Synthetix to Shut Down Its Layer-2
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DeFi protocol Synthetix will shut down its Layer-2 deployments on Base by July 7.
The team cited “fragmented liquidity” as the reason for the pivot back to Ethereum mainnet.
The strategic shift comes after the price of the native SNX token has fallen by 83%.
The decentralized finance (DeFi) protocol Synthetix has announced a major strategic pivot, setting a July 7 target to phase out all of its Layer-2 deployments on the Base network. The derivatives protocol stated it will now consolidate its focus on the Ethereum mainnet, a surprising move that goes against the broader industry trend of L2 expansion.❤️關注🫂+點贊
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