SNXweave Weekly Recap 192
August 6, 2025
The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors from last week.
👉TLDR
- Synthetix Mainnet
- ICYMI: Synthetix is launching the first Ethereum Mainnet settled CLOB (central limit order book) perp exchange
- Target launch: Early Q4
- Supports gasless trading, subaccounts, multi-collateral (wstETH, cbBTC, sUSDe), and trader privacy
- Built for performance: ~100k TPS and <50ms trade latency
- Part of broader pivot kicked off by SR-2: new team, OG leadership, full-stack strategy, L2s phased out
- Deprecating Leveraged Tokens on Optimism
- August 4: Minting disabled
- August 4 — August 11: Final redemption window (positions can be manually closed)
- August 11: Redemption window closes & remaining tokens will be liquidated
- sUSD airdrops will follow based on final token balances
Spartan Council and SIP updates
Starting off with the big one: Synthetix returning to Ethereum Mainnet. As we’ve discussed in previous posts, and after years of pushing boundaries on L2s, the protocol is heading back to its roots to launch a high-performance perpetual futures exchange directly on Ethereum. The upcoming exchange uses a hybrid architecture with off-chain matching and on-chain custody — giving traders CEX-level performance without compromising on decentralization or trust assumptions.
The target launch is early Q4, and the new design reflects years of learning from running a perps AMM. It’s fast, composable, non-custodial, and built for serious volume.
The return to Mainnet isn’t just symbolic — it’s strategic. Ethereum still holds over half of all DeFi TVL, and it’s where the deepest liquidity and most battle-tested apps live. Deploying a perp exchange on L1 means instant composability with protocols like Uniswap, Curve, and Aave, with no bridges and no fragmentation.
The product will support multi-collateral and cross-margin from day one, including support for wstETH, cbBTC, and sUSDe. Subaccounts are also in the works for traders looking to isolate strategies or manage client funds. All of this will be accessible through gasless trading, privacy-preserving order books (Level 2 data only), and Mainnet-native deposits and withdrawals.
This latest push follows the reset initiated by SR-2 in late 2024. After years of grinding through decentralization-maxi experiments and AMM constraints, Synthetix has fully pivoted:
- 16 of 20 contributors on the current team joined in the last 12 months
- Kain and Jordan are back, bringing strategic oversight
- Synthetix is now operating as a full-stack protocol, owning the frontend and trading interface
- L2s are being phased out in favor of Mainnet, where DeFi lives and breathes
At ETHcc, the team had several conversations that reinforced what many already suspected: people want Synthetix to win. But the market needs more than nostalgia — it needs delivery. This is exactly what the team is now laser-focused on.
Of course, the return to Mainnet is happening just as the CLOB (central limit order book) wars are heating up. Hyperliquid’s $13B breakout has made it clear that speed and UX still matter more than maximalist ideals. New competitors like Bullet, Ambient, Paradex, and Fuel are entering the arena with their own variations on the hybrid model.
And the common thread seems to be that everyone is making similar trade-offs: off-chain matching engines, centralized sequencers, privacy concessions. What sets Synthetix apart is the combination of experience (5+ years in perps), deep understanding of protocol-level tradeoffs, and a refusal to compromise on core DeFi principles like composability and non-custodial access.
Expect more detail soon on the matching engine benchmarks (early numbers show ~100k TPS and <50ms trade latency), deployment timelines, and testnet launches. The architecture also leaves room for future upgrades, including trust-minimized off-chain proofs powered by ZK tech like Succinct’s zkVM.
In parallel with the new build, the L2 sunset continues. This week marks the deprecation of all leveraged tokens on Optimism, part of the final steps to fully retire Synthetix’s L2 deployments. Base and Arbitrum have already been sunset, and it’s time for Optimism. Here’s the current timeline:
- As of August 4th, minting has been disabled
- August 4th to August 11th will be the final redemption window where you can manually close positions
- August 11th is when the redemption window closes and any remaining tokens will be liquidated
- sUSD airdrops will go out within a couple of weeks of liquidation, based on final token balances
So if you’re still holding leveraged tokens, it is strongly recommended to redeem them during the open window to avoid relying on automatic liquidation.
Momentum is picking up fast, and the team is shipping quickly. Expect regular updates — Soonthetix Mainnet!