What are the features of Synthetix V3?
Original title: What is Synthetix V3?
原文作者：Matt Losquadro，Synthetix
Kxp, BlockBeats
Synthetix V3 represents an important milestone for the agreement as it undergoes a radical overhaul to become a license-free derivatives liquidity platform for the next generation of on-chain financial products.
In this article, we'll take a closer look at Synthetix V3 and how it differs from the current system, including its goal of becoming a liquidity layer that any derivatives market can build on. We'll also explore the features and benefits of Synthetix V3, as well as the planned phased rollout of its release. This article will serve as a foundation for building on the rest of the content, so let's get started on the body.
What is Synthetix?
Synthetix is a decentralized liquidity layer based on Ethereum and Optimism that provides liquidity back-end support for some of the most exciting protocols in DeFi.
The pledge provides liquidity to secure a range of synthetic assets, for which it receives rewards and market returns. This liquidity provides a guarantee of the price of the predictor for the trading of synthetic assets and perpetual futures, eliminating the need for traditional order books and counterparties. As a result, liquidity becomes combinable and fungible between markets, and traditional slippery spots are eliminated.
Synthetix liquidity currently supports two main synthetic assets, spot composite and perpetual futures:
, Spot synthetics track the value of real assets, such as Crypto, fiat currencies and commodities, allowing users to gain exposure to multiple assets without owning the underlying asset
, Perp is a decentralized perpetual futures trading platform that uses Synthetix liquidity as a counterparty to traders, providing deep liquidity and low fees. The pledge (Perp LP) will bear the risk of the aggregate performance of all traders, while also earning transaction fees.
, Off-chain prognostics reduce fees to 5-10 basis points, and risk management tools ensure long-term market neutrality.
, Money rates and premium/discount mechanisms incentivise traders to balance the market to achieve delta neutrality.
Because Synthetix supports strong liquidity and derivatives, some of the most innovative and interesting DeFi protocols have been built on top of Synthetix: Kwenta, Lyra, Decentrex, Polynomial, dHEDGE/Toros Finance, and Curve/1inch for atomic swaps, among others, and more protocols are being developed based on Synthetix liquidity.
A Brief History of Synthetix
Synthetix 经历了许多迭代和变化才成为今天的样子。这个旅程始于 Havven，一个类似于 MakerDAO（在 MKR 引入多押品 DAI 之前）的协议。Havven 是一个由 Havven Token 支持的稳定币协议，后来重新命名为 Synthetix，作为一个现货合成品交易协议。在 DeFi 早期，该协议认识到了深度流动性和低手续费的需求。之后，Synthetix 逐渐从一个面向用户的衍生品协议发展到一个专注于流动性和衍生品的提供和增长的协议。
Notably, it did not discard the smart contract during the iteration. This protocol refines the contract and uses it to create a new architecture. Synthetix has been building on top of its previous architecture for five years, which means it needs to be rebuilt badly, and that rebuild is Synthetix V3.
What is Synthetix V3
Synthetix V3 is a complete overhaul of the protocol from the ground up. It achieves what Synthetix set out to do long ago: a permission-free liquidity platform for derivatives to power the next generation of on-chain financial products. With the introduction of V3, Synthetix will be a layer of liquidity on which any derivatives market can build.
Synthetix V3 benefits from many years of research and development and is committed to being the most powerful and composable liquidity protocol for derivatives. It establishes a new foundation for the next generation of on-chain financial products, becoming the most versatile and modular approach. This diagram provides a high-level overview of the Synthetix V3 architecture:
Long Term Vision for Synthetix V3
Synthetix as a liquidity layer has two key value propositions:
, To the pledge: Provide a range of pools/vaults that can be deposited, linked to a range of derivative markets, so that the level and type of market exposure and expected returns can be selected
, Pair agreement: a series of pools/vaults used to provide collateral for the new derivatives market, or to provide tools to create pools and attract collateral, with incentives.
