The next focus of Synthetix is the migration to Layer 2 and the construction of the V3 version.
Original title: “Synthetix, which has increased 8 times a year, the founder’s annual review”
Written by: Kain Warwick, founder of Synthetix Translation: ChinaDeFi
2020 is the year when DeFi projects are widely accepted by the crypto world. This article can see the development context of DeFi in the eyes of practitioners from the perspective of the founder of SNX.
For the DeFi industry floating in the cloud, people who understand the data on the first-hand chain are rare after all. The information observed and output by others has become our way of observing the world. Over time, these solidified information structures have become ours. Worldview.
Compared with the market value rankings in exchanges or information websites, and the annual review of media professionals. Articles from the perspective of practitioners like Vitalik and SNX founders are more valuable because they are scarce.
——Iris
It’s hard to believe that there are only 365 days before January 1, 2020. During this time, a lot of things have happened both within Synthetix and throughout DeFi. In fact, it is difficult to cover everything in an article, but I will try to pick out the key points. This article will be reviewed in a slightly different way. It will not simply list things that have been done, but will list everything that does not exist at the end of 2019.
Now, let’s go back to midnight on December 31, 2019 and review the state of the project at that time. To be honest, you will be a little shocked when you realize that there are so few things being built.
First, we are still in a semi-benevolent dictator mode, and the Synthetix Foundation still exists. There are less than ten people participating in the project, which is something that many people still do not realize today. We have passed the “bear winter” of 2018/2019, so we only burned money for the parts that are critical to the progress of the project, because we don’t know how long it will take before the market thaws and the bears die. RIP beras.
By the end of 2019, we only reached SIP-34, and we only reached SIP-103 a year later. We have only made 9 variable changes through SCCP, now 67.
We are still running a centralized Oracle! At that time, only foreign exchange rates and bulk commodities had transitioned to Chainlink. It’s shocking, I know.
We are still focusing on L1 and haven’t demonstrated any magic of Ethereum.
GrantsDAO is just a glimmer in Garth’s eyes, and Spartan Council is just a glimmer in Andy’s eyes. In fact, Andy is just a glimmer in the eyes of synthetixDAO. Shining light all the way…
Kwenta is an unnamed UX upgrade to Synthetix.Exchange. I strongly disagree with this claim. It just happened to be a coincidence that started immediately after the dictator was abolished…
Toll collection has not yet started. For those who are interested, I will post another article in a few days, which details the entire history of fee collection, that is, the early operation of the Synthetix agreement.
Virtual Synths has not yet been conceived, let alone deployed. Mainly because we have not yet broken the composability through cost recovery. This is a big opportunity we missed.
The daily transaction amount of SNX tokens on DEX and CEX is several million U.S. dollars, the liquidity is extremely low, and the liquidation has not yet begun. Now, we have tens of millions of dollars in trading volume on all exchanges, and SNX is now one of the most liquid ERC-20 tokens in DeFi.
Not many people realize this. In the past, there was usually a delay of up to six weeks before filing a claim. When we enter 2020, this has been reduced to two weeks, but we have not implemented the change to reduce the application to one week.
Although we introduced liquidity incentives in July 2019, we have not yet introduced counter-incentives to offset the tilt of the debt pool. It seems a bit crazy, we just arbitrarily let the agreement be tilted for a whole year, but did not implement any measures to solve it. I guess, either hedge or die.
I actually had to check it twice, but protocolDAO did not even exist in early 2020. Maybe the pDAO random number has now reached 1600, but it feels more than 10 months…
In addition, ETH maxis will remember even if no one else does this, but we have not yet enabled ETH as collateral. And of course we have not yet introduced BTC collateral through renBTC or new short-selling mechanisms, which were all launched at the end of 2020.
