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Synthetix Report

#3: Covering September 17 - 24, 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 $133,667,383 $30,066,141 345%
sUSD Supply $2,447,500 $3,221,691 -24%
Market Cap Of Synths $5,816,284 $6,631,239 -12%
Active Traders 122 109 12%
Exchange Rewards $188,018 $1,980,487 -91%
Collateralization ratio below 750% target. The debt ratio is currently around 700%.

Astronomical abuse. Synthetix trading volumes are being generated by a low number of traders trying to game the system. It works by predicting the oracle rate and making trades that will be profitable, at the expensive of SNX stakers.

Oracle updates spike. One way to discourage abuse is making price updates more frequent. Yesterday's price crash provides an interesting datapoint -- the oracle was updated ~3,500 times yesterday (~2.4x per minute)

Synthetix Price Oracle Updates


Trading fees going up. Another way to decrease the expected returns of abusive traders is with a rake increase. SIP-4 was implemented two days ago, which raises the fees from 30 bips to 50 bips.

Uniswap migration success. In the hours before the Sirius Release, only 45 ETH remains in the old Uniswap exchange and is at risk of being burned. Not only did users move ~7K ETH and ~7K sETH, there has been another ~3.5K of ETH and sETH added. 🤯 

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

▲ 1 sTRX $57,976,774 9 $2,483
▲ 3 iETH $41,363,473 17 $124,572
sETH $40,507,801 92 $1,756,921
▲ 4 iTRX $31,002,131 10 $20,146
▼ 4 sBNB $27,933,432 13 $59,082
▲ 6 sXTZ $15,082,410 9 $16,758
▼ 3 iBNB $13,940,875 10 $224
▲ 9 iXTZ $13,272,971 7 $238,118
▼ 3 iBTC $7,935,696 12 $1,365
sMKR $5,919,218 5 $6,881