Synthetix V3 Successfully Deployed on Ethereum Mainnet and Optimism after Security Audit

Synthetix has successfully deployed its V3 on Ethereum Mainnet and Optimism following security audits from Open Zeppelin, Iosiro, and Macro.

The Synthetix V3 architecture offers greater decentralization and scalability to create more secure derivatives. The migration plan allows the V3 system to back the Synthetix V2 system via the "legacy market," enabling liquidity providers in V2 to drop their position into V3 with a single transaction and continue to collateralize existing spot synths and perpetual futures markets.

The new design will have a more modular underlying mechanism with features like multi-collateral staking, customizable debt positions, and permissionless synths. The proposal includes a segmentation of the debt pool into individual markets, with the ability to facilitate exchanges and mint/burn snxUSD, passing net accrued debt onto stakers underwriting them. The new framework will give stakers the flexibility to select markets to underwrite and manage market exposure profiles, allowing for customization and efficient debt management.

Cross-chain functionality and scaling will also become a focus of the Core Contributors in future upgrades of the V3 core system, with plans to integrate with Chainlink's CCIP for cross-chain stablecoin transfers.