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Synthetix Report

#4: Covering September 24 - October 1, 2019

This is your weekly reminder to claim SNX and sUSD rewards.
Claim rewards on Mintr ↗︎

PROTOCOL STATS

THIS WEEK

LAST WEEK

W/W

Exchange Volume $87,832,209 $133,667,383 -34%
sUSD Supply $2,730,456 $2,447,500 12%
Market Cap Of Synths $7,736,157 $6,560,307 18%
Active Traders 132 122 8%
Collateralization ratio below 750% target. The debt ratio is currently around 700%.

Mintr v2 release. Synthetix released an improved dashboard for SNX stakers.

Proposal to change SNX inflation. Community member deltatigersnz has started SIP-36 to discuss the proposal.

How are trading volumes so high? It's a question we've been circling in on since starting the newsletter. Take sTRX which did over $36M of volume and currently has a $3K supply. Traders buy positions (mint sTRX) and close the positions (burn sTRX) shortly thereafter. The result is a constantly shifting set of liabilities for the network.

sTRX Daily Supply Bounds


Growing bankrolls. Presumably, as traders profit from this activity, they can afford to take bigger positions. Individual profits from trading are socialised losses amongst SNX stakers. The danger lies in how big trader profits (pool losses) become relative to trading fees.

Today's edition written by
 
Caleb Sheridan
Co-founder, Blocklytics
Twitter
 

Top 10 Synths

Ranked by this week's exchange volume

SYNTH

VOLUME ▼

TRADERS

SUPPLY

sTRX $36,553,723 6 $3,407
iETH $30,351,772 7 $66,878
▲ 3 sXTZ $22,531,549 7 $17,684
▼ 1 sETH $20,003,485 81 $3,185,314
sBNB $18,845,339 10 $60,089
▲ 3 iBTC $17,944,155 12 $1,027
▲ 1 iXTZ $13,295,042 6 $340,815
▲ 3 sBTC $7,047,846 40 $617,062
▼ 2 iBNB $5,482,100 8 $495
sMKR $1,412,307 3 $11,597