At the beginning of this year, the sUSD curve pool did not appear either. sUSD’s current liquidity is several orders of magnitude higher than at the end of 2019. Interestingly, after experiencing some early friction, it was @andrecronje that facilitated the agreement between Michael and me, which allowed the sUSD pool to cross the finish line. There is nothing he can’t do…
Throughout 2019, Justin asked for a “one-month sprint” to deal with technical debt. By 2020, we are finally tired of his complaints. The result is Opse cSprint, which has solved countless boring things. I will not talk about it here. But I heard that is very important.
The partnership program has not yet started, so we certainly don’t expect more than a dozen participants by the end of this year.
In 2019, only a few visionary institutional investors joined the project and provided liquidity. By 2020, almost all active DeFi institutional investors have joined the Synthetix network, which has become a wave. I expect that some adherents will eventually surrender and join the organization in 2021.
We still use the old brand and will not make a major update until the end of 2020.
Binary options have not yet been launched, and although they immediately gained some traction, we believe that the best way to move forward is to split options into their own independent projects. Several teams have already submitted solutions. If you are interested in participating, please contact Discord as we have not yet completed this process.
The limit order does not exist. When we are almost finished, the execution is cancelled and the new mechanism will be deployed in early 2021. We did get different fees, which is a huge improvement in user experience, because it allows Synths to generate different transaction fees based on the consensus of the community.
Similar futures will be released soon, but considering the delay of oracle, we have decided to postpone it to the L2 main network, and a test network will be run early next year.
The betting pool has not yet started, and the launch of xSNX is a huge milestone. Combined with the launch of dHedge, syntix proved to be a viable project building platform.
At midnight on December 31, 2019, when clocks all over the world struck, so many things didn’t exist yet. However, when we end in 2020, there are still a lot of things to do, some of which we know to enter this year, and some will only appear when we complete the various priorities in 2020.
A few things are clear. The Synthetix community has established a stable currency with the least volatility, the strongest liquidity, and the highest degree of decentralization on Ethereum. The total supply of sUSD exceeds 100 million U.S. dollars, and there are now more than 250 million U.S. dollars in synthetic assets in circulation. This statement may touch some people who believe that DAI is a stronger candidate because its total supply exceeds $1 billion. However, now that more than 50% of DAI is backed by centralized or custodial assets, many people in the community have concluded that although SAI (pure ETH support) is actually better than the current system, its scalability is worse many. This will be a problem that Synthetix must deal with, and we hope to expand the supply of Synth to more than $1 billion this year. In addition, the sBTC curve pool is an important driving force for the adoption of BTC on Ethereum. It is one of the most liquid BTC tokens.
However, there are many challenges in the future, and I will discuss these challenges in more depth in the upcoming Synthetix 2021 roadmap post. But at a high level, we need to migrate to L2 to solve many problems, including leading edge and the impact of synthetic futures on leveraged trading. We need to continue to experiment with decentralized governance and continue to lead this field. We need to reach a point that can open the growth engine of transaction volume through kenta and other interfaces. Although the script we used to scale the bet in the protocol cannot be perfectly converted, many strategies and strategies are possible. With the resolution of the last architectural challenge, we hope that the transaction volume will explode in the middle of this year.
2020 is another incredible year for Synthetix, but it also highlights how challenging it is to build a decentralized derivatives exchange. The complexity of ensuring that the system is not censored has increased, which means that we need to proceed more cautiously than in 2019, but the stability of the system over the past six months shows that this effort is worthwhile.
The last point is that a lot of work in the first two quarters of next year will be focused on Synthetix V3, completely rewriting the contract. This plan will enable us to solve many of the problems faced by the agreement, and will build a platform that is ready to expand to tens of billions of dollars in the next 12-18 months. Fortunately, synthetixDAO has strong capital and will be able to fund these and other programs for many years to come. To help implement this goal, we expect the number of Synthetix contributors to increase further in 2021.
As a member of the syntix community, I have never been as excited as I am now. Compared with the past, the project has greater potential and certainty on the way forward. By 2021.
Source link: blog.synthetix.io
