ChainCatcher news, the decentralized finance platform Synthetix announced that it will gradually suspend all Layer-2 deployments on the Base network on July 7, 2025, refocusing on the Ethereum Mainnet, and will disable Base trading and close the LP vault. The plan will be implemented in phases. Synthetix stated that the decision to gradually phase out its L2 deployment stems from ongoing infrastructure instability and liquidity fragmentation.

ChainCatcher news, the Decentralized Finance platform Synthetix announced that it will gradually discontinue all Layer-2 deployments on the Base network on July 7, 2025, refocusing on the Ethereum Mainnet, and will deactivate Base trading and close the LP vault. The plan will be implemented in phases. Synthetix stated that the decision to gradually phase out its L2 deployment stems from ongoing infrastructure instability and liquidity fragmentation.

Golden Finance reported that the synthetic asset protocol Synthetix officially announced that due to the unstable Rollup infrastructure, Synthetix often faces downtime. As part of the transition to the Synthetix Mainnet, all L2 deployments will gradually cease, and new deposits in the LP vaults are currently disabled. On July 7, leveraged tokens, as well as perpetual and LP vaults, are expected to be fully deprecated. Traders and liquidity providers (LPs) are advised to migrate their assets to the Ethereum on-chain. After the launch of the Synthetix Mainnet, early deposit vaults for sUSD and sUSDe will be introduced, along with incentive programs for points and gated trading competitions.

Synthetix founder kain.avax revealed on the X platform that a new client project has been built using Cursor, with Claude Opus submitting a 10,000-line code PR, and the project is now operational. At the same time, after the sUSD decoupling, the SCCP-409 proposal has been approved to increase the sUSD stake for debt relief participants to 20%, promoting the restoration of sUSD's peg.

Synthetix founder Kain.avax has built a new project development environment on the X platform, introducing servers/databases to make the project stronger. Claude Opus submitted a Pull Request with 10,000 lines of code, and Kain.avax successfully rebuilt the project in 40 minutes, bringing it close to operational status. Proposal SCCP-409 has been passed to provide additional support for Synthetix's stablecoin sUSD, with debt forgiveness participants needing to increase sUSD stake to 20% to help restore sUSD's peg.

Synthetix strengthens the sUSD peg through the SCCP-409 proposal, raising the sUSD staking requirement for debt relief participants to 20%, prompting sUSD to recover to $1.00. Please note the change in staking requirements; those who do not meet them will have their debt relief suspended. Additionally, treasury buybacks, liquidity incentives, and Infinex activities will be implemented to support this initiative.

Odaily News Synthetix announced that its stablecoin sUSD will restore to the target of 1 USD, and starting from June 2 at 23:59 UTC, SNX debt collateralizers will be required to increase the collateral ratio of sUSD in pool 420 from 10% to 20%, otherwise, the debt exemption will be suspended. Previously, due to user dumping, sUSD once fell to 0.70 USD. The official stated that restoring the peg will help advance the SIP-420 proposal and the subsequent v4 contract deployment on the Ethereum Mainnet.

According to Gate News bot and a report by Cointelegraph, the Decentralized Finance platform Synthetix announced the cancellation of its acquisition plan for the encryption options platform Derive. The plan initially involved 27 million dollars, proposing a 1:27 ratio for the exchange of SNX and DRV tokens. Members of the Derive community have questioned the acquisition, with key concerns including the token conversion ratio and the overall benefits of the acquisition. Some users have pointed out that Derive's actual revenue exceeds that of Synthetix, and that the protocol does not limit the dilution value of Synthetix's additional tokens. Ben Celermajer, head of strategy at Synthetix, said that while some community members supported the deal, the two parties had decided to terminate the acquisition to facilitate collaboration due to the lack of expected support.

According to Gate News bot and reported by Cointelegraph, the Decentralized Finance platform Synthetix announced the termination of its acquisition plan for the encryption Options platform Derive. The planned transaction amount for the acquisition was $27 million. The termination was due to questions raised by members of the Derive community about the acquisition plan, including issues with the token exchange ratio and the overall benefits of the acquisition. Some users have pointed out that Derive's revenue is higher than that of Synthetix, and that there is a lack of provisions in the protocol that restrict Synthetix from issuing additional tokens. Synthetix's strategic director Ben Celermajer confirmed that although some community members supported the transaction, the parties have reached a consensus to terminate the acquisition plan due to the lack of expected community support.