Synthetix is committed to rebuilding a high-performance perpetual derivatives exchange on Ethereum Mainnet.
Through the return to a startup state, Synthetix aims to become one of the leading DEXs in the EVM ecosystem by combining an off-chain order book and a batch settlement engine on the main chain.
MAIN CONTENT
Synthetix is determined to rebuild on Ethereum Mainnet with a long-term development focus.
It is necessary to develop a new generation of high-performance perpetual derivatives decentralized exchange.
An optimal design using an off-chain order book and a group settlement engine with all funds still on Mainnet.
What goals is Synthetix aiming for on Ethereum Mainnet?
Kain Warwick, the founder of Synthetix, affirmed that the team is strongly committed to restructuring on Ethereum Mainnet. He emphasized that after two years of learning from the previous cycle, Synthetix wants to return to a leading position in the EVM decentralized exchange ecosystem.
Returning to a startup state allows the team to focus on refining the product while enhancing the performance and stability of the perpetual derivatives exchange – a segment that urgently needs modern solutions on Ethereum. This is seen as a crucial foundation for Synthetix to regain its competitive position in the market.
This return is not only a technological improvement effort but also reflects a long-term commitment to the community and the Ethereum ecosystem in general.
Why is a modern perp DEX needed on Ethereum according to Kain Warwick?
Kain Warwick believes that Ethereum Mainnet is lacking a high-performance perpetual derivatives exchange (Perp DEX), which would enhance attractiveness and user experience. This is an important gap that Synthetix wants to fill.
The market has entered a new phase with higher requirements for processing speed, security, and transparency. The perp DEX needs to meet these criteria to maintain stability, minimize risks, and support both professional traders and newcomers.
Focusing on developing an optimal derivatives exchange product will help create a sustainable DeFi environment and increase liquidity for the entire DeFi ecosystem.
What technical design has Synthetix chosen as the foundation for the new product?
Synthetix prioritizes a model that combines an off-chain order book and a batch settlement engine on Mainnet. The operation is similar to an optimistic sequencer, but all assets remain on-chain.
"This design is optimal for perpetual swap products, ensuring high performance while maintaining the security strength of Ethereum Mainnet," – Kain Warwick, Founder of Synthetix, 2024.
Kain Warwick, Founder of Synthetix, 15/08/2024
This model helps reduce transaction load on Mainnet, speeds up order matching, and lowers gas costs while still maintaining absolute financial reliability. Keeping assets on the main chain also helps prevent the risk of declines or scams from completely off-chain solutions.
This is an intelligent combination of user experience and security standards, suitable for the increasing demands of today's highly competitive perp DEX market.
Frequently asked questions
Does Synthetix have specific plans to compete in the perp DEX market?
Synthetix is focusing on enhancing performance, improving interfaces and security, while building a strong community to re-establish its position in the EVM ecosystem.
What are the strengths of the design that combines an off-chain order book and a settlement engine on Mainnet?
This solution speeds up transaction times, saves gas fees, and keeps user assets safe as everything remains on-chain on Ethereum.
How does Kain Warwick evaluate the current development of the perp DEX market?
He believes that this field lacks high-quality products on Ethereum and presents a great opportunity for projects with advanced technology.
What impact does the return to a startup state of Synthetix have on current users?
This process helps improve overall service, enhance experience and security, but may require users to update or adapt to some new processes.
Does Synthetix intend to expand to other EVM networks besides Ethereum?
This information has not been detailed yet, the current focus is mainly on Ethereum Mainnet.
Source: https://tintucbitcoin.com/synthetix-nhanh-chong-tro-lai-ethereum-mainnet/
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