《State of Synthetix Q4 2024》

This article is a compilation and analysis of Synthetix's performance in the fourth quarter of 2024, based on original materials published by Messari

Compiled by: Scof, ChainCatcher

Original Author: Troy Harris

Original Article: Messari

Original Title: 《State of Synthetix Q4 2024》

This article is a compilation and analysis of Synthetix's performance in the fourth quarter of 2024, based on original materials published by Messari. It covers major developments in the governance structure, product layout, trading activity, market data, and financial status. The article aims to provide readers with a concise, data-driven reference to help understand Synthetix's performance and trends in the current market environment.

Key Metrics

| Metric | Q4 2024 | Q3 2024 | Change | Year-over-Year Change |

|---------------------------------|----------|----------|---------|----------------------|

| Average daily perpetual contract trading volume | $71.7M | $55.8M | 29% | -50% |

| Average daily perpetual contract trades | 1,700 | 1,400 | 25% | -33% |

| Average daily active users (DAU) | 236 | 207 | 14% | -47% |

| Total value locked (TVL) | $378.9M | $375.4M | 1% | 31% |

| Average open interest | $195.4M | $134.8M | 62% | 45% |

| Average daily transaction fees | $34,400 | $24,000 | 42% | -67% |

Protocol Analysis

Perpetual Contracts

The average daily trading volume for perpetual contracts in Q4 was $71.7 million, a 29% increase from Q3, but a 50% decrease year-over-year.

Usage of V3 perpetual contracts slowed, with trading volume decreasing by 38% quarter-over-quarter. This varied across different chains, with Base and Arbitrum showing smaller decreases of 26% and 33%, respectively, while the OP Mainnet saw a larger decrease of 58% quarter-over-quarter.

Out of the $740.5 billion in on-chain perpetual trading volume in Q4, Synthetix accounted for 0.9%.

The quarter's trading volume was dominated by SOL, BTC, and ETH perpetual contracts, with smaller contributions from other markets.

Among the top three markets, SOL saw the largest increase in average daily trading volume, surging by 53% to reach $2.3 million, surpassing BTC to become the largest market on the platform. BTC ranked second with an average daily trading volume of $1.8 million, despite a 12% decrease quarter-over-quarter. On the other hand, ETH's trading share declined by 31% quarter-over-quarter to $0.8 million.

Other perpetual markets also saw a 74% increase in trading volume, closing the quarter with an average daily volume of $680,000. These markets included assets like LINK, AAVE, and PEGASYS, which were launched according to the requirements of SIP-387 to support at least 24 new assets in Q4.

After a decline throughout 2024, Synthetix's overall activity metrics rebounded in Q4.

The average daily number of trades for perpetual contracts increased by 25%, rising from 1,400 in Q3 to 1,700 in Q4. This quarter's growth was primarily driven by Synthetix V2, which saw a 59% increase in trade count quarter-over-quarter, while V3 experienced a smaller increase of 10%. However, year-over-year, the average daily trade count decreased by 33% compared to 2,500 in Q4 2023.

The average daily active users (DAU) increased by 14% in Q4, rising from 207 in Q3 to 236. However, this is a 47% decrease compared to 445 in Q4 2023. Both Synthetix V2 and V3 saw increases in average daily active users, with growth rates of 12% and 19%, respectively. This indicates that core users are taking a larger share of trading on Synthetix. It is important to note that Synthex V3 has not yet been deployed on the OP Mainnet and is currently only operating on