How Pyth Made Synthetix Competitive

How Synthetix tapped into Pyth to become competitive with CEX trading.

Derivatives

RWAs

Challenge

Synthetix Perps V1 relied on slow oracles, forcing fees over 50bps to prevent front-running—crippling adoption and volume. To compete across DeFi and CeFi, Synthetix needed lower costs, broader asset coverage, and real-time data for a seamless, integrated trading experience.

Solution

Synthetix Perps V2 adopted Pyth's off-chain oracles as its primary data source for matching traders. Pyth's innovative pull oracle design enabled Synthetix Perps to offer some of the lowest taker-maker fees in the market.

Impact

Following SIP-285, Synthetix adopted Pyth as its primary oracle provider—replacing slower legacy systems. This transition fueled exponential growth: trading volume surged tenfold, from $5B to $50B+, unlocking faster execution and broader asset availability for users.

The Price of Everything

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