🧵 PANews Original | Synthetix V3 Returns to Ethereum Mainnet, Igniting the Perp DEX Battle 1/ On October 13, following the crypto market crash, veteran DeFi protocol @synthetix_io staged a strong rebound. Its native token $SNX surged past the $2 mark, hitting a yearly high of $2.53—a 24-hour gain of over 100%.

2/ Catalyst: V3 Returns to Ethereum Mainnet The market rally was driven by renewed optimism surrounding Synthetix V3, which is set to relaunch on the Ethereum mainnet in Q4 2025 with a new decentralized perpetual futures exchange (Perp DEX). The V3 upgrade abandons its Layer-2 deployment to consolidate liquidity on Ethereum, leveraging its $160 billion #stablecoin base.

3/ Architecture and Upgrades V3 introduces a CLOB hybrid architecture, supports multiple collateral types (including $sUSDe and $cbBTC), and integrates MEV-resistant mechanisms to improve trading efficiency and security.

4/ Challenges Remain CEX reserves hit a monthly low while whale holdings doubled, signaling strong institutional accumulation. Issues such as sUSD depegging and shrinking protocol revenue still linger. Whether V3 can restore growth and secure its place in DeFi’s next chapter remains to be seen.