V3 focuses on four key areas:
1. The Liquidity layer of DeFi derivatives: Driving the next generation of unlicensed derivatives
2. Multi-collateral pledge that empowers the pledgee
3. Composable, developer-friendly systems
4. Belong to the cross-chain future
DeFi the Liquidity Layer of Derivatives: Driving the next generation of unlicensed derivatives
V3 delivers on Synthetix's long term vision to be a license-free liquidity provision platform, providing builders with the tools to easily create new financial derivatives.
Launching derivatives agreements can be challenging and often faces the cold-start problem of needing to attract collateral. With Synthetix, developers can create new marketplaces and connect seamlessly with existing collateral pools. As a result, almost any derivative agreement can be built on Synthetix V3, rather than starting from scratch.
The creation of Pools/Vaults/Markets will initially be managed by the Synthetix governance, transitioning over time to a completely permission-based deployment. One could even argue that Synthetix provides liquidity as a service, since new protocols seeking to add liquidity to on-chain derivatives can be easily and efficiently built on top of Synthetix.
V3 will transform Synthetix into a multi-market ecosystem, including perpetual futures, spot, options, insurance, exotic options, and more, all backed by multiple pools of debt
Synthetix welcomes builders to leverage its protocols and nurture their communities for success, which is exciting for both the Synthetix and Ethereum ecosystems.
A multi-collateral pledge that empowers the pledgee
V3 creates a universal vault system that is not restricted by the type of collateral. Each vault supports a separate collateralized asset, but the vault can be combined into a pool of funds linked to one or more markets. All external collateral will be incorporated into the agreement through Synthetix governance.
The new pool and vault system has three main advantages:
1. Better risk management: Pools of capital are linked to specific markets and therefore have specific exposures
2. Better hedging capabilities: Pools of capital are linked to specific markets for precise hedging
3. Wider range of collateral: The pledge can pledge any asset the pool chooses to accept
The pledge can allocate its capital to a growing pool of funds, which gives the pledge more control over credit because the V3 system provides more options for liquidity and hedging.
A simpler, cleaner developer experience
The core goal of V3 is to make the Synthetix system more efficient, simpler, and provide a better user experience by optimizing and cleaning up old solutions.
Developers no longer need to be Synthetix experts to know how to build on Synthetix. Instead, a wealth of developer tools, sandboxes, and guidelines make it easier than ever to build on V3, simply by considering which market they want to build.
Belongs to the cross-chain future
Synthetix V3 will be able to deploy on any EVM-compatible chain to support synthetic assets on any chain.
V3 的一些最令人兴奋的功能将基于跨链功能，例如将资产从一个链传送到另一个链，而协议无需做任何额外工作。
The road to Synthetix V3
Synthetix V3 will be rolled out in phases over the next few months as users slowly transition from their existing V2X systems to V3. The features discussed in the next section, Synthetix V3 Features in Depth, will not be available to the public at the time of the initial release. The V3 system is optimized for modularity, so the scope and sequence of its functions are being optimized and will rely on Synthetix governance. Still, it's important to understand the various things going on inside Synthetix V3.
· Initial stageThe Synthetix V3 core contract is live on the mainnet, although this is only the beginning of the journey to V3. In this upgrade, many features are not yet available, but the foundation has been established. The current feature is to borrow the new stablecoin snxUSD as snx collateral, which will be used in the future to integrate the market.
· Multi-collateral compatible systemV3 creates a universal collateral vault system that is compatible with multiple types of collateral. Synthetix governance will determine which assets to support as collateral in addition to the current SNX and ETH.
· V3 spot market-- The first market expected to launch on V3 is the spot market. These markets enable the creation and trading of off-the-shelf finished products entirely on Synthetix V3. Together, packers and spot market incentives will achieve a delta-neutral market that can support any ERC-20 packable synthetic asset.
