On June 6, Synthetix launched the first perps DEX on the Ethereum Mainnet. Marking a strategic return to Ethereum’s core settlement layer. After 2019, Synthetix shifted focus from Optimism to the Mainnet security. This shift is to rebuild trading infrastructure, improve user experience, and unify liquidity. This development reverses a trend that once drew Synthetix away from Ethereum due to scalability issues. With a redesigned staking model, sUSD-focused liquidity mechanisms, and off-chain order matching, the relaunch aims to challenge centralized exchanges and restore Mainnet’s position in DeFi innovation.
First Perps DEX on Ethereum Mainnet Signals Strategic Pivot
Synthetix is building a new perps exchange directly on the Mainnet to leverage its security and settlement strength. The launch of the first perps DEX on Ethereum Mainnet addresses a long-standing gap in DeFi infrastructure. Developers cited liquidity fragmentation, a downside of Layer 2 expansion, as a key driver for returning to the Mainnet. In contrast to previous optimism about L2 scalability, the team acknowledged Ethereum’s unmatched settlement assurance. The move also follows renewed attention from validators, developers, and Ethereum co-founder Vitalik Buterin toward strengthening Mainnet adoption. With this shift, Synthetix joins a limited group of protocols, such as EigenLayer and Ethena, that have launched directly on Mainnet in recent years.
Improving User Experience to Compete with Centralized Platforms
Decentralization remains vital, but product usability now drives protocol decisions and design. Synthetix acknowledged prioritizing decentralization at the expense of ease-of-use. That focus limited growth beyond a niche audience. To address this, developers redesigned staking, simplified onboarding, and dropped legacy pools. The updated staking mechanism now allows users to stake SNX and earn protocol fees without managing debt.
Key architectural changes include off-chain order matching combined with on-chain custody and settlement. This hybrid model maintains decentralization while delivering performance. Orderbooks will replace automated market makers (AMMs), reflecting lessons learned about liquidity depth and trader expectations. These changes align with a broader industry push for institutional-grade DeFi products.
sUSD Regains Utility as Trading and Yield Instrument
The updated protocol restores sUSD as a central stablecoin with renewed focus on utility and liquidity provision. Synthetix now mints sUSD through its Treasury Market, which handles dynamic issuance, burns, and peg maintenance. This shift removes the need for stakers to mint debt, making participation simpler and more accessible. sUSD will serve as the core deposit asset for liquidity providers on the new exchange. Traders and market makers will earn yield through trading fees and liquidation events. sUSD will also back pre-deposit campaigns that reward early participants in the launch phase. These updates aim to restore confidence in the long-standing stablecoin, positioning it as a foundational element of the upcoming trading ecosystem.
Phase 0 Begins Before ETH CC with Reward Campaign
The protocol has planned a reward-based early access system to attract liquidity and activity before full deployment. Synthetix will kick off Phase 0 of its relaunch this month. Early sUSD and sUSDe depositors will gain invite codes, enabling access to testnet and mainnet trading competitions. SNX incentives will be tied to performance, referrals, and participation. This phase also introduces a points-based reward system, where points convert to SNX rewards during the full launch. Initial deposits and invite code distributions will happen before the Ethereum Community Conference (ETH CC). The campaign targets power users and partners while ensuring robust engagement ahead of Mainnet trading.
A New Chapter for Synthetix on the Ethereum Mainnet
Synthetix’s return to the Mainnet marks a pivotal moment in DeFi. The launch of the first perps DEX on Ethereum Mainnet challenges both centralized exchanges and the Layer 2-first approach. By refocusing on user experience, protocol simplicity, and Mainnet reliability, Synthetix sets the stage for a new wave of on-chain trading. This shift reflects growing confidence in Ethereum’s core infrastructure and a renewed push toward unified liquidity. With SNX staking revamped, sUSD utility restored, and reward incentives live, Synthetix is prepared to reassert its role as a DeFi pioneer. The upcoming launch signals a return to Ethereum roots and a commitment to building where DeFi began.
The post Synthetix Launches First Perps DEX on Ethereum Mainnet, Marking a Major Shift from Layer 2 Back to DeFi’s Most Secure Settlement Layer appeared first on Coinfomania.
