Synthetix DAO
Synthetix is a decentralized finance protocol offering onchain custody with offchain performance for perpetual futures trading on Ethereum Mainnet.
Overview
Synthetix is a decentralized finance (DeFi) protocol built on Ethereum Mainnet that enables perpetual futures trading with a hybrid model combining onchain custody and offchain order matching. It aims to deliver the security and composability benefits of Ethereum's settlement layer while providing the speed, liquidity, and user experience expected from centralized exchanges. By keeping assets onchain, Synthetix ensures maximum security and transparency, while its offchain order book enables ultra-low latency trade execution with deep liquidity and competitive spreads.
The protocol supports multicollateral margin trading using assets like ETH, wrapped stETH, cbBTC, and sUSDe, allowing traders to maintain yield and strategic flexibility. Users can also participate as liquidity providers by depositing sUSD into the Synthetix Liquidity Pool (SLP) to earn returns from spreads, fees, and liquidations without active management. Staking SNX tokens and sUSD offers steady rewards without liquidation risks, enabling a "stake and chill" approach.
Synthetix targets DeFi developers and infrastructure teams looking for a secure, scalable perpetual futures solution on Ethereum. It differentiates itself by combining the security of onchain asset custody with the performance of offchain order matching, avoiding the typical trade-offs between speed and security. The protocol is live on Ethereum Mainnet and hosts trading competitions with significant prize pools to engage its community. Developers can get started by accessing comprehensive documentation, staking guides, and the exchange interface, all designed to facilitate integration and participation in the ecosystem.
The Problem
Traders and developers face a trade-off between security and performance when using decentralized perpetual futures platforms. Onchain order execution ensures security but often suffers from latency and liquidity issues, while offchain solutions risk custody and transparency. Additionally, managing collateral and liquidation risks complicates user experience and participation.
The Solution
Key Features
Offchain Order Book
Enables fast order matching with deep liquidity and competitive spreads.
Onchain Asset Custody
Ensures security, transparency, and composability by keeping deposited assets on Ethereum Mainnet.
Synthetix Liquidity Pool (SLP)
Allows anyone to deposit sUSD and earn market-making returns without managing strategies.
Key Strengths
How Developers Use Synthetix DAO
Decentralized Perpetual Futures Trading
Developers and traders use Synthetix to build and participate in secure, high-performance perpetual futures markets on Ethereum.
Yield Generation via Liquidity Provision
Liquidity providers deposit sUSD into the SLP to earn fees, spreads, and liquidation revenues without active management.
Staking SNX for Passive Rewards
Users stake SNX tokens and sUSD to earn steady rewards with no risk of liquidation, enabling passive income strategies.
Works Well WithOptimismEthereum
Power your next build
Discover trusted tools and services in the QuickNode Marketplace. Everything you need to launch faster and scale smarter.
Synthetix DAO Alternatives
Explore web3 competitors and apps like Synthetix DAO.
Frax (FRAX)
Frax Finance is a decentralized finance protocol offering a suite of stablecoins, lending markets, AMMs, and a modular Layer 2 chain.
SushiSwap
SushiSwap is a decentralized exchange and DeFi platform supporting over 30 chains with a powerful aggregator for optimal trading rates.
SushiSwap DAO
SushiSwap is a decentralized exchange and DeFi platform supporting over 30 chains with a powerful aggregator for optimal trade rates.
Curve DAO
Curve is a decentralized exchange optimized for stablecoin trading with low slippage and low fees.
GMX
Decentralized platform for spot and perpetual cryptocurrency trading with up to 100x leverage on Arbitrum and Avalanche.
Karura
Karura is a cross-chain decentralized finance (DeFi) hub built for Polkadot, Kusama, and beyond.
Curve Finance
Curve is a decentralized exchange optimized for stablecoin trading with low slippage and low fees.
Drift Trade
Drift Protocol is the largest open-sourced perpetual futures exchange built on Solana, offering high-leverage trading and yield opportunities.
Uniswap
A decentralized finance (DeFi) protocol for swapping tokens and providing liquidity on Ethereum and multiple Layer 2 chains.
Pricing
Free | |
|---|---|
| Price (Monthly) | Free |
| Price (Annual) | Free |
| Messaging | N/A |
| Support | Community support via documentation and forums |
| Analytics |
Resources
Synthetix provides extensive resources including detailed documentation on governance, staking, trading, and token mechanics, as well as a blog and stats dashboard to keep users informed and engaged.