【译】Synthetix 2024【原文】

Firstly, a big shout-out to Fifa and Cav, who helped review and critique my thoughts on this post.

首先，我要特别感谢 Fifa 和 Cav 对本文思路的审阅和建议。

It is still unclear which Synthetix entity is responsible for the roadmap (it isn’t, but no one actually adheres to this aspect of governance). Because of this, you are likely to read a range of roadmap proposals from various authors. Decentralised roadmaps ftw! Surely, some ICO must have pitched this idea back in 2017?

关于究竟哪个 Synthetix 实体该负责路线图，这个问题至今仍然没有明确答案（实际上并没有这样的实体，但是没人真正在意治理中的这一点）。正因如此，你可能会看到不同作者提出的各种路线图方案。看来去中心化路线图才是王道啊！这种点子说不定在 2017 年的 ICO 热潮中就有人提出过呢？

Most of what I wrote in A Fork in the Road back in October 2023 is still relevant, which is pretty impressive, so this updated roadmap should be one of the easiest I’ve written in years.

我在 2023 年 10 月发表的《分岔路口》一文中的大部分观点到现在依然适用，这一点着实让人惊喜。正因如此，这次的路线图更新对我来说应该是这些年来最轻松的一次。

当前状况（The current state）

The momentum behind Base continues to grow, which bodes well for Synthetix Andromeda. If Andromeda is a success, it will create momentum for a rollout across many more networks. Quick aside, last week, for the first time ever, I recommended a portfolio project deploy to Arbitrum first. There is significantly more DeFi activity on Arbitrum right now, and they are a relatively unknown project. I told them they need to lean into the network with the most DeFi early adopters (read, Degens). With that said, I remain incredibly bullish on the Superchain. I fully believe the Optimism ecosystem is going to reel in Arbitrum, but for now, we need to face the reality that Arbitrum is winning DeFi. The launch of Andromeda, as well as many other projects launching on Base, has the potential to enable Optimism to dominate the Ethereum scaling wars. This is saying nothing of the core Superchain roadmap, which I hope will reduce L2 fragmentation and reenable DeFi composability.

Base 的发展势能持续增强，这对 Synthetix Andromeda 项目来说是个积极信号。如果 Andromeda 取得成功，将为在更多网络上的部署创造有利条件。顺便提一下，上周我首次建议一个投资组合项目优先选择在 Arbitrum 上部署。目前 Arbitrum 上的去中心化金融 (DeFi) 活动明显更为活跃，而且考虑到他们是一个相对新兴的项目，我建议他们应该把重点放在拥有最多 DeFi 早期参与者（也就是热衷于创新的用户）的网络上。尽管如此，我依然对 Superchain 充满信心。我坚信 Optimism 生态系统终将追赶上 Arbitrum，但目前我们必须承认 Arbitrum 在 DeFi 领域占据领先地位这一事实。Andromeda 的推出，以及许多其他在 Base 上部署的项目，都有可能帮助 Optimism 在以太坊扩容竞争中占据主导地位。这还没有涉及 Superchain 的核心路线图，我希望它能够减少二层网络的分散化，并重新实现 DeFi 的可组合性。

Back to the immediate term, there are two primary questions which must be resolved from the Base deployment.

回到当前的具体问题，Base 部署中有两个关键问题需要解决：

• Are LPs willing to collateralise Synthetix with non-SNX collateral
• Are traders willing to trade on Synthetix without relying on sUSD (house money)

...

• 流动性提供者是否愿意使用非 SNX 资产作为 Synthetix 的抵押品
• 交易者是否愿意在不依赖 sUSD（平台资金）的情况下在 Synthetix 上进行交易

If the answer to both questions is yes, we can continue the rollout across other networks. Thankfully, the success of Base so far has removed one of the potential confounding variables in this experiment. If Base had failed to gain traction, we would not have been able to draw strong conclusions from the Andromeda release. Thankfully this should no longer be a concern. Over the last few weeks, the Spartan Council has begun ramping up OI and LP capacity on Base; as Andromeda stabilises, we expect this scaling process to accelerate.

