Synthetix 2026 Roadmap

As we march forward into 2026, we would like to take a moment to reflect on where Synthetix stands today and lay out clearly what lies ahead.

Late 2024, Synthetix was at a crossroads - stuck in a multi-year stall, pursuing outdated strategies and operating with a culture that had lost its edge. Over the last 12 months, we went far beyond making a few tweaks. We tore everything down and rebuilt from the ground up.

It was grueling. Late nights, tough decisions, and more than a few moments of doubt. But looking back, we are immensely proud of what this team achieved and confident we’re on the right path.

2025 was the execution year. 2026 is where we synthesize our DeFi roots with real scale: driving volume, unlocking composability, and enshrining Synthetix as the go-to perps venue on Ethereum Mainnet.

CEX performance with DeFi security.

TL;DR

• Buybacks & sUSD Peg Restoration: All trading revenue directed to SNX and sUSD buybacks. sUSD peg stability targeted by the end of Q2.
• Multi-Collateral Trading (April): Deposit ETH, cbBTC, and other assets as margin natively on Synthetix Perps - unlocking billions in idle Ethereum Mainnet capital.
• Basis Trade Vaults (Q2): Democratized access to delta-neutral basis trading strategies, with stablecoin asset representations backed by basis trades.
• Synthetix Liquidity Pool (SLP) Public Launch (Q2): Community-owned market-making vault - no management fees, no performance fees, currently ~45% annualized yields in private beta.
• Market Expansion: Crypto markets expanding through Q1, commodities from April, forex by June, and pre-launch perpetuals for high-attention pre-token protocols.
• Digital Dollars Vision: Transitioning sUSD into a fully decentralized, basis-trade-collateralized stablecoin - powered by the only Perp DEX with a native stablecoin.

Reshaping Synthetix

2025 was the year we pivoted hard, overhauling EVERYTHING. We consolidated governance, we vertically integrated our product, we transitioned to delegated staking, and we deprecated all L2 AMMs in favor of a single Ethereum Mainnet CLOB Perp DEX. 

We also completely transformed Synthetix culture, replacing a large part of the team, bringing in new talent with the specific skills required to build and scale a world-class derivatives venue. The apathy, complacency, and low accountability that had crept in during the 2022–2024 phase have been replaced with a culture of ownership, urgency, and product expertise.

Our list of 2025 accomplishments includes:

1. Launched Synthetix Perps natively on Ethereum Mainnet, running two trading competitions and launching in private beta in Q4.
2. Designed, built, and launched a centralized limit orderbook (CLOB) perps exchange that operates with CEX-like speed/latency (