Best of · Ethereum · Updated
The best Synthetics dApps on Ethereum in 2026
We track 12 Synthetics dApps that run on Ethereum and have reviewed 8 of them in full. Our top pick is Alchemix V3. Each one is scored on security, ease of use, fees and features.
Ranked list
- 1
Alchemix V3
Synthetics · Ethereum, Optimism, Base +1
Alchemix V3 is the latest version of a DeFi protocol that offers self-repaying loans against ETH or USDC, with borrowing up to 90% LTV and no stated interest. Its mechanics are more complex than a standard lending market, and the version is new.
ScoreScore 7.2 out of 10TVL $38.3M+0.8% - 2
Alchemix V2
Synthetics · Ethereum, Optimism, Arbitrum +1
Alchemix V2 was the version of the self-repaying loan protocol that ran on Ethereum, Optimism, Arbitrum and Fantom. Its governance and bridge pages now say the migration to V3 is complete, so new users should look at the current Alchemix app instead.
ScoreScore 6.5 out of 10TVL $78.9K−0.1% - 3
Metronome Synth
Synthetics · Ethereum, Optimism, Base
Metronome Synth is a multi-collateral synthetic asset protocol on Ethereum, Optimism and Base that lets users mint msUSD, msETH and msBTC against crypto collateral. Its TVL is moderate, but no audits are listed and fee details are not published in the material reviewed.
ScoreScore 6.2 out of 10TVL $9.51M−0.7% - 4
Usual ETH0
Synthetics · Ethereum
Usual ETH0 is a synthetic Ether token on Ethereum, backed by Lido's wrapped staked ETH. It is a small product inside a larger protocol that has had a bumpy history.
ScoreScore 6.0 out of 10TVL $2.05M−0.7% - 5
Metronome V1
Synthetics · Ethereum
Metronome V1 is the early Ethereum version of Metronome, which was pitched as an autonomous cryptocurrency and now promotes a synthetic asset protocol. The V1 listing holds little value, so check which version you are dealing with.
ScoreScore 5.5 out of 10TVL $123K−0.5% - 6
Rumpel Labs
Synthetics · Ethereum, Hyperliquid L1
Rumpel Labs is a point tokenization protocol that lets holders of offchain loyalty and airdrop points trade claims on them. It is an early, small-scale product, so liquidity and the underlying points programs are the main risks.
ScoreScore 5.2 out of 10TVL $45.8K−5.6% - 7
Harbor
Synthetics · MegaETH, Ethereum
Harbor is a fork of f(x) Protocol that lets users mint pegged haTOKENS and leveraged hsTOKENS against yield-bearing collateral. Listed TVL is about 1 USD and the app shows no active Earn markets, so it looks dormant or winding down.
ScoreScore 4.8 out of 10TVL $1+0.6% - 8
Yam Finance
Synthetics · Ethereum
Yam Finance is an Ethereum-based DAO that builds synthetic assets, permissionless insurance and treasury services. It is small by TVL and has reportedly faced a governance attack, so treat it as high risk.
ScoreScore 4.5 out of 10TVL $116K+0.1% - 9
Wrap Protocol
Synthetics · Ethereum, Tezos
Wrap Protocol issues wTokens that represent ERC-20 and ERC-721 tokens for use on Tezos. The basic purpose is clear, but supported assets, redemption details and fees are not published.
ScoreNot rated yetTVL $525K−2.0% - 10
Crafting Finance
Synthetics · Aurora, Ethereum
Crafting Finance describes itself as a protocol for creating and trading synthetic assets called Rafts on Aurora and Ethereum. Its available description leaves key details about how Rafts work and what risks users take unclear.
ScoreNot rated yetTVL $16.6K−12.2% - 11
Dafi Protocol
Synthetics · Ethereum
DAFI Protocol describes a system for adjusting token rewards to network demand, including synthetic tokens for long-term users. Its current product, mechanics, and security details are unclear.
ScoreNot rated yetTVL — - 12
Synthetix
Synthetics · Ethereum
Synthetix is an Ethereum-based protocol for issuing synthetic assets, known as Synths, that can be traded on supported markets. Its current product details and costs are unclear, so check the live interface and disclosures before using it.
ScoreNot rated yetTVL —
Synthetics dApps on Ethereum: the numbers
- Tracked
- 12
- Reviewed
- 12
- Total TVL
- $50.8M
- Avg. score
- 5.7/10
The DappsAtlas index lists 12 synthetics dApps on Ethereum. Every one of them has a full review. The 10 that report TVL hold $50.8M between them, counting value on every chain they support. Alchemix V3 dominates, with 75% of that total. The five largest make up 99% of the total; the median is $116K.
Ranked by TVL, Alchemix V3 ($38.3M), Metronome Synth ($9.51M) and Usual ETH0 ($2.05M) lead the field. The best-rated is Alchemix V3 with 7.2/10, followed by Alchemix V2 (6.5) and Metronome Synth (6.2). That makes Alchemix V3 both the biggest and the best-rated. The 8 rated synthetics dApps average 5.7/10, and none scores 8 or above yet.
Many also deploy elsewhere, most often on Optimism (3), Base (2) and Arbitrum (2). Of the 7 with a confirmed status, 6 are active and 1 is inactive or wound down. Over the last seven days, combined TVL was roughly flat (+0.4%). Alchemix V3 gained the most (+0.8%), while Usual ETH0 dropped the most (−0.7%).
Largest by TVL
- 1
Alchemix V3$38.3M
- 2
Metronome Synth$9.51M
- 3
Usual ETH0$2.05M
- 4
Wrap Protocol$525K
- 5
Metronome V1$123K
Highest rated
- 1
- 2
Alchemix V26.5
- 3
- 4
- 5
Method
How we ranked them
Reviewed dApps come first. Each DappsAtlas review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.
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Frequently asked questions
What is the largest synthetics dApp on Ethereum by TVL?
Alchemix V3 is the largest synthetics dApp on Ethereum by total value locked, with $38.3M across all the chains it supports. It is followed by Metronome Synth ($9.51M) and Usual ETH0 ($2.05M). TVL figures come from DefiLlama and change daily.
Which synthetics dApp on Ethereum has the highest DappsAtlas score?
Alchemix V3 has the highest score at 7.2/10, ahead of Alchemix V2 (6.5) and Metronome Synth (6.2). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many synthetics dApps on Ethereum has DappsAtlas reviewed?
DappsAtlas tracks 12 synthetics dApps on Ethereum. Of these, 12 have a full review and 10 report value locked, $50.8M in total, counting value on every chain they support.
Which synthetics dApps on Ethereum grew the most this week?
Among synthetics dApps with at least $1M locked, Alchemix V3 had the biggest 7-day TVL gain (+0.8%) and Usual ETH0 the biggest drop (−0.7%). Combined TVL moved +0.4% over the same seven days.
What is the average score for synthetics dApps on Ethereum?
The 8 rated synthetics dApps on Ethereum average 5.7 out of 10. Of these, 0 score 8 or higher and 2 score below 5.