August 7, 2020, 5:35PM EDT
• 9 min read
Synthetix soars but the demand side is conspicuously absent
- 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.