Synthetix returns to the Ethereum mainnet after three years.
PANews reported on December 19th, citing Cointelegraph, that perpetual contract trading platform Synthetix announced its return to the Ethereum mainnet. Its founder, Kain Warwick, stated that previously, high gas fees and network congestion forced derivatives platforms, including Synthetix, to migrate to Layer 2 networks or other alternative blockchains. However, transaction fees on the Ethereum mainnet have now significantly decreased, enabling it to run high-frequency financial applications again. Synthetix migrated to the Ethereum Layer 2 network Optimism in 2022, and subsequently expanded to Arbitrum and Base. Etherscan data shows that on Wednesday, the average Ethereum gas fee was approximately 0.71 gwei, a nearly 26-fold decrease from 18.85 gwei on the same day twelve months ago.
Warwick points out that, combined with the scaling progress of Layer 2 and the mainnet, critical infrastructure can now run on the mainnet. He believes that the Ethereum mainnet possesses the most liquidity, assets, and margin in the crypto world, making it the most efficient on-chain market, and anticipates that other perpetual contract decentralized exchanges will follow suit. He also states that 2025 will be Ethereum's most significant year of development since its merger in 2022, with greater attention being paid to the needs of network builders.
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