Synthetix（SNX）Q4 2024關鍵見解

Synthetix（SNX）是一種分散的導數協議，可為用戶訪問合成資產，永久期貨交易，槓桿代幣和金庫策略。

Key Insights

關鍵見解

Primer

底漆

Synthetix (SNX) is a decentralized derivatives protocol that offers users access to synthetic assets, perpetual futures trading, leveraged tokens, and vault strategies. Its synthetic assets track the price of external assets via oracles like Chainlink, Pyth, and Uniswap V3 TWAP. Users can trade in both spot and perpetual futures (perps) markets for these assets. SNX, the native protocol token, is used for governance and as collateral to back the protocol’s liquidity.

Synthetix（SNX）是一種分散的導數協議，可為用戶訪問合成資產，永久期貨交易，槓桿代幣和金庫策略。它的合成資產通過鏈條，pyth和Uniswap v3 Twap等甲狀管跟踪外部資產的價格。用戶可以在現貨和永久期貨（PERP）市場上以這些資產進行交易。天然協議令牌SNX用於治理，並作為支持協議流動性的抵押。

Synthetix has two main versions, V2 and V3. V2, the original version, uses SNX as the primary collateral for staking and issuing synthetics. V3, launched in early 2024, is a more modular system that supports multiple collateral types. V3 was initially deployed to Base in Q2 and Arbitrum in Q3. The protocol has expanded the collateral to now include cbBTC, tBTC, cbETH, WETH, USDC, and yield-generating assets like static aUSDC, Lido’s wstETH, and Ethena’s USDe. Synthetix Perps is the protocol’s leading product. The DAO delegates governance to a seven-member council – the Spartan Council. Four of the seven members are elected by SNX holders, with the other three members being hired by the elected members.

Synthetix有兩個主要版本V2和V3。 V2（原始版本）使用SNX作為均值和發行合成材料的主要抵押品。 V3於2024年初推出，是一個更模塊化的系統，支持多種抵押類型。 V3最初被部署到Q2中的基礎，並在Q3中進行了仲裁。該協議已將抵押品擴展到現在，包括CBBTC，TBTC，CBETH，WETH，USDC，以及產生產生的資產，例如靜態AUSDC，Lido的WSTETH和Ethena的USDE。 Synthetix Perps是協議的領先產品。 DAO將治理委託給了七人組成的理事會 - 斯巴達委員會。七個成員中有四名由SNX持有人選舉，其他三名成員由當選成員聘用。

Website / X (Twitter) / Discord

網站 / X（Twitter） / Discord

Key Metrics

關鍵指標

Protocol Analysis

協議分析

Perpetual Futures

永久未來

Daily average perpetual futures volume increased 29% from Q3’s $55.7 million, with Q4 seeing an average of $71.7 million. As for YoY, daily average volume was down 50% from $143.2 million in Q4’24. Since launching in Q2, adoption of Synthetix V3 perps slowed in Q4, with V3 perp volumes decreasing 38% QoQ. This quarter, Synthetix’s perps volume remained flat QoQ as a proportion of all onchain perps, with $6.6 billion in volume representing approximately 0.9% of all onchain perps volume ($740.5 billion) in Q4.

每日平均永久期貨量從第三季度的5570萬美元增長了29％，第四季度平均為7170萬美元。至於約伊，每日平均量從第4季度的1.432億美元下降了50％。自第2季度推出以來，採用Synthetix V3 PERPS在Q4中放慢速度，V3 PERP量減少了38％QOQ。本季度，Synthetix的PERPS量仍然是所有OnChain PERP的比例，其中66億美元的數量約佔第四季度所有OnChain PERPS量（7405億美元）的0.9％。

Q4 solidified a shift in user preference regarding the preferred perp market to trade, with SOL’s perp volume increasing 53% and closing Q4 with $2.5 billion in volume. Last quarter, BTC edged out SOL as the top perp market on Synthetix by a 5% difference in perp volume. However, in Q4, the SOL perp market outperformed BTC by 13%. Additionally, other perp markets grew 74% on a linked-quarter basis, showcasing Sythetix users’ preference for more niche perp markets outside of BTC, ETH, and SOL.

