Synthetix Relaunches Perps DEX on Ethereum Mainnet with Private Beta and 50x Leverage
Synthetix has relaunched its canonical perpetual futures decentralized exchange (Perps) on Ethereum mainnet in a private beta, marking its return from layer-2 networks. The product uses off‑chain order matching with on‑chain settlement so user funds remain on Ethereum L1 while achieving low-latency execution. The private beta (Dec 19, 2025) opens with BTC, ETH and SOL markets and up to 50x leverage. Access is limited to 500 users — historical power users, stakers and competition participants — with a 40,000 USDT deposit cap per user; withdrawals are disabled at launch and expected to reopen after about one week while the deposit contract is monitored. The team led by founders Kain Warwick and Jordan Momtazi called this an early iteration and plans rapid weekly expansion: new markets, higher deposit caps, increased leverage, multicollateral margin, new order types, real‑world assets (RWAs), deeper Ethereum composability and an institutional-grade CLOB with off‑chain matching and L1 custody/settlement. The move back to Ethereum is attributed to lower gas after upgrades (e.g., Fusaka), desire to keep custody and settlement on chain, and improved on‑chain composability. The launch follows a competitive trading event that generated significant volume and fees; initial sUSD depositor rewards on the Infinex pool have been extended to support the rollout. For traders: expect limited initial liquidity and capped exposure during the beta, potential short-term volatility around market additions and reward incentives, and longer-term increases in on‑chain derivatives activity if Synthetix scales markets and institutional features as planned.
Bullish
This relaunch is bullish for the tokens directly mentioned (BTC, ETH, SOL) in a relative sense because Synthetix expanding on L1 increases on‑chain derivatives capacity and native liquidity demand. Short-term effects: limited, as the private beta caps users, deposits and disables withdrawals — this will constrain immediate volume and reduce directional price pressure. However, reward incentives and market additions can produce episodic volatility and localized buying pressure around supported assets. Medium-to-long term: if Synthetix follows its roadmap (more markets, higher caps, multicollateral margin, institutional CLOB), that will likely increase on‑chain perpetuals flow and derivative-linked demand for underlying assets, supporting higher liquidity and potential price support. Risk factors: competition from existing L2/perps venues, slow user onboarding, and any technical or custody issues during the beta could mute benefits. Overall, the structural move to Ethereum L1 custody/settlement and planned feature set are net-positive for on‑chain derivatives activity and therefore mildly bullish for the mentioned assets.