Synthetix Chain by Chain

Synthetix -

Synthetix has grown and evolved over the past six years—from humble beginnings as a pioneer of synthetic assets to becoming the premier choice for liquidity and derivatives infrastructure, powering over half a dozen platforms across leading blockchains.

Our community, which is at the heart of everything we do, has asked for a consolidated view of what has been built on each chain, what’s coming, and what to get excited about. This report offers insight into our current and near-future multi-chain strategy. A longer-form roadmap will be shared soon.

Base

The home of our first deployment of Synthetix V3, Base is USDC-denominated for both LPs and traders. Supported LP collateral includes stataUSDC (non-rebasing Aave aUSDC) and USDC, which traders use as margin collateral. Due to this USDC focus, only USDC-denominated assets are available for lending at this time.

We’re excited about upcoming Multi-collateral Perps contracts on Arbitrum, which, alongside accepting non-USDC trader margin collateral, will allow us to significantly expand open interest (OI) across long-tail assets. Once live, we’ll prioritize this upgrade on Base, which is currently undergoing tests on Base Sepolia testnet. Stay tuned for more details on migration and integration updates.

In parallel, Kwenta is working toward an open beta of Orderbook Perps, targeting a late October release, aligned with Optimism’s Mission Request timelines. The work will be open-source to meet grant requirements. A full roadmap and timeline will follow soon.

Arbitrum

Synthetix V3 on Arbitrum is almost here (stay tuned), offering multi-collateral liquidity positions and trader margin support.

Current supported collateral includes:

  • WETH
  • ARB
  • USDC
  • USDe
  • EtherFi weETH
  • Lido wstETH

Governance has also approved new LP additions:

  • stataUSDT (Aave interest-bearing USDT)
  • stataUSDC (Aave interest-bearing USDC)
  • Ethena sUSDe

Kwenta will integrate as the first frontend for Multi-collateral Perps, becoming the first Perps DEX to support multi-collateral margin across any EVM chain.

Traders on Arbitrum can use WETH, tBTC, SOL, USDe, and USDx as margin collateral. We also plan to introduce yield-bearing collateral like weETH, wstETH, and sUSDe soon.

For liquidity providers, Arbitrum offers the chance to mint USDx against collateral and unlock unprecedented capital efficiency, while earning Perps trading fees. We’ll gradually raise USDx supply caps as demand grows and its use in other DeFi protocols increases.

Mainnet

Synthetix V3 is now deployed on Ethereum Mainnet, with the Treasury Council migrating their staking positions. V2 stakers can migrate their positions and sUSD (soon to be renamed "Legacy sUSD") at a 1:1 rate through the LP app, which also manages Mainnet positions.

V2 stakers will still earn fees from Perps V2, but migrating to V3 positions will provide access to our upcoming Big “Freaking” Perps (BFP) product.

BFP contracts are optimized for L1 execution, and offer a framework for delta-neutral yield vaults to back a fully decentralized, Ethena-style stablecoin. We believe BFP will be the most efficient and cost-effective platform for leverage on Mainnet.

Currently live on testnet, BFP contracts are being developed with multiple integrators for trading frontends and vault interfaces. If you’re an integrator looking to leverage the next generation of Synthetix perps on Mainnet, now’s the time to get in touch!

Optimism

Perps V2 is live on Optimism, with SNX stakers providing liquidity. SNX stakers mint sUSD, which can be used for trading perps, minting leveraged tokens, trading parimutual markets, and earning yield.

Active platforms include:

As we wrap up the Mainnet V3 migration, we’ll shift our focus to migrating Optimism to V3. SNX stakers will be able to migrate their positions and sUSD to the new contract at a 1:1 rate, with sUSD used for debt management of LP positions. Optimism will continue to support Perps V2, with SNX LPs earning fees.

With the Superchain strategy evolving, it’s crucial that integrators expand to Base and Arbitrum. OP-only development will be deprioritized as we push toward broader chain integration.

SNAX Chain

As Synthetix expands, the next logical step is launching our own blockchain—SNAX Chain—built on the Optimism Superchain.

The first phase began with migrating governance functions across multiple chains, using Wormhole messaging for both EVM and non-EVM deployments. The first election cycle has concluded, and we’re now focused on the next phase of development.

SNAX Chain will become the new home for SNX staking and cross-chain fee collection, replacing Optimism and Ethereum Mainnet. This migration will be incentivized through a revised SNX value accrual mechanism, living on SNAX Chain.

Eventually, SNAX Chain will support cross-chain liquidity, leveraging pooled liquidity across multiple chains. Optimism’s interoperability will enable Synthetix to share liquidity across Superchain deployments, making SNAX Chain the hub for yield generation in the Synthetix ecosystem.

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As Q3 comes to a close, we’re excited for the next phase of our multi-chain deployments. Follow us on X with notifications on and our new announcement channel on Telegram to get the latest news about our upcoming releases.