Synthetix's SNX token reached a yearly high of $2.53 on October 13, as the project announced its V3 decentralized perpetual exchange will launch on Ethereum in Q4 2025. The decision to migrate back from Layer 2 is driven by liquidity fragmentation and infrastructure instability concerns. Synthetix V3 will leverage Ethereum's liquidity pools and support multi-collateral deposits, aiming to improve capital efficiency and reduce bridge risks. The migration has sparked institutional interest, with whale wallets doubling their SNX holdings, while centralized exchange reserves for SNX have decreased by 16% since September. Despite these positive developments, Synthetix faces challenges such as sUSD's frequent de-pegging and a 38% revenue decline since its Layer 2 transition.