第四季度鞏固了用戶對首選PERP市場交易的轉變，Sol的PERP量增加了53％，並以25億美元的數量結束了第四季度。上個季度，BTC將SOL作為Synthetix的頂級Perp市場佔據了PERP量的差異5％。但是，在第四季度，SOL PERP市場的表現優於BTC 13％。此外，其他PERP市場在鏈接的季度基礎上增長了74％，展示了Sythetix用戶對BTC，ETH和SOL以外的更多利基PERP市場的偏愛。

In that vein, Synthetix had 68 new perp markets in Q4, up 19% from Q3’s 57 new perp markets. The majority of new perp markets already existed on Synthetix V2, however, 24 of them were completely new markets never before seen by either Synthetix version. The new markets are a result of the passing of SIP-387, which clearly defined a path for listing new assets: the asset must have a Pyth oracle price feed and be listed on Binance Perps. This ensures each market can be balanced via funding arbitrageurs to protect liquidity providers from imbalanced market skew.

在這種情況下，Synthetix在第四季度擁有68個新的PERP市場，比第三季度的57個新PERP市場增長了19％。 Synthetix V2已經存在於Synthetix V2上的大多數新PERP市場，其中24個是Synthetix版本從未見過的全新市場。新市場是SIP-387通過的結果，SIP-387清楚地定義了列出新資產的途徑：資產必須具有pyth Oracle Price Feed，並在二比PERP上列出。這樣可以確保每個市場可以通過資助套利者來平衡，以保護流動性提供者免受市場不平衡的偏差。

Activity

活動

Activity metrics trended higher collectively in Q4 after decreasing throughout 2024. The daily average number of perp trades increased 25% on a linked-quarter basis, rising from 1,400 to 1,700 in Q4. This growth was driven by 59% growth in the number of trades that occurred on Synthetix V2. On a year-over-year perspective, daily average trades decreased 33%, declining from 2,500 in Q4’23.

整個2024年減少後，活動指標在第四季度集體趨勢較高。在鏈接的季度基礎上，每日平均PERP交易數量增加了25％，從1,400升至1,700。這種增長是由Synthetix V2上發生的交易數量增長的59％驅動的。從同比的角度來看，每日平均交易下降了33％，從第4季度的2,500次下降。

Average daily active users (DAUs) increased 14% on a linked-quarter basis, growing from 207 to 236 in Q4. Average DAUs are down 47% on a year-over-year basis, from 445 in Q4’23. Average DAUs increased across both Synthetix V2 and V3, with a 12% increase in V2 and a 19% rise in V3. This suggests that power users are performing a larger share of trades on Synthetix. It should be noted that Synthetix V3 has not yet been deployed to OP Mainnet and, as such, these figures represent different execution layers (Base and Arbitrum).

每日活躍用戶（DAUS）在鏈接的季度基礎上增長了14％，從207增長到第4季度的236％。平均DAU同比下降47％，比445 Q4'23。在Synthetix V2和V3中，平均DAUS增加了，V2增長了12％，V3增長了19％。這表明Power用戶在Synthetix上執行更大的交易。應當指出的是，Synthetix V3尚未部署到OP Mainnet，因此，這些數字代表了不同的執行層（基礎和索賠）。

Total Value Locked

總價值鎖定

Total value locked (TVL) is a measure of the available onchain liquidity on Synthetix at a given moment. Synthetix TVL remained largely flat throughout Q4, with a 1

總價值鎖定（TVL）是在給定時刻對Synthetix上可用的OnChain流動性的量度。 Synthetix TVL在整個Q4中基本保持平坦，有1個