Synthetix Shuts Down Optimism, Focuses on Ethereum Mainnet Launch
Synthetix will deprecate its Optimism deployment and fully migrate operations to Synthetix Mainnet on Ethereum. Starting August 18, perpetuals enter close-only mode; on August 25, open positions will be force-closed with margin airdropped in sUSD; full deprecation follows on August 31. Traders must close positions and bridge sUSD to Ethereum via Superbridge. SNX and sUSD holders on Optimism should move funds to Mainnet, where they can stake SNX (~37% APR), stake sUSD in the 420 Pool (~44% APR), or provide liquidity. Infinex users are auto-bridged. The shutdown ends Synthetix’s Layer 2 deployments and consolidates Synthetix Mainnet as the protocol’s high-performance perp exchange. Users are urged to migrate ahead of deadlines to avoid forced closures and maintain access to staking rewards.
Neutral
The announcement that Synthetix is shutting down on Optimism and consolidating on Mainnet is a neutral development. While it may temporarily reduce liquidity on L2 and require traders to migrate assets, it enhances long-term protocol security and reduces market fragmentation. Similar consolidations—like Uniswap v3’s concentrated liquidity model—did not trigger significant price swings but improved efficiency and capital usage. In the short term, traders may face minor disruptions during bridging, but the unified Synthetix Mainnet could attract deeper liquidity and more transparent perps trading over time. Thus, the net market impact is expected to be neutral, with potential upside if adoption grows.