如果这两个问题的答案都是肯定的，我们就可以继续在其他网络上推广部署。值得庆幸的是，Base 目前的成功已经消除了这个实验中的一个潜在干扰因素。如果 Base 未能获得市场认可，我们就无法从 Andromeda 的发布中得出有意义的结论。好在这已经不再是一个问题。在过去几周里，Spartan Council (斯巴达理事会) 已经开始在 Base 上提升未平仓量 (OI) 和流动性提供者容量；随着 Andromeda 逐渐稳定，我们预计这个扩展进程将会加快。

Andromeda X

There were a few things that were descoped from Andromeda, which will be deployed into a satellite release of Andromeda over the next few months. Yes, galaxies have satellite galaxies; what a universe!

有一些功能从 Andromeda 中被暂时搁置，这些功能将在未来几个月内通过 Andromeda 的补充版本进行部署。没错，就像星系也有伴星一样，这是宇宙的奇妙之处！

There are only a few small additions, multi-collateral support and changes to the funding rate mechanism, but this should be a fairly seamless upgrade.

这次更新只包含一些小的功能添加，包括多抵押品 (multi-collateral) 支持和对资金费率机制的调整，整体应该是一个相当流畅的升级过程。

There is a minor dependency on the release of Andromeda X to really scale OI, but hopefully this should not take more than a few weeks.

要真正实现未平仓量 (Open Interest, OI) 的扩展，还需要在某种程度上依赖 Andromeda X 的发布，但预计这个过程不会超过几周时间。

王者归来（The return of the king）

Several years ago, Synthetix abandoned L1 to focus product development on the Optimism L2 scaling network. There were many reasons for this, but one of the most critical was the inability to reduce Oracle latency. This new deployment, which I have dubbed Carina, reduces the need for low-latency Oracles by filtering out toxic flow. It is extremely satisfying to me to see Synthetix preparing to deploy a new ETH perp market on mainnet. This market is purely designed to cater to delta-neutral stablecoins like Ethena’s USDe. Deploying on L1 also allows us to leverage over $500m of SNX collateral to bootstrap this new release. I’m extremely bullish on the scalability of these new stablecoin designs, so I believe prioritising this deployment makes sense, as scalable decentralised* stablecoins will be one of the most powerful narratives over the next few years. Combined with the far lower LP risk profile, this may be one of the most important Synthetix product releases ever.

几年前，Synthetix 放弃了第一层网络 (L1)，转而专注于 Optimism 第二层扩展网络 (L2) 上的产品开发。这样做有诸多原因，但最关键的原因之一是无法降低预言机 (Oracle) 的延迟。这个被我命名为 Carina 的新部署通过过滤掉不良交易流来减少对低延迟预言机的依赖。看到 Synthetix 准备在主网上部署新的 ETH 永续合约市场，这让我感到非常欣慰。这个市场专门为像 Ethena 的 USDe 这样的价格中性 (delta-neutral) 稳定币设计。在 L1 上部署还使我们能够利用超过5亿美元的 SNX 抵押品来支持这个新版本。我对这些新型稳定币设计的扩展性非常乐观，因此我认为优先部署这个项目是明智的，因为可扩展的去中心化*稳定币将成为未来几年最具影响力的技术趋势之一。再加上流动性提供者的风险状况大幅降低，这可能是 Synthetix 有史以来最重要的产品发布之一。

*Quick aside for those of you reading this in 2026, I’m sorry recursive leverage on ETH staking derivatives blew us up this cycle, but I regret nothing. You even sent Millie X back from the future to warn us, but weirdly we all ignored him *🤣

*给2026年的读者们开个小玩笑：很抱歉 ETH 质押衍生品的递归杠杆在这轮周期中让我们翻车了，但我依然无怨无悔。虽然你们派 Millie X 从未来回来警告我们，但我们竟然都没当回事 *🤣

我们自己的链（A chain of our own）

If these two deployments are successful, the next step is the windup of the legacy Synthetix system. This means finding a place to retire over $100m worth of SNX debt in the form of sUSD. Yes, it is time to send SNX collateral to a nice farm where it can run around in the sun and play with all the other deprecated endogenous collaterals.

