Synthetix has undergone a remarkable transformation over the past six years, evolving from a pioneer in synthetic assets to a leading provider of liquidity and derivatives infrastructure. Today, we power a variety of platforms across the top blockchains, catering to the needs of our vibrant community.
Our community plays a central role in all our endeavors, and they have expressed a desire for a comprehensive overview of our projects on each chain, as well as a peek into what lies ahead. This report aims to provide insights into our current multi-chain strategy and upcoming developments. Stay tuned for a detailed roadmap coming soon.
Base
Base, home to the initial deployment of Synthetix V3, is USDC-denominated for both liquidity providers and traders. The supported LP collateral includes stataUSDC (non-rebasing Aave aUSDC) and USDC, used by traders as margin collateral. As the focus is primarily on USDC, lending options are limited to USDC-denominated assets for now.
We are looking forward to introducing Multi-collateral Perps contracts on Arbitrum, which will allow for non-USDC trader margin collateral and significantly expand open interest across a variety of assets. This upgrade is currently being tested on the Base Sepolia testnet and will be prioritized once live. Stay tuned for updates on migration and integration.
Meanwhile, Kwenta is making progress towards launching an open beta of Orderbook Perps, targeted for a late October release in alignment with Optimism’s Mission Request timelines. The work will be open-source to meet grant requirements, with a detailed roadmap and timeline to follow.
Arbitrum
Synthetix V3 on Arbitrum is nearing completion, offering multi-collateral liquidity positions and trader margin support.
The current supported collateral includes:
WETHARBUSDCUSDeEtherFi weETHLido wstETH
New LP additions have been approved by Governance:
stataUSDT (Aave interest-bearing USDT)stataUSDC (Aave interest-bearing USDC)Ethena sUSDe
Kwenta will be the first frontend to integrate Multi-collateral Perps, becoming the first Perps DEX to support multi-collateral margin across any EVM chain.
Traders on Arbitrum will have the option to use WETH, tBTC, SOL, USDe, and USDx as margin collateral. Additionally, yield-bearing collateral like weETH, wstETH, and sUSDe will be introduced soon.
For liquidity providers, Arbitrum presents the opportunity to mint USDx against collateral, unlocking capital efficiency and earning Perps trading fees. As demand grows and USDx is integrated into other DeFi protocols, supply caps will be gradually increased.
Mainnet
Synthetix V3 is now live on Ethereum Mainnet, with the Treasury Council transitioning their staking positions. V2 stakers have the option to migrate their positions and sUSD (soon to be renamed “Legacy sUSD”) at a 1:1 rate through the LP app, managing Mainnet positions.
V2 stakers will continue to earn fees from Perps V2, but transitioning to V3 positions will provide access to the upcoming Big “Freaking” Perps (BFP) product.
BFP contracts are optimized for L1 execution, offering delta-neutral yield vaults to support a fully decentralized stablecoin akin to Ethena. BFP is poised to be the most efficient platform for leverage on Mainnet.
Currently live on testnet, BFP contracts are being developed in collaboration with multiple integrators for trading frontends and vault interfaces. Integrators interested in leveraging the next generation of Synthetix perps on Mainnet are encouraged to reach out.
Optimism
Perps V2 is already operational on Optimism, with SNX stakers providing liquidity. Stakers can mint sUSD, used for trading perps, minting leveraged tokens, participating in parimutual markets, and earning yield.
As we near the completion of the Mainnet V3 migration, efforts will shift towards migrating Optimism to V3. SNX stakers will be able to transition their positions and sUSD to the new contract at a 1:1 rate, with sUSD employed for debt management of LP positions. Optimism will continue to support Perps V2, with SNX LPs earning fees.
Given the evolution of the Superchain strategy, it is imperative for integrators to broaden their focus to include Base and Arbitrum. Priority will be given to broader chain integration as opposed to exclusive development for Optimism.
SNAX Chain
As Synthetix expands its horizons, the next logical step is the launch of our own blockchain—SNAX Chain—built on the Optimism Superchain.
The initial phase involved the migration of governance functions across multiple chains using Wormhole messaging for both EVM and non-EVM deployments. The first election cycle has concluded, paving the way for the next phase of development.
SNAX Chain will serve as the new home for SNX staking and cross-chain fee collection, replacing Optimism and Ethereum Mainnet. This migration will be incentivized through a revised SNX value accrual mechanism, residing on SNAX Chain.
Ultimately, SNAX Chain will facilitate cross-chain liquidity, leveraging pooled liquidity across multiple chains. Optimism’s interoperability will enable Synthetix to share liquidity throughout Superchain deployments, establishing SNAX Chain as the hub for yield generation in the Synthetix ecosystem.
–
As we approach the end of Q3, the future of our multi-chain deployments looks promising. For the latest news and updates on our upcoming releases, follow us on X with notifications turned on and check out our new announcement channel on Telegram. And for more trending news articles like this, visit DeFi Daily News.
Stay tuned for more exciting developments from Synthetix as we continue to innovate and grow in the decentralized finance space!
