Synthetix Launches Perpetual DEX with $1M Trading Competition

Synthetix is set to launch its perpetual decentralized exchange (Perp DEX) on the Ethereum mainnet in Q4 2025, accompanied by a $1 million trading competition.

The launch could boost Ethereum liquidity, attract top DeFi traders, and potentially increase the price volatility of involved tokens, including SNX and ETH.

Synthetix Unveils $1M Trading Contest on Ethereum Mainnet

The trading contest will attract top DeFi traders, with rewards funded by Synthetix’s treasury. Provisions for multi-collateral support will enhance the platform’s appeal, potentially increasing SNX token activity. Market response has been largely positive, particularly among developers and users on public platforms such as GitHub and Discord.

Ethereum (ETH) is currently priced at $4,209.15 with a market cap of $508.06 billion. It holds 13.00% market dominance. CoinMarketCap data indicates a 0.21% price increase over 24 hours, despite a 10.54% drop in trading volume.

“Synthetix is building the first high-performance perp to settle directly on Ethereum Mainnet, without the need for bridges or intermediaries. Synthetix mainnet features fast execution, low latency, and on-chain custody that leverages Ethereum’s robust security and liquidity.” – Kain Warwick, Founder, Synthetix

Hybrid Model May Boost Institutional Interest in DeFi

Did you know? Synthetix’s move to Ethereum Mainnet is a return to its roots, offering direct settlement without intermediaries, paralleling early on-chain derivatives attempts.

The Coincu research team highlights that the hybrid model may foster institutional adoption by reducing gas costs. The competition could lead to increased SNX volatility and drive Ether-denominated TVL growth on the mainnet.

The competition could lead to increased SNX volatility and drive Ether-denominated TVL growth on the mainnet.