Synthetix（SNX）Q4 2024关键见解

Synthetix（SNX）是一种分散的导数协议，可为用户访问合成资产，永久期货交易，杠杆代币和金库策略。

Key Insights

关键见解

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）是一种分散的导数协议，可为用户访问合成资产，永久期货交易，杠杆代币和金库策略。它的合成资产通过链条，pyth和Uniswap v3 Twap等甲状管跟踪外部资产的价格。用户可以在现货和永久期货（PERP）市场上以这些资产进行交易。天然协议令牌SNX用于治理，并作为支持协议流动性的抵押。

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有两个主要版本V2和V3。 V2（原始版本）使用SNX作为均值和发行合成材料的主要抵押品。 V3于2024年初推出，是一个更模块化的系统，支持多种抵押类型。 V3最初被部署到Q2中的基础，并在Q3中进行了仲裁。该协议已将抵押品扩展到现在，包括CBBTC，TBTC，CBETH，WETH，USDC，以及产生产生的资产，例如静态AUSDC，Lido的WSTETH和Ethena的USDE。 Synthetix Perps是协议的领先产品。 DAO将治理委托给了七人组成的理事会 - 斯巴达委员会。七个成员中有四名由SNX持有人选举，其他三名成员由当选成员聘用。

Website / X (Twitter) / Discord

网站 / X（Twitter） / Discord

Key Metrics

关键指标

Protocol Analysis

协议分析

Perpetual Futures

永久未来

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.

每日平均永久期货量从第三季度的5570万美元增长了29％，第四季度平均为7170万美元。至于约伊，每日平均量从第4季度的1.432亿美元下降了50％。自第2季度推出以来，采用Synthetix V3 PERPS在Q4中放慢速度，V3 PERP量减少了38％QOQ。本季度，Synthetix的PERPS量仍然是所有OnChain PERP的比例，其中66亿美元的数量约占第四季度所有OnChain PERPS量（7405亿美元）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.

第四季度巩固了用户对首选PERP市场交易的转变，Sol的PERP量增加了53％，并以25亿美元的数量结束了第四季度。上个季度，BTC将SOL作为Synthetix的顶级Perp市场占据了PERP量的差异5％。但是，在第四季度，SOL PERP市场的表现优于BTC 13％。此外，其他PERP市场在链接的季度基础上增长了74％，展示了Sythetix用户对BTC，ETH和SOL以外的更多利基PERP市场的偏爱。

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.

在这种情况下，Synthetix在第四季度拥有68个新的PERP市场，比第三季度的57个新PERP市场增长了19％。 Synthetix V2已经存在于Synthetix V2上的大多数新PERP市场，其中24个是Synthetix版本从未见过的全新市场。新市场是SIP-387通过的结果，SIP-387清楚地定义了列出新资产的途径：资产必须具有pyth Oracle Price Feed，并在二比PERP上列出。这样可以确保每个市场可以通过资助套利者来平衡，以保护流动性提供者免受市场不平衡的偏差。

Activity

活动

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.

整个2024年减少后，活动指标在第四季度集体趋势较高。在链接的季度基础上，每日平均PERP交易数量增加了25％，从1,400升至1,700。这种增长是由Synthetix V2上发生的交易数量增长的59％驱动的。从同比的角度来看，每日平均交易下降了33％，从第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).

每日活跃用户（DAUS）在链接的季度基础上增长了14％，从207增长到第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增长了12％，V3增长了19％。这表明Power用户在Synthetix上执行更大的交易。应当指出的是，Synthetix V3尚未部署到OP Mainnet，因此，这些数字代表了不同的执行层（基础和索赔）。

Total Value Locked

总价值锁定

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

总价值锁定（TVL）是在给定时刻对Synthetix上可用的OnChain流动性的量度。 Synthetix TVL在整个Q4中基本保持平坦，有1个