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Community dashboards and analytics for Synthetix

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SNX Fee L1+L2

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Synthetix Futures Volume

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About Synthetix

Synthetix is building a decentralized liquidity provisioning protocol that any protocol can tap into for various purposes. Its deep liquidity and low fees serve as a backend for many exciting protocols on both Optimism and Ethereum. Many user-facing protocols in the Synthetix Ecosystem, such as Kwenta (Spot and Futures), Lyra (Options), Polynomial (Automated Options), and 1inch & Curve (Atomic Swaps), tap into Synthetix liquidity to power their protocols. Synthetix is built on Optimism and Ethereum Mainnet.

The Synthetix Network is collateralized by SNX, ETH, and LUSD, enabling the issuance of synthetic assets (Synths). This pooled collateral enables an array of on-chain, composable financial instruments backed by liquidity from Synthetix.

Some of the most exciting upcoming releases from SNX are Perps V2 which hopes to enable low fee on-chain futures trading through the usage of off-chain oracles, and Synthetix V3 which aims to rebuild the protocol to achieve its earliest goal, being a fully permissionless derivatives protocol. Learn more about Synthetix on their blog or by joining the SNX Discord.

Related projects

Lyra on Dune

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Lyra logo

Lyra is an automated market maker for trading options on Optimism Ethereum.

How is Lyra different from the other options protocols?

Lyra uses a dynamic volatility input to price the entire options surface using a Black Scholes model. Current implementations use a static IV or other, less accurate workarounds to price options.

Lyra is also the first options AMM to compose with other DeFi projects to automatically price and hedge risk for LPs. The reduced risk allows LPs to feel comfortable to provide deeper liquidity, yielding more trading volume and higher fees.

Why use Optimism and not another scaling solution?

Optimism is a layer 2 scaling platform that inherits the security of Ethereum by virtue of being a rollup. Sidechains like Polygon do not share this property. Their security is dependent on their own consensus mechanism.

V1 of Lyra has been designed to hedge risk via Synthetix, which offers zero slippage, infinite liquidity and a simple means of getting long/short. This is why Lyra has chosen to deploy to Optimism. Future versions of the protocol will be designed to ensure Lyra can be deployed on multiple L2s, so that the protocol can exist wherever the majority of users and liquidity ends up.

From https://docs.lyra.finance/faq

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SELECT SUM(token_a_amount) AS dai_bought
FROM dex.trades
WHERE block_time > now() - interval '24 hours'
AND token_a_symbol = 'DAI';