Order Types: Atomic Order, Asynchronous Order, Packaging and Unpacking (Wrapper), for more information about the V3 spot market, please visitSpot statement.
· Perps V3-- Build the Synthetix perpetual contract on the V3 infrastructure.
New features: Native cross margin, expanded margin collateral types, reduced Gas rates based on new infrastructure, high compatibility predictor integration, and more. All of these are highly dependent on governance, even though these are R&D projects from CC/ community.
· Traditional markets running on V3-- "Traditional markets" include all synthetic assets and liquidity within the V2X system. Migrating it to Synthetix V3 requires the introduction of a "traditional market" within Synthetix V3, which the V3 mortgagee can undertake. The use of this marketplace is a transitional solution until all synthetic assets are fully transitioned to the native V3 market. Once the traditional market is online, the pledge will be able to migrate their positions to Synthetix V3.
· Cross-chain and synthetic asset transportersBecause V3 is fully EVM-compatible, it can be deployed on any EVM-compatible chain. Liquidity can be provided across chains, while synthetic assets/markets are not restricted to one chain.
· Permissionless market/asset creationThe creation of pools/vaults/markets will start with governance approval and then transition to a permissionless model.
Synthetix V3 features deep parsing
· Market creation: V3 systems are built around markets, which are a generic abstraction that allows products to be built on top of protocols. The market determines the pricing logic used for the underlying assets.
Market examples: spot market, futures market, options, loans, etc.
· Asset creation: New synthetic assets can be deployed using market pricing logic and price data streams. In V2X, these assets need to be approved by governance, but soon they only need to rely on the necessary market logic and price data support.
Examples of assets: spot BTC, spot ETH, ETH Perp, BTC Perp, ETH options, etc.
· Cross-chain Synthetix: The V3 system is compatible with any EVM compatible chain. It has been built to be interconnected across chains, with cross-chain mobility and cost sharing, synthetic asset transmitters, and many other important functional improvements.
Synthetic asset transporters are more efficient than AMM-based cross-chain bridging solutions because there are no slippage points on the target chain due to illiquidity. Synthetic assets are destroyed on one chain only and cast on the other.
· Multi-collateral pledge: V3 makes no distinction between collateral, allowing governance to use any collateral to support synthetic assets. This will increase the liquidity of sUSD and the market supported by Synthetix. Collateral options will have adjustable variables, such as collateral requirements and incentives, that can be adjusted by governance.
· Synthetix loan: Users can now provide collateral to the system to generate SUSDs without incurring debt pool risk and without paying any interest or issue fees.
· Differentiated liquid debt pools: Instead of delegating collateral to the entire pool of debt as in V2X, users can choose which pools they want to provide collateral to, and then decide which markets and assets in those pools to support. This gives the mortgagee more control over their credit and allows them to support markets that might be deemed too risky by governance because all liquidity is in a single pool of debt.
Example: Risk-averse mortgagees can entrust their credit to pools that only support ETH and BTC Perp markets, rather than the long-tail Perp market.
· Management of market prognosticators: Market creators can choose from multiple prognostic solutions and set up custom aggregations, giving them more control over the prognostic machines that power the market. Prognosticator managers provide new opportunities to support new markets and assets.
Example: Select the lowest price for spot Bitcoin based on the time weighted average price (TWAP) of Chainlink, Pyth, and Uniswap.
· Reward Manager: Pool creators can attach incentive distribution tools to the vault to incentivize liquidity providers of specific collateral types. Rewards can come from marketing fees, Token distribution, or anything else.
Here are some of the SIPs in progress. You can find out more about Synthetix V3 and how it will evolve by following the links below:
, SIP-305: Staking Incentives (V3)
, SIP-306: Collateral Migration (V3)
, SIP-307: Proxy Router Architecture (V3)
, SIP-308: Market-provided Collateral (V3)
, SIP-309: Market-locked Collateral (V3)
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