Spartan Research Collective #05
Highlights
This month's update covers Synthetix's trading volume reaching $919.8 million, reflecting active participation in the market. Key highlights include Bitcoin's surge to a new all-time high of $73.7k and Ethereum's positive performance. We also spotlight a significant $6.7 million SOL-PERP long position, showcasing Solana's traction among traders. With Synthetix's user base expanding to over 800,000, the platform continues to attract a broad and active community, indicating a strong and dynamic future in decentralized finance.
Let’s dig in 👇
Performance Overview
Synthetix Perps Data Report:
- Total Volume: $919.8M (OP: $845M, Base: $74.8M)
- Avg Daily Vol: $131.4M (OP: $120.7M, Base: $10.7M)
- Lifetime Vol: $52.1B (OP: $52.0B, Base: $132.4M)
- Lifetime Fees: $39.6M (OP: $39.6M, Base: $59.3K)
In the past month, Synthetix Perps has shown strong performance in the derivatives market, with a high trading volume that shows a lot of liquidity and trust from its users. The platform has kept up a steady flow of daily trades, supporting its growth. This month's numbers match up with Synthetix Perps' history of having a huge total volume and collecting a lot of fees, proving that users are staying engaged and the market is active.
On-Chain Analysis - Follow The Whales
Bitcoin just hit a new all-time high at $73.7k, showing the market's strong momentum and investor excitement. Alongside Bitcoin, Ethereum has been on an upward trend too, highlighting its solid performance. In the world of Synthetix Perps trading, a standout move has been a huge long position on SOL-PERP, valued at 6.7 million, putting a spotlight on Solana's potential within the trading community.
The ETH-PERP market has been especially active, with the 24-hour trading volume hitting 10.8 million. This indicates a high level of trader interest and activity in Ethereum on the Synthetix platform. Additionally, there's a significant amount of open interest in ETH-PERP, totaling over 41 million, which shows traders are really getting into Ethereum's market moves and are expecting moves soon 👀
The Synthetix trading platform itself is growing rapidly, now home to over 800,000 traders. This increase in the user base is a clear sign of Synthetix's appeal, its effectiveness as a trading platform, and the trust it has garnered within the crypto trading community. Watching the big trades and trends on platforms like Synthetix can give us valuable insights into what the more experienced traders are doing and the overall market mood.
Pyth Governance Distribution Explained
Pyth Network and Synthetix are teaming up to give some perks to those who've been active in Synthetix's governance over the last year. They're rolling out a plan that lets these folks get involved in what's called the Pyth Governance Distribution. This is a follow-up to an earlier announcement, and now they're giving more details on how it all works.
Who Gets to Participate
If you've been pretty involved with Synthetix by posting in their governance chats, voting on proposals, being part of their DAO, coming up with governance ideas, or voting in their elections, you might be eligible. They're going to check who's eligible in the second phase of this plan.
How to Claim Your Share
To get your part of the distribution, there's a simple process you need to follow on the Synthetix Discord server. You'll use a bot to say you meet the criteria and provide your Solana (SOL) wallet address. Make sure you do this within four weeks to keep your spot in line.
When You'll Get Your Distribution
After everyone eligible has given their SOL wallet address within the four-week period, the team will finalize the list and start sending out the distribution. If you're late or not eligible, you won't get any part of the distribution.
Why This Matters
This whole thing is about making sure those who've helped shape Synthetix get to have a say in Pyth Network too. It's about making sure the community stays active and involved in decisions. Pyth Network is just getting started with its own version of community decision-making, and they want Synthetix's experienced folks to help lead the way.
Synthetix Adds New Perps Markets for Trading
Synthetix has rolled out four new markets for those interested in leverage trading. These include options for Starknet (STRK), Convex Finance (CVX), Pendle (PENDLE), and Jupiter (JUP). This expansion was made official through several Synthetix Improvement Proposals (SIPs) and a Synthetix Configuration Change Proposal (SCCP).
Starknet is Back in Action!
An important update for traders: Starknet (STRK) trading was put on hold but as of March 6th, it's back online and ready for action.
Trading Details
For those looking to trade these perps, you'll find them on platforms that use SNX liquidity and support perps trading. Just to note, Synthetix itself doesn't provide a trading interface but relies on external platforms like Kwenta and Polynomial for that.
About the New Markets
Adding these new options means traders have more assets to pick from when trading on leverage. The prices for these futures are set by an off-chain oracle from the Pyth Network. For specifics on fees and settings, which could change, check out SCCP-2082 or get in touch with the platforms hosting these trades.
How Markets Get Listed
The process for adding new perps markets involves assessing market demand, liquidity, and how much prices swing. It requires a nod from Synthetix Governance through SIPs and SCCPs to set up the market's details. Data from Pyth and Chainlink plays a crucial role in deciding which assets make the cut.
Synthetix Governance
Synthetix Improvement Proposals (SIPs) describe standards for the Synthetix platform, including core protocol specifications, client APIs, and contract standards.It is hard to play catch up with all the latest SIPs, checkout the latest ones:
SIP-354: Perps V3 Asymmetric Funding, Status: Approved
SIP-362: Transaction Costs based Rewards — Perps V3 — Ecotone, Status: Vote Pending
SIP-2057: List STX on Synthetix Perps, Status: Vote Pending
SIP-365: Remove Core Fee Switch, Status: Approved
SIP-366: Asynchronous Delegation, Status: Approved
SIP-360: Synthetix V3 Cross-chain Elections System, Status: Approved
SIP-341: Add Configurer Address, Status: Draft
SIP-361: Perps V3 — Integrator & CC Requests, Status: Approved
SIP-364: Reconfigure Grants Council, Status: Draft
SIP-353: Improve Protocol Coordination, Status: Draft
SIP-367: Synthetix V3 Deployment to Arbitrum, Status: Draft
SIP-2059: Legacy Spot Synth Migration, Status: Draft
SIP-363: List SNX, SOL, and WIF on Perps V3 on Base, Status: Draft
SIP-368: Preemptive Approval for Listing W Token on Perps V3 on Base, Status: Draft
SIP-2058: List Axelar Token (AXL) on Synthetix Perps, Status: Draft
Ecosystem Update
Kwenta | Polynomial | Rage Trade | Lyra | Thales | Toros | Pyth