Synthetix returns to Ethereum mainnet after 3 years: ‘We can run it back’

Perpetuals trading platform Synthetix is migrating back to the Ethereum mainnet, according to founder Kain Warwick, who stated the network is now capable of supporting high-frequency financial applications after years of congestion drove activity elsewhere. Warwick noted that high gas fees previously made operating complex trading infrastructure impractical, leading Synthetix to move to Layer-2 solutions like Optimism, Arbitrum, and Base starting in 2022. However, reduced demand following the exodus of perpetual DEXs and significant scaling improvements have made Ethereum Layer 1 viable again, with current average gas fees substantially lower than a year ago. Warwick believes the main advantage of returning is accessing the majority of crypto liquidity, assets, and margin concentrated on the Ethereum mainnet, calling it the "most efficient onchain market." He anticipates other perpetual exchanges will follow Synthetix back to mainnet.

(Source：Cointelegraph)