Synthetix soars but the demand side is conspicuously absent

Quick Take

  • Synthetic asset issuance protocol, Synthetix, continues to draw attention, with Total Value Locked surpassing $630m and SNX commanding a $900m market cap.
  • Synthetix Exchange (SE) volume, however, continues to lag: as of July 27 SE had just  2.28% market share among non-custodial exchange protocols.
  • Without some form of funding rate, Synthetix may find itself cannibalized by secondary markets.

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