Synthetix (SNX) 2023 年第三季度报告：随着 DAO 进入治理新时代，“战争模式”开始

Synthetix（SNX）是一种去中心化的合成资产发行和流动性协议，允许用户交易合成资产（Synths）。

Key Insights

主要见解

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）是一种去中心化的合成资产发行和流动性协议，使用户能够交易合成资产（Synths）。 Synths 通过 Chainlink、Pyth 和 Uniswap V3 TWAP 等预言机跟踪外部资产的价格。用户可以在现货和永续期货 (perps) 市场上交易合成资产。 SNX 是原生协议代币，用于治理并作为协议流动性的抵押支持。

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.

随着 Synthetix V3 于 2024 年第二季度在 Base 上推出，该协议过渡到新的架构，支持多种抵押品类型来铸造 Synthetix 稳定币 sUSD。这些抵押品类型现在包括 SNX、ETH、USDC 以及 stataUSDC 等产生收益的资产。 Synthetix Perps 是该协议的主导产品。 DAO 将治理权委托给一个由七名成员组成的委员会——斯巴达委员会。七名成员中的四名由 SNX 持有者选举产生，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

Performance Analysis

绩效分析

Perpetual Futures

永续合约

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.

自第二季度推出以来，Synthetix V3 的采用率环比有所增加。 V3 目前占所有 Perps 交易量的 30%，而第二季度为 27%。 V2 和 V3 的永续合约交易量环比下降，分别下降 24% 和 13%。总体而言，永续营业额连续第三个季度下降至 51 亿美元，环比下降 21%。据 DefiLlama 称，第三季度链上 Perps 总量下降了 18%。随着永续交易量的下降，永续交易费用环比下降了 24%，从 260 万美元降至 200 万美元。

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 个新的永续市场上线，比第二季度的 30 个新永续市场环比增长 90%。 Synthetix V3 上的所有新 Perp 市场都提供对 Synthetix V2 上已列出资产的敞口。新市场不是提供新资产，而是利用 V3 改造后的基础设施。展望未来，由于 SIP-387，可能会出现新的市场，提供新资产的敞口。该提案明确定义了新资产的上市路径：该资产必须具有 Pyth 预言机价格并在 Binance Perps 上上市。

Total Value Locked

锁定总价值

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 环比下降 15%，从 4.394 亿美元降至 3.749 亿美元。尽管总 TVL 下降，Synthetix V3 环比增长了 117%，从 4,290 万美元增至 9,330 万美元。 TVL 增加是由于以太坊上的 Synthetix 流动性提供商将其头寸从 V2 迁移到 V3，这在第二季度末成为可能。

Open Interest

未平仓合约

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.

未平仓合约 (OI) 代表给定时间活跃的、未结算的衍生品合约的总价值。对于 Synthetix，OI 表示所有当前未平仓永续合约的美元金额。较高的 OI 既反映了风​​险的增加，因为更多的资金被用于资助活跃头寸，也反映了对 Synthetix Perps 的强劲需求，因为这表明用户正在积极地在 Synthetix 上建立和维持 Perp 头寸。

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.

从第三季度开始，OI 为 8660 万美元，并于 7 月 21 日达到 2.877 亿美元的峰值，这是去年的最高水平，然后到 9 月份逐渐下降。波动的部分原因是美国总统大选引发的动荡，乔·拜登在 Synthetix 上 OI 达到顶峰的同一天退出竞选。到本季度末，OI 再次开始上升，最终达到 1.708 亿美元。此外，所有 OI 本质上都是有机的，因为没有向交易者提供额外的激励措施。

Synthetix V3 Fees

Synthetix V3 费用

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 交易产生的 40% 费用，并将其分配给回购和销毁桥接 SNX。完整的 V3 perp 交易费用结构如下：

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 销毁量环比增长 31%，从 89,000 个 SNX 增加到 129,000 个 SNX。销毁的 SNX 价值为 200,000 美元，使 SNX 的生命周期销毁总额达到 480,000 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

在协议于 2023 年第四季度停止通货膨胀后，SNX 的供应量现已出现通货紧缩。本季度标志着 SNX 供应量连续第三个季度减少，环比减少 0.04%，从 3.258 亿减少至 3.257 亿