jakiro
Project nameBesidesSynthetix network
TokenBesidesSNX
Current market valueBesides$ 119 billion
6Monthly estimated market valueBesides$ 972 million
Rising spaceBesides-18%
PentaTen dimension scoresBesides75
Data endBesidesFebruary 20, 2024
Full report downloadBesidespentalab.io
Decentralized derivativesTVLRanking first, trading fee revenue ranks third.Synthetix, as a decentralized liquidity layer, provides back -end services such as liquidity built in its ecological DEXS. It allows users to mortgage and issue synthetic assets in the agreement, such as cryptocurrencies, RWA assets, indexes and legal currencies, etc.EssenceThe attributes of synthetic assets can provide users with more types of transaction assets, deeper liquidity, less handling fees without trading slippery points.According to the data of Token Terminal, as of February 20, 2024, Synthetix ranked first in derivatives with a $ 715 million TVL TVL, and the transaction fee revenue ranked third at a scale of nearly $ 16 million.
TransformDefiInfrastructure,SynthetixEcology is becoming more mature.Synthetix, as a back -end service provider, empowers liquidity and share opponents in all front -end platforms based on its agreement infrastructure.The front -end trading platforms in the ecosystem include Kwenta, Decentrex, Lyra, Polynomial, Atomic Swap, etc.Among them, Kwenta has the largest transaction volume and contributes the most to the entire agreement.In December 2022, after the launch of the Synthetix Perps V2, the transaction volume on the Kwenta platform increased, and in 2023, it achieved excellent results of more than $ 40 billion and more than 30 million US dollars.
V3The version upgrade is imminent and re -release the potential of growth.At present, the V3 version has entered the Alpha test stage and introduced more functions to users: the pledge of multi -mortgage, including ERC20 tokens, improves the flexibility and risk management capabilities of pledge for LPS;Create a derivative market trading system that can fully operate each other for traders; provide users with a series of tools and resources to build their own applications on Synthetix, including documents, contracts, guidelines and SDKs, and simplify the construction process to motivate innovation.
Valuation:At present, the TVL deployed on Synthetix on Ethereum and Optimism has reached US $ 460 million and US $ 270 million, respectively. We expect that the TVL of Ethereum for six months will maintain $ 460 million, and Optimism has returned to its historical peak. The new BASE chain can bring it.The 20 million US dollars increase TVL, and the six -month TVL is estimated to be 810 million US dollars.At present, the market value/TVL ratio of the most market value is 1.7 times, and it has been floating an average standard deviation since August 2019.Although we recognize Synthetix’s stable and shrinking monetary economics in the synthetic track, we are worried that its long -term competitive power with other sustainable asset DEX, as well as a breakthrough in TVL and transaction volume growth, must be rely on the new chain.Therefore, we give the average market value/TVL ratio of 1.2 valuation, and get the market value of 672 million US dollars in the six -month target, compared with the current market value of 18%.
Main risk:Ecological development is not as expected, the competition of the track has intensified, and the decline in SNX prices has caused chain liquidation.
