Synthetix is set to launch the first perpetual decentralized exchange (DEX) on Ethereum mainnet in the fourth quarter of 2025. Ahead of the launch, the network will host a one-month trading competition, offering a $1 million prize to the top performer in October.
The upcoming exchange will allow gasless trading with zero settlement costs. Traders can use multiple assets as collateral, including Ethena’s sUSDe, Lido’s wstETH, and Coinbase’s cbBTC.
This multi-collateral system enables users to receive yields on staking or funding without losing exposure to large assets such as Ethereum (ETH) and Bitcoin (BTC). Allowing collateral portfolios of yielding assets, traders are able to open positions without selling underlying assets, which may result in taxable events.
This design also supports complex strategies such as basis trading, where users to deposit wstETH, short ETH perpetuals, and receive staking rewards and positive funding payments.
Trading competition details
The company’s official announcement on its blog states that the competition will pick 100 traders out of the most successful Kwenta point holders, regular users, and pre-depositors. The participants will trade popular markets with seeded margin capital like BTC, ETH, SOL, and DOGE.
Winners will receive the $1 million prize, additional SNX token rewards, and other benefits. All the result and prizes will be distributed on-chain, and the winners will be announced in November.
At the time of writing, the Synthetix price was $0.625139, with a 24-hour trading volume of $24,078,189. Synthetix is down 4.21% in the last 24 hours, with a live market cap of $214,714,229, according to CoinMarketCap data.
Synthetix aims to establish Ethereum mainnet as a hub for high-performance perpetual trading, combining deep liquidity with decentralized security. The launch is a move in the right direction of decentralized finance but it needs to be cautious in terms of risk management to the participants.
Disclaimer: Despite the new functionality of the platform, traders should not forget about risks, including market volatility, weaknesses of smart contracts, and liquidity constraints. Users should carefully consider their strategies before participating.
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