Back to Ethereum, Synthetix helped define DeFi, synthetic assets, early Layer 2 adoption.
Now itâs returning to Ethereum Mainnet with a new focus: protocol-owned liquidity and renewed support for $SNX. At the core is the SLP vault.
Whatâs the SLP Vault?
A pooled market-making engine. Anyone can deposit sUSD and share in trading profits from perps. No management/performance fees, no insider wallsâjust a way for anyone to earn by providing liquidity
Why sUSD Matters
Everything runs on sUSD. Depositing gives proportional ownership of the vault (profits + risks). It strengthens sUSD demand, helps SNX stakers secure the system, and makes PnL tracking straightforward
Risk Controls:
This isnât all upside
Built-in hedging (details soon)
Insurance fund as a buffer
SNX stakers as the final backstop, with incentives for stepping in
Layers of protection, not just promises
Performance Target
Modeled on proven vaults (think Hyperliquidâs HLP, dYdXâs Megavault).
Goal: steady USDT returns, deep liquidity, low spreads. Community-owned, not outsourced
Worst-Case Scenarios
Short-term drawdowns = covered by fees.
Oracle failures/bad debt = insurance fund.
If needed, stakers get slashed but also earn higher rewards. Solvency first.
How It Works
- Deposit sUSD
- Vault trades perps (MM strategies)
- Profits/losses distributed proportionally
- Revenue from spreads, funding, liquidations
- 4-day withdrawal buffer for stability
Why It Matters
Market making usually favors insiders. SLP lowers the bar, anyone with sUSD can play a role. Itâs protocol-driven liquidity, owned by the community
Whatâs Next
SLP launches with Synthetix Mainnet
Before that: a pre-deposit campaign opens next week with whitelist access for early participants
This marks a new chapter for Synthetix, community-first, sustainable, and back on Ethereum
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