原文标题：《 梳理 Synthetix 现状：永续合约交易量明显上升，V3 更新带来更灵活的定制化服务 》
The on-chain perpetual contract market is huge, and the competition is becoming more and more fierce. In addition to dYdX, GMX and other leading players, the transaction volume of Synthetix perpetual contract has increased significantly recently, and Synthetix V3 is also being gradually launched, making SNX favored by capital again.
According to Token Terminal, Synthetix ranked fourth in revenue over the past seven days as of March 20, surpassing GMX (the revenue here only counts the portion allocated to native Token holders, The total cost is higher GMX), Lido, Gains Network, etc.
Synthetix, a key partner of Optimism, was deployed with Optimism as early as July 2021. Synthetix encouraged people to transfer pledged SNX to Optimism, Transactions and revenues have also gradually moved from the Ethereum mainnet to Optimism. Synthetix's Dune dashboard shows total revenue of $1.33 million for the past seven days, with an average daily revenue of $3,577 on L1 and $187,000 on L2.
Most of the revenue comes from Synths spot trading and perpetual contracts, including Synthetix's much-anticipated relaunch of atomic trading last year. But Synthetix is less used today, perhaps because it charges higher fees for spot trading (0.35% for sETH and sUSD) than other trading platforms. As the chart below shows, Synthetix's total trading volume over the past seven days was $1.192 billion, with the highest trading volume of $492 million on March 17, which matched GMX's $500 million trading volume on that day. Atomic trading, which typically accounts for less than 1 percent of total trading volume, was about 50 percent at the end of last year. From March 11 to March 14, the market was volatile as USDC broke anchor, and arbitrage opportunities existed. Atomic trading also played a role.
Optimism about perpetual-contract trading is now Synthetix's main source of optimism.
The Synthetix Perps V2 solution, launched in December 2022, reduces costs and improves scalability and capital efficiency.
在 GMX 中，GLP 充当了交易员们的对手盘，获得费用的 70%，GMX 质押者获得费用的 30%，在当前 GLP 经常出现亏损的情况下，原生 Token GMX 的质押者仍然可以获得收益，即将全部风险和部分收益分配给了 GLP。而在 Synthetix 中，SNX 债务池在不需要额外流动性提供者的情况下，既充当了交易员的对手盘，也作为项目的原生 Token 获得所有收益，所有风险和收益都由 SNX 债务池承担，因此更需要采取措施来减少作为交易员对手盘的风险。
Synthetix uses a capital fee and discount/premium pricing function to incentivize long and short open interest in the market to balance. The congested side of the transaction will be charged a capital fee and the other side will be charged a capital fee. Whereas funds are typically charged every eight hours on a centralized trading platform, the funds in Synthetix are charged in real time as the position continues. Similarly, trades that skew the long-short ratio are charged a premium and those that are balanced are discounted, a mechanism that may enable high-frequency traders to actively arbitrage in the event of deviations. Although the traders in GMX will also be charged a fund fee, this is essentially a currency borrowing fee for leveraged transactions. Both long and short sides will be charged as the income allocated to GLPS and GMX, which can't balance the long and short positions, which also makes the GLPS bear higher risks in a one-sided market.
In the decentralized derivatives agreement, in addition to Kwenta, which is separate from Synthetix, the liquidity of Synthetix Perps V2 is integrated by Decentrex, Polynomial, etc., which can be completed through Synthetix. Also taking the data of March 17 as an example, the total volume of Perps V2 on that day was US $490 million, of which US $480 million was done through Kwenta, which is still mainly dependent on Kwenta.
As can be seen from the official website of Kwenta, the short positions of BTC and ETH have reached the upper limit and the long positions are also close to the upper limit, with a long/short ratio of about 1:1, which means that the opening of Perps V2 only makes SNX debt pool bear a small amount of additional risk. The maximum open interest can be adjusted by governance, which also indicates that Synthetix and Kwenta have strong trading demand, and there is room for volume and open interest to rise.
In addition, Synthetix has decided through its governance to launch a Perps V2 trading incentive activity starting in April, distributing 2 million OP incentives per week to traders for 17 weeks, which may further incentivize trading volumes.
From Havven to Synthetix to Synthetix V2, the Synthetix team has demonstrated a strong ability to renew. Synthetix V3 will be able to meet all kinds of customized requirements to make Synthetix a true liquidity center. Synthetix V3 features are gradually coming online. In the deployed Synthetix V3, SNX mortgage is already supported, and snxSUD foundry is already supported.
First, Synthetix V3 will have a new stablecoin, snxUSD, to address sUSD's lack of scalability and potential unanchoring. After the upgrade, existing stablecoin SUSDs can also be migrated to snxUSD. In the current version, most SUSDs are cast with pledge SNX, and while Synthetix has also turned on the ability to overpledge WETH to cast snxUSD, it is only available to a small number of users. There is also no way to get the price back to $1 through immediate arbitrage activity when the sUSD price is just above or below $1. The new version will allow 1:1 swaps between snxUSD and some collateral, so arbitrage activities will limit the price of SUSDs to a small range, such as $0.9975 to $1.0025. At the same time, the more convenient casting method may also increase the circulation of snxUSD.
In the existing Synthetix V2, all transactions pass through a single pool of SNX debt, which, given the potential for risk, limits many functions, such as the snxUSD casting method described above. Synthetix V3 introduces the concept of pools to allow stakeholders to customize their exposure to specific markets, enabling differentiation of risk and return from debt pools. Governance can determine the type and ceiling of collateral for each pool, and even if risks arise, they can be limited to a small range. At the same time, it also provides SNX pledgers with the opportunity to take higher risks and gain higher returns.
Let the pool owner use the reward manager to distribute the rewards to users, either in proportion to the pledge or with reference to factors such as the length of the pledge, providing a more flexible value allocation scheme.
Synthetix V3 proposes a clearing mechanism in which the collateral and liabilities for liquidating positions are distributed among other participants in the vault. If the entire vault is liquidated, the entire collateral will be seized by the system and sold to repay the debt.
The Synthetix team has demonstrated strong project renewal capabilities. Although features such as atomic trading are less used, demand for Perp V2 is strong, Kwenta's open interest is almost capped, and trading incentives starting in April are likely to further boost volumes.
Synthetix V3 will be more flexible and meet a variety of customized requirements while limiting the risk to a small scope. The new stablecoin, snxUSD, will be easier to mint and the price will be easier to anchor at $1.