settlement, keeping user funds on Ethereum while enabling faster execution. Trades settle directly on layer 1, with permissionless withdrawals once enabled.
The move follows internal changes at Synthetix, with much of the team joining over the past year and founders returning to active leadership. Looking ahead, the protocol plans to expand its Ethereum-based offering with new markets, higher limits, and additional trading features as development continues.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
