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Best of · Ethereum · Updated

The best Synthetics dApps on Ethereum in 2026

We track 11 Synthetics dApps that run on Ethereum and have reviewed 6 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. 1
    Alchemix V3 logo

    Alchemix V3

    Synthetics · Ethereum, Optimism, Base +1

    Alchemix V3 lets you borrow against ETH or USDC while yield can repay the loan over time. Check the strategy risks, redemption timing and unpublished fees before depositing.

    Read the Alchemix V3 reviewVisit Alchemix V3(opens in a new tab)
    ScoreScore 6.1 out of 10
    TVL $38.2M−1.1%
  2. 2
    Metronome Synth logo

    Metronome Synth

    Synthetics · Ethereum, Optimism, Base

    Metronome Synth lets you create synthetic assets using crypto collateral. Before depositing, check the app’s current fees, collateral rules and liquidation terms: Metronome does not publish those details on its main site.

    Read the Metronome Synth reviewVisit Metronome Synth(opens in a new tab)
    ScoreScore 4.5 out of 10
    TVL $9.56M−1.4%
  3. 3
    Metronome V1 logo

    Metronome V1

    Synthetics · Ethereum

    Metronome is a DeFi protocol for minting synthetic assets against crypto collateral. Its product is identifiable, but fees, liquidation rules and key security details need checking before you use it.

    Read the Metronome V1 reviewVisit Metronome V1(opens in a new tab)
    ScoreScore 4.5 out of 10
    TVL $123K−0.8%
  4. 4
    Usual ETH0 logo

    Usual ETH0

    Synthetics · Ethereum

    Usual ETH0 is an Ethereum synthetic asset described as backed by wstETH. The main decision is whether its collateral and minting or redemption rules are clear enough for you to accept the risks.

    Read the Usual ETH0 reviewVisit Usual ETH0(opens in a new tab)
    ScoreScore 4.0 out of 10
    TVL $2.06M−1.4%
  5. 5
    Harbor logo

    Harbor

    Synthetics · MegaETH, Ethereum

    Harbor is a synthetic-asset DeFi protocol, but its app currently says new deposits are disabled. Existing users can still withdraw or redeem from archived markets.

    Read the Harbor reviewVisit Harbor(opens in a new tab)
    ScoreScore 3.2 out of 10
    TVL $1−0.9%
  6. 6
    Alchemix V2 logo

    Alchemix V2

    Synthetics · Ethereum, Optimism, Arbitrum +1

    Alchemix V2 was a DeFi protocol for borrowing synthetic assets against deposits expected to earn future yield. It has been migrated to V3, so don’t treat V2 as the current place to open a loan.

    Read the Alchemix V2 reviewVisit Alchemix V2(opens in a new tab)
    ScoreScore 3.0 out of 10
    TVL $79.0K−0.4%
  7. 7
    Wrap Protocol logo

    Wrap Protocol

    Synthetics · Ethereum, Tezos

    Wrap Protocol is a synthetics project on Ethereum and Tezos. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.

    Read the Wrap Protocol review
    ScoreNot rated yet
    TVL $525K−2.1%
  8. 8
    Yam Finance logo

    Yam Finance

    Synthetics · Ethereum

    Yam Finance is a DAO associated with YAM and several DeFi products, but the available details aren’t enough to assess its costs, safety or how to use it.

    Read the Yam Finance reviewVisit Yam Finance(opens in a new tab)
    ScoreNot rated yet
    TVL $116K−0.2%
  9. 9
    Rumpel Labs logo

    Rumpel Labs

    Synthetics · Ethereum, Hyperliquid L1

    Rumpel Labs tokenizes offchain loyalty points into tradable tokens, but there isn’t enough detail to assess costs, safeguards or how to get started. Check the protocol’s terms and risks before connecting a wallet.

    Read the Rumpel Labs review
    ScoreNot rated yet
    TVL $45.4K−6.2%
  10. 10
    Crafting Finance logo

    Crafting Finance

    Synthetics · Aurora, Ethereum

    Crafting Finance is a synthetics project on Aurora and Ethereum. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.

    Read the Crafting Finance reviewVisit Crafting Finance(opens in a new tab)
    ScoreNot rated yet
    TVL $16.7K−14.6%
  11. 11
    Dafi Protocol logo

    Dafi Protocol

    Synthetics · Ethereum

    Dafi Protocol is a synthetics project on Ethereum. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.

    Read the Dafi Protocol reviewVisit Dafi Protocol(opens in a new tab)
    ScoreNot rated yet
    TVL —

Synthetics dApps on Ethereum: the numbers

Tracked
11
Reviewed
11
Total TVL
$50.7M
Avg. score
4.2/10

The SkyBitcoins index lists 11 synthetics dApps on Ethereum. Every one of them has a full review. The 10 that report TVL hold $50.7M 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 ($38.2M), Metronome Synth ($9.56M) and Usual ETH0 ($2.06M) lead the field. The best-rated is Alchemix V3 with 6.1/10, followed by Metronome Synth (4.5) and Metronome V1 (4.5). That makes Alchemix V3 both the biggest and the best-rated. The 6 rated synthetics dApps average 4.2/10, 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 fell 1.2%. Metronome Synth dropped the most (−1.4%).

Largest by TVL

  1. 1Alchemix V3 logoAlchemix V3$38.2M
  2. 2Metronome Synth logoMetronome Synth$9.56M
  3. 3Usual ETH0 logoUsual ETH0$2.06M
  4. 4Wrap Protocol logoWrap Protocol$525K
  5. 5Metronome V1 logoMetronome V1$123K

Highest rated

  1. 1Alchemix V3 logoAlchemix V36.1
  2. 2Metronome Synth logoMetronome Synth4.5
  3. 3Metronome V1 logoMetronome V14.5
  4. 4Usual ETH0 logoUsual ETH04.0
  5. 5Harbor logoHarbor3.2

Method

How we ranked them

Reviewed dApps come first. Each SkyBitcoins 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.

Guides

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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 $38.2M across all the chains it supports. It is followed by Metronome Synth ($9.56M) and Usual ETH0 ($2.06M). TVL figures come from DefiLlama and change daily.

Which synthetics dApp on Ethereum has the highest SkyBitcoins score?

Alchemix V3 has the highest score at 6.1/10, ahead of Metronome Synth (4.5) and Metronome V1 (4.5). 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 SkyBitcoins reviewed?

SkyBitcoins tracks 11 synthetics dApps on Ethereum. Of these, 11 have a full review and 10 report value locked, $50.7M 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, Metronome Synth the biggest drop (−1.4%). Combined TVL moved −1.2% over the same seven days.

What is the average score for synthetics dApps on Ethereum?

The 6 rated synthetics dApps on Ethereum average 4.2 out of 10. Of these, 0 score 8 or higher and 5 score below 5.