Synthetix (SNX) 2023 年第三季報告：隨著 DAO 進入治理新時代，「戰爭模式」開始

Synthetix（SNX）是一種去中心化的合成資產發行和流動性協議，允許使用者交易合成資產（Synths）。

Key Insights

主要見解

Primer

底漆

Synthetix (SNX) is a decentralized synthetic asset issuance and liquidity protocol that enables users to trade synthetic assets (Synths). Synths track the price of external assets through oracles like Chainlink, Pyth, and Uniswap V3 TWAP. Users can trade in both spot and perpetual futures (perps) markets for synthetic assets. SNX is the native protocol token, used for governance and as collateral backing for the protocol's liquidity.

Synthetix（SNX）是一種去中心化的合成資產發行和流動性協議，使用戶能夠交易合成資產（Synths）。 Synths 透過 Chainlink、Pyth 和 Uniswap V3 TWAP 等預言機追蹤外部資產的價格。用戶可以在現貨和永續期貨 (perps) 市場上交易合成資產。 SNX 是原生協議代幣，用於治理並作為協議流動性的抵押支持。

With the launch of Synthetix V3 on Base in Q2 2024, the protocol transitioned to a new architecture that supports multiple collateral types for minting the Synthetix stablecoin, sUSD. These collateral types now include SNX, ETH, USDC, and yield-generating assets like stataUSDC. 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 hired on by the elected members.

隨著 Synthetix V3 於 2024 年第二季在 Base 上推出，該協議過渡到新的架構，支援多種抵押品類型來鑄造 Synthetix 穩定幣 sUSD。這些抵押品類型現在包括 SNX、ETH、USDC 以及 stataUSDC 等產生收益的資產。 Synthetix Perps 是該協議的主導產品。 DAO 將治理權委託給一個由七名成員組成的委員會—斯巴達委員會。七名成員中的四名由 SNX 持有者選舉產生，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

Performance Analysis

績效分析

Perpetual Futures

永續合約

The adoption of Synthetix V3 perps increased QoQ since launching in Q2. V3 now represents 30% of all perps trading volume as opposed to 27% in Q2. Trading volume for perps dipped QoQ for both V2 and V3, decreasing by 24% and 13%, respectively. Overall, perps volume fell for the third straight quarter to $5.1 billion, down 21% QoQ. According to DefiLlama, onchain perps volume in aggregate fell 18% in Q3. Following the decrease in perps volume were perps trading fees, decreasing 24% QoQ from $2.6 million to $2.0 million.

自第二季推出以來，Synthetix V3 的採用率較上季增加。 V3 目前佔所有 Perps 交易量的 30%，而第二季為 27%。 V2 和 V3 的永續合約交易量較上季下降，分別下降 24% 和 13%。整體而言，永續營業額連續第三季下降至 51 億美元，季減 21%。據 DefiLlama 稱，第三季鏈上 Perps 總量下降了 18%。隨著永續交易量的下降，永續交易費用較上季下降了 24%，從 260 萬美元降至 200 萬美元。

On the other hand, Synthetix had 57 new perp markets come online, up 90% QoQ from Q2’s 30 new perp markets. All of the new perp markets on Synthetix V3 provide exposure to assets already listed on Synthetix V2. Rather than providing exposure to new assets, the new markets utilize V3’s revamped infrastructure. Moving forward, there will likely be new markets that provide exposure to new assets as a result of the SIP-387. The proposal clearly defines a path for listing new assets: the asset must have a Pyth oracle price feed and be listed on Binance Perps.

另一方面，Synthetix 有 57 個新的永續市場上線，比第二季的 30 個新永續市場季增 90%。 Synthetix V3 上的所有新 Perp 市場都提供對 Synthetix V2 上已列出資產的曝險。新市場不是提供新資產，而是利用 V3 改造後的基礎建設。展望未來，由於 SIP-387，可能會出現新的市場，提供新資產的曝險。該提案明​​確定義了新資產的上市路徑：該資產必須具有 Pyth 預言機價格並在 Binance Perps 上上市。

Total Value Locked

鎖定總價值

Synthetix experienced a 15% decrease in TVL QoQ, moving from $439.4 million to $374.9 million. Despite the total TVL downturn, Synthetix V3 increased TVL by 117% QoQ, rising from $42.9 million to $93.3 million. The TVL increase is due to Synthetix liquidity providers on Ethereum migrating their positions from V2 to V3, which became possible at the end of Q2.

Synthetix 的 TVL 較上季下降 15%，從 4.394 億美元降至 3.749 億美元。儘管總 TVL 下降，Synthetix V3 環比增長了 117%，從 4,290 萬美元增至 9,330 萬美元。 TVL 增加是由於以太坊上的 Synthetix 流動性提供者將其頭寸從 V2 遷移到 V3，這在第二季末成為可能。

Open Interest

未平倉合約

Open interest (OI) represents the total value of active, unsettled derivatives contracts at a given time. For Synthetix, OI indicates the dollar amount of all currently open perp contracts. Higher OI reflects both increased risk, as more funds are tied up in funding active positions, and strong demand for Synthetix Perps, as it shows users are actively opening and maintaining perp positions on Synthetix.

未平倉合約 (OI) 代表特定時間活躍的、未結算的衍生性合約的總價值。對於 Synthetix，OI 表示所有目前未平倉永續合約的美元金額。較高的OI 既反映了風險的增加，因為更多的資金被用於資助活躍頭寸，也反映了對Synthetix Perps 的強勁需求，因為這表明用戶正在積極地在Synthetix 上建立和維持Perp頭寸。

Starting Q3 at $86.6 million, OI peaked at $287.7 million on July 21 — the highest level in the past year — before gradually decreasing through September. Part of the volatility came alongside the turmoil produced by the U.S. presidential election, with Joe Biden dropping out of the race on the same day that OI peaked on Synthetix. Toward the end of the quarter, OI began rising again, finishing at $170.8 million. Additionally, all of the OI was organic in nature as there were no additional incentives offered to traders.

從第三季開始，OI 為 8,660 萬美元，並於 7 月 21 日達到 2.877 億美元的峰值，這是去年的最高水平，然後到 9 月份逐漸下降。波動的部分原因是美國總統大選引發的動盪，喬拜登在 Synthetix 上 OI 達到頂峰的同一天退出競選。到本季末，OI 再次開始上升，最終達到 1.708 億美元。此外，所有 OI 本質上都是有機的，因為沒有向交易者提供額外的激勵措施。

Synthetix V3 Fees

Synthetix V3 費用

Synthetix V3 on Base takes 40% of fees generated from perp trading and allocates them to buying back and burning bridged SNX. The full V3 perp trading fee structure is as follows:

Base 上的 Synthetix V3 收取 Perp 交易產生的 40% 費用，並將其分配給回購和銷毀橋接 SNX。完整的 V3 perp 交易費用結構如下：

In Q3, SNX burned rose by 31% QoQ, from 89,000 to 129,000 SNX. The SNX burned was valued at $200,000, bringing the lifetime total of SNX burned to $480,000.

第三季度，SNX 銷毀量較上季成長 31%，從 89,000 個 SNX 增加到 129,000 個 SNX。銷毀的 SNX 價值為 20 萬美元，使 SNX 的生命週期銷毀總額達到 48 萬美元。

SNX’s supply is now deflationary after the protocol stopped inflation in Q4 2023. This quarter marked the third straight quarter of a reduction in the SNX supply, decreasing 0.04% QoQ from 325.8 million to 325.7 million

在協議於 2023 年第四季停止通貨膨脹後，SNX 的供應量現已出現通貨緊縮。