Synthetix to launch Perps DEX on Ethereum mainnet.
The DeFi platform for synthetic assets, Synthetix, is set to launch its decentralized exchange (DEX) for perpetual options, Perps, on the Ethereum mainnet.
Initially, the launch of Synthetix Perps on the mainnet of the second-largest cryptocurrency by market capitalization will be in beta testing mode for 500 experienced traders. It will support three assets: Bitcoin, Ethereum, and Solana, with leverage up to 50x for each pair. The option to withdraw funds will be available in about a week.
The developers announced the “daily” opening of new markets over three months, increased leverage, expanded liquidity, and other features.
Synthetix noted that scaling plans for L2 networks involve significant trade-offs for applications. Ethereum offers several advantages for implementing a “high-performance, non-custodial platform for perpetual options,” including:
“The main advantage is that most of the crypto liquidity, assets, and margin are concentrated in Ethereum — practically everything is there. It is the most efficient on-chain market,” commented Synthetix founder Kain Warwick in an interview with Cointelegraph.
He added that blockchain development has significantly improved, and 2025 might be the best period since The Merge update in September 2022.
After years of congestion, Ethereum has regained the ability to support high-frequency financial applications.
Warwick expects other perp-DEXs to follow Synthetix’s lead.
In October, the cumulative trading volume on decentralized platforms for perpetual options reached $1.3 trillion, doubling in a month.
