Synthetix recently launched a perpetual contract DEX on the Ethereum mainnet. This new platform adopts an interesting technical approach—a hybrid CLOB model combining on-chain asset custody with off-chain order matching. In simple terms, user funds are stored on-chain, but high-frequency operations like order matching are handled off-chain, which helps avoid the congestion and high Gas fees on the Ethereum mainnet.

Currently, it supports perpetual contract trading for the three major cryptocurrencies: BTC, ETH, and SOL, with leverage up to 50x. Imagine using a small capital to control a large position—the excitement is evident. The platform also plans to gradually introduce a multi-collateral margin system, allowing users to use various assets as collateral for greater flexibility. Even more impressive is the support for RWA (Real World Assets) integration, which means future on-chain derivatives trading involving traditional financial assets could be possible.

Liquidity and market making are supplied by SLP Vault, which is essentially an automated market maker pool. Synthetix also plans to launch incentive programs to attract traders and liquidity providers, a common strategy in the competitive DEX space. Overall, this is a meaningful exploration within the Ethereum ecosystem to solve latency and cost issues and to build an efficient derivatives trading platform.