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Synthetix Report

#2: Covering September 11 - 17, 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 $30,066,141 $14,387,964 109%
sUSD Supply $3,221,691 $3,890,505 -17%
Market Cap Of Synths $6,631,239 $6,664,048 -0%
Active Traders 109 94 16%
Bonus reminder: move your sETH liquidity on Uniswap. This important reminder applies to you if you are a sETH liquidity provider on Uniswap. Go to Uniswap, remove liquidity from sETH (old), add liquidity to sETH (new). Full instructions.

Front-runner slashed, complains. Synthetix uses an upgrade mechanism that allows admins to upgrade contracts on the fly. One of the upgrades was SIP-6, an anti-front-running measure. The front-runner posted on Reddit. Synthetix responded.

Trading volumes suggest it is not over. The attack vector used above enables bots to make trades that are guaranteed to be profitable (at a cost to SNX stakers). Given sustained high trading volumes in synth markets with low-supply and few traders, the problem -- or a similar one -- appears to be on-going.

Decentralization is not black and white. Upgradable architectures trade decentralization for reaction time. Contrast Synthetix (upgradable) to Augur (highly decentralized). Augur's fix for a single, specific and severe attack vector is taking months. Synthetix moves extremely fast.

For more on the topic of upgradable contracts, read Ameen's relevant blog post What You Should Know Before Putting Half a Million DAI in Compound.

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

sBNB $10,825,536 8 $40,026
sTRX $9,018,666 5 $4,127
sETH $8,915,690 79 $2,192,436
iBNB $7,751,733 7 $710
iETH $5,384,685 8 $41,424
iBTC $4,720,406 11 $20,463
sBTC $4,578,083 26 $860,400
iTRX $4,446,962 9 $19,994
sUSD $2,694,496 102 $3,221,691
sMKR $1,003,865 6 $8,682