Overview
- The canonical Synthetix Perps DEX went live on Dec. 19 as a restricted beta on Ethereum, limited to 500 selected users with a 40,000 USDT deposit cap each.
- Withdrawals are disabled at launch, with the team saying they expect to enable them in about a week after monitoring on-chain deposit behavior.
- The platform uses off-chain order matching with on-chain settlement so user funds remain on Ethereum while targeting low-latency execution.
- Initial markets cover Bitcoin, Ethereum, and Solana with up to 50x leverage, with weekly market additions and higher limits planned.
- Synthetix returns after its 2022 mainnet exit, citing lower fees and upgrades such as Fusaka, alongside an internal reset that brought founders Kain Warwick and Jordan Momtazi back into active leadership and a roadmap through 2026 including multi-collateral margin, new order types, real-world assets, and deeper DeFi integration.