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Perpetual Contract Platform Revival: On-Chain Transfers Behind the 26-Fold Drop in Ethereum Mainnet Gas Fees
【ChainWen】Do you remember the era when the Ethereum mainnet was “squeezed” by sky-high Gas fees? The perpetual contract platform Synthetix recently announced an interesting decision — to return to the Ethereum mainnet.
Speaking of this shift, it dates back to 2022. At that time, Synthetix had to migrate to Ethereum’s Layer 2 solution Optimism due to prohibitively high mainnet transaction fees. Later, it gradually expanded to Arbitrum and Base. Now, founder Kain Warwick states that conditions have improved enough to make a return feasible.
Data speaks: On Wednesday, the average Gas fee on Ethereum was only 0.71 gwei, compared to 18.85 gwei during the same period twelve months ago. What does this mean? Fees have dropped nearly 26 times. This significant change makes it feasible for high-frequency financial applications to run again on the mainnet.
Warwick’s logic is clear — currently, both Layer 2 and mainnet scaling have made progress, and the key infrastructure is now capable of supporting the mainnet. More importantly, the Ethereum mainnet concentrates the most significant liquidity, assets, and collateral in the crypto world, making it the most efficient trading venue for on-chain markets.
He also predicts that other perpetual contract DEXs are likely to follow suit and return to the mainnet. Coupled with Warwick’s outlook for 2025 — which will be the most remarkable year for Ethereum since the Merge in 2022 — the demand for network builders is gaining more attention. To some extent, this return signal reflects that the Ethereum ecosystem is gradually emerging from the “high fee dilemma” and entering a new stage of development.
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Wait, a gas fee of 0.71? What kind of divine era is this?
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Laughing to death, back then we fled to L2 like it was a disaster, and now we’re thinking about going home... Is the Ethereum Mainnet really that appealing?
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gas fees falling by 26 times? This data is a bit outrageous, we need to see how it's calculated.
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Synthetix's move this time is simply because the conditions on the Mainnet have improved; otherwise, they'd still be lying low on L2.
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0.71 gas? I feel like something's off, is this the average or the minimum?
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Looking back at the gas wars of the past feels a bit funny now; if we return to the Mainnet, will the liquidity scatter?
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It's Synthetix again, along with optimism base arbitrum; this platform can really stir things up.
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So the key factor is still the costs; when costs are low, everything is easier to discuss, it's just a centralized play.
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If gas fees really drop this much, I need to see if I can return to the Mainnet for an experience.
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Wait, synthetix is returning to the mainnet? Are they planning something big? What about the liquidity on those L2s?
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0.71 for gas? I need to wake up, this can't be a dream, right?
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It's the same old story, return to the mainnet when gas is cheap, run to L2 when it's expensive, the market is really damn realistic
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26 times? Damn, how outrageous was it before... I really got screwed back then
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Synthetix's move this time is interesting, but whether the ecosystem is fragmented or not isn't that important, user experience is the key, right?
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Is the mainnet return just about seeking "orthodoxy"? Or is there some economic logic behind it? I can't quite figure it out
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Alright, anyway, layer2s aren't short of business, not every project has to pile onto the mainnet
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Wait, 0.71 Gas fee? When was this a dream? I didn't feel it at all.
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The days of being tortured by vampire Gas fees are finally over. Has the transition period to Layer 2 been in vain?
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The mainnet has really recovered. This time, won't it be overwhelmed again?
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Kain seems to have a pretty good sense of timing, but how the diversification of liquidity will go depends on what happens next.
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0.71? Why do I find it hard to believe... Let's see again.
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With perpetual contracts back on the mainnet, what signal does this send, everyone?
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Synthetix's comeback operation is indeed quite interesting, indicating that the ETH ecosystem is truly optimizing
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0.71 in Gas fee sounds okay, but I’ll wait and see, don’t want another surge
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Returning from Optimism to the mainnet again, does this back-and-forth save a lot of costs?
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The shadow of sky-high Gas fees from back then has faded. Can we really consider returning to the mainnet now...
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It's quite heartbreaking that perpetual contracts care so much about Gas fees, showing that the previous costs were really unsustainable
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Just want to know if there will be new projects following suit after this comeback...
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Gas has dropped, so returning to the mainnet makes sense, but it feels a bit late
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Layer2 is all set up, and now they want to go back to the mainnet? The chain ecosystem's pattern is really a bit chaotic
The ETH mainnet has really turned around, Synthetix's return is a sign
In just a few years, has Layer2 already fulfilled its mission?
Used to escape hardship, now returning home, this is proof of development
Synthetix returning to the mainnet? It seems that L2 has indeed been worth the effort over these years
The once sky-high gas fees back then were truly incredible; now the current price of 0.71 is really attractive
Mainnet regains favor, is the L2 bonus period over?
Gas fees plummeted 26 times; ETH mainnet has turned the corner
Back to the mainnet? It still depends on the subsequent gas price trends
Wait, is Synthetix really going back to the mainnet? What about the liquidity on Layer2?
Is the era of mainnet revival here, or is it just another scam to cut leeks?
Returning to the mainnet doesn't mean the ecosystem is alive; it still depends on whether users buy in.
The contracts have already been deployed, now they're going back to their original chain. This move is a bit extreme.
0.71 gwei? Damn, what kind of divine number is this? I went bankrupt in 2022.
Wait, is this really usable or are we about to be sanctioned by network congestion?
Kain, this guy says it can come back? I don't believe you.