Synthetix Launches $1M Perpetual DEX Trading Competition on Ethereum Mainnet
Synthetix has officially announced a trading competition with a prize pool of $1 million, coinciding with the launch of its innovative perpetual decentralized exchange (DEX) on the Ethereum Mainnet. Scheduled to commence in October 2025, this contest will span a month and feature 100 carefully chosen participants. This initiative is designed to validate the robustness of Synthetix’s infrastructure, assess product readiness, and foster community involvement in the DeFi space.
Ethereum Mainnet Set to Host Synthetix’s First Perpetual DEX
Synthetix is gearing up to introduce the inaugural high-performance perpetual DEX that operates directly on the Ethereum Mainnet, eliminating the need for bridges. This groundbreaking method facilitates gasless trading, enhances speed, and removes intermediaries, all while leveraging Ethereum’s reliable infrastructure. The launch will also provide gas-free trades and on-chain settlements, significantly improving users’ experiences in decentralized finance (DeFi). Participants will have the option to utilize various assets such as sUSD, sUSDe, wstETH, and cbBTC as collateral in their trading activities. These collateral options allow users to maintain exposure to their portfolios while simultaneously earning yield, funding rates, or staking rewards. The Synthetix framework enables traders to implement sophisticated strategies without incurring taxable events. By establishing a secure and direct trading platform, Synthetix synergizes DeFi composability with Ethereum’s extensive liquidity, which surpasses $90 billion across various financial instruments, including staking, lending, and liquidity pools. This ecosystem is anticipated to boost market engagement and draw in seasoned DeFi traders, aiming to position Ethereum Mainnet as a primary venue for high-performance derivatives trading.
Exclusive $1M Trading Challenge for Select Participants
To participate in the trading competition, Synthetix has handpicked 100 traders through a rigorous selection process that included top users from Kwenta, pre-depositors, and winners from a lottery system. Invitations were extended to the top 50 traders, while 30 slots were allocated to users who deposited into sUSD or sUSDe vaults. Additional opportunities for entry were provided through lotteries for depositors and holders of Kwenta points. Each participant will receive margin capital allocated for trading key perpetual markets, including BTC, ETH, SOL, DOGE, among others. While this capital is designated solely for trading activities, any prizes earned remain entirely with the winners. The competitor who boasts the highest margin balance at the conclusion of the contest will take home the grand prize of $1 million. Furthermore, the competition includes additional rewards such as SNX tokens and exclusive benefits like Infinex Patron status. Synthetix anticipates that the contest will mimic real-world trading conditions and promote strategic decision-making among participants. Continuous leaderboard updates and community engagement will keep everyone informed throughout the event.
Objectives Behind the Trading Event
Synthetix aims to leverage this trading competition as a platform to assess product readiness, scalability, and integration capabilities under real market conditions. The protocol will closely observe its infrastructure performance during periods of high trading volume to enhance response times and overall reliability. Market makers will also work on optimizing order routing and liquidity provision in a live trading environment. This event will evaluate Synthetix’s SLP community market-making vault in its capacity to support decentralized liquidity. Feedback from the participating traders will be invaluable for refining the platform’s usability, accuracy, and capital efficiency, ensuring that the DEX launch aligns with the requirements of active market players. Synthetix views this initiative as crucial for solidifying its role within the DeFi derivatives landscape on Ethereum. The trading competition is set to conclude in November 2025, with rewards distributed on-chain shortly thereafter. Synthetix is determined to establish new benchmarks in on-chain trading by merging performance, composability, and security.
