火币网和DEFI衍生品应用的对比

Synthetix

Synthetix is currently playing a leading role in the defi derivatives field as the most well-known synthetic asset protocol on the Ethereum platform. Participants in this protocol can stake their native asset SNX to mint various synthetic assets (Synths) through a collateral pool model. This allows users to directly execute conversions between Synths using smart contracts, without the need for counterparties. This solves the liquidity and slippage issues faced by decentralized exchanges (DEXs).

As a staker, SNX holders receive two types of rewards: token rewards from the system's inflationary monetary policy and transaction fee rewards (0.1% - 1%, typically 0.3%) from Synth transactions.

Currently, users can trade these Synths on Synthetix.Exchange or use another ecosystem project called Kwenta for trading. Additionally, dHEDGE, an asset management protocol based on Synthetix, allows for non-custodial hedge fund functionality, creating a good synergy with Synthetix.

At present, the value of assets locked in the Synthetix protocol is approximately $720 million.

It is worth mentioning that Synthetix also introduced binary options trading in late June this year, but this product is not widely used by users.

According to the roadmap, Synthetix plans to implement scalability and reduce transaction fees through the optimistic rollup layer 2 network next year. The project also plans to introduce futures and leveraged tokens to further enhance its offering.

However, Synthetix currently has clear flaws or limitations, such as low capital efficiency and the systemic risks associated with traders gambling against the system. Additionally, since Synthetix only supports SNX stakers to mint Synths, it limits the scale of synthetic assets and provides opportunities for other synthetic asset protocols.

dydx

dydx is another highly regarded defi derivatives protocol that has gained attention from investors such as Polychain Capital and Andreessen Horowitz. Although it has not issued its own token yet, the protocol has locked assets worth over $42 million.

Over time, the product offerings on dydx have become more diverse. Currently, dydx provides spot trading, leveraged trading (5x), perpetual contract trading (10x), and lending services. Its total trading volume in the past 24 hours is approximately $5.779 million. However, dydx only supports a limited number of trading pairs, including ETH, BTC, LINK, DAI, and USDC.

In terms of user experience, dydx is easy to use. However, due to its order book model, it is difficult to bootstrap liquidity. Overall, the depth on dydx is not ideal at the moment.

Additionally, according to the plan, dydx will expand through collaboration with StarkWare and utilize the StarkEx layer 2 network.

DerivaDEX

DerivaDEX, which has received investments from well-known institutions such as Polychain Capital, Coinbase Ventures, and Three Arrows Capital, aims to achieve an efficient trading engine using the SGX trusted execution environment (TEE). According to the plan, DerivaDEX can support perpetual contracts with leverage ratios of up to 25x.

As of now, DerivaDEX has not launched its mainnet or issued tokens (the tokens currently seen on the market are fake). Since it adopts an order book model, liquidity bootstrapping will be the main challenge for DerivaDEX. It also utilizes a new token allocation mechanism called "insurance mining," the specific performance of which is yet to be observed.

UMA

UMA, supported by Coinbase Ventures and Placeholder, is another synthetic asset protocol worth paying attention to

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