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Quick take:
Beginning in October, traders will be able to natively trade high-performance perpetuals on Ethereum without requiring bridges or intermediaries.
The mainnet launch will make Synthetix the “first perpetual futures exchange on Ethereum.”
The platform features fast execution, low latency, and on-chain custody leveraging Ethereum’s security and liquidity infrastructure.
Synthetix, a decentralised liquidity protocol on Ethereum, has announced a $1 million trading competition, ahead of its awaited mainnet launch in Q4. The invite-only competition will provide 100 participants, comprised of top traders, pre-depositors, and Kwenta community members, with $100,000 non-withdrawable seed margin collateral to compete for $1 million grand prize.
Traders can keep the prizes they win during the competition, with the overall winner determined based on the margin balance at the end of the month-long competition. The first-placed trader receives $1,000,000 USDC. There are also prizes for those who rank second to tenth, all in SNX tokens and Infinex Patron NFTs.
Benjamin Celermajer, Synthetix’s Strategy seat, said in a statement: “This competition serves as the ultimate proving ground for our infrastructure ahead of full mainnet launch. By putting Synthetix Perps through high-volume trading scenarios performed by some of the best perps traders, we’ll be poised to meet the demands of global traders and solidify ourselves as one of the leading platforms in the competitive perps space.”
Launched in 2017, Synthetix is returning to Ethereum after years of layer-2 development. The protocol offers a variety of synthetic assets, liquidity incentives, and decentralized stablecoins.
Beginning in October, Synthetix will debut the first-ever, native perpetual futures exchange on Ethereum, enabling traders to trade high-performance perpetuals on the layer-1 blockchain without requiring bridges or intermediaries.
The perpetual DEX platform claims to offer fast execution, low latency, and on-chain custody leveraging Ethereum’s security and liquidity infrastructure, according to a press release seen by NFTgators.
Kain Warwick, Synthetix Founder, said: “Seven years ago, Synthetix launched synthetic assets on Ethereum. We’ve since built financial infrastructure across multiple chains, processing over $60 billion in volume. Ethereum is ready to support institutional-grade derivatives where the deepest liquidity lives.”
Pre-deposits for competition entry are open at predeposits.synthetix.io.
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