如果这两个部署都成功了，下一步就是清理 Synthetix 遗留系统。这意味着我们需要为价值超过 1 亿美元的 SNX 债务 (以 sUSD 形式) 找个安身之所。是的，是时候让 SNX 抵押品功成身退，和其他所有退役的内生抵押品一起安享晚年了。

This chain should be part of the Superchain for some of the reasons already stated above; the technical roadmap of Optimism is incredible and will allow Synthetix to begin to create the cross-chain network we envisioned years ago.

这条链应该成为 Superchain 的一部分，原因如上所述；Optimism 令人振奋的技术路线图将使 Synthetix 能够开始构建我们多年前就设想的跨链网络。

“But BUt BuT! What is the point of this chain?” I hear you screaming into the void.

"等等等等！这条链到底有什么用？"我仿佛听到你们在虚空中的呐喊。

There are three components to SnaxChain: the first is enabling the migration of debt out of the legacy system, the second is unifying governance to a single chain, and the final one is a place to point the money pipe of fees flowing from all these other networks. While the first two may feel like minor value propositions, greater governance participation is critical to the decentralisation of the protocol and an Appchain will allow for a better model for this. Solving the migration of debt out of the legacy system is also a critical part of the narrative of this new era of Synthetix. Like inflation, in order to get the average degen to pay attention to this narrative, it must be definitive. We must deprecate SNX collateral completely. Should this prove viable, it will be a huge narrative win against the endogenous collateral reply guy army.

SnaxChain 包含三个核心要素：首先是实现从遗留系统中迁移债务，其次是将治理统一到单一链上，最后是为从其他网络流入的收益建立一个统一的资金池。虽然前两点看起来价值可能不太明显，但加强治理参与对协议的去中心化至关重要，而应用链 (Appchain) 恰好能为此提供更好的模式。解决遗留系统的债务迁移问题也是 Synthetix 新时代故事的关键篇章。就像通货膨胀一样，要吸引加密社区的注意力，我们必须采取明确的行动。我们必须彻底废除 SNX 抵押品。如果这一计划可行，这将是对那些死守内生抵押阵营的有力回击。

The final component is a place to send fees. Fees can either be distributed to stakers or used to buy back and burn SNX, or some combination thereof. IMO, this is the most compelling reason to deploy an Appchain, a single location for SNX staking will ensure there are no fee wars between chains.

最后一个要素是费用分配。费用可以分配给质押者，或用于回购和销毁 SNX，或采用两种方式的组合。在我看来，这是部署应用链最具说服力的理由，因为统一的 SNX 质押位置将避免链间的费用争夺战。

One minor additional benefit of an Appchain is that a single place to borrow sUSD against SNX will allow for the potential to leverage this new stablecoin to be used as collateral across many other chains. While this may be controversial, it will open up a path to bootstrapping new networks as there will be a supply of stablecoin collateral that is highly motivated to bridge to and grow new Synthetix deployments.

应用链还带来一个额外的好处：统一的 SNX 借贷平台将使这种新型稳定币有可能在多个链上作为抵押品使用。尽管这可能存在争议，但它为引导新网络的发展开辟了一条路径，因为这将提供一个积极流动的稳定币抵押品供应，用于连接和发展新的 Synthetix 部署。

对比两个生态系统（Comparing Apples and Blueberries）

The deployment of SNAXchain will likely take 3-6 months if other Appchains are anything to go by. Therefore, in parallel, I believe we should finally journey over to the land of the blueberries and see how a head-to-head comparison between GMX and Synthetix goes for them. However, a simple ETH or USDC-backed system is not going to cut it for the degens of Arbitrum; no, I am now a firm believer in the Fifa proposal of deploying Degenthetix. This release will continue the naming convention of nearby galaxies. Thus, Synthetix Draco (Degenthetix) will bring us to the promised land. We can use many potential tokens as collateral for this deployment, but some of the most fun will probably be ARB, GMX and SHIB. Alongside more reasonable collateral like USDC and ETH.

基于其他应用链 (Appchain) 的经验，SNAXchain 的部署预计需要 3-6 个月时间。因此，在此期间，我认为我们应该将目光投向另一个生态系统，看看 GMX 和 Synthetix (去中心化衍生品交易协议) 在那里的直接竞争情况。不过，对于 Arbitrum (第二层扩容网络) 上的加密货币玩家来说，仅仅依靠 ETH 或 USDC 作为支持的系统是远远不够的。现在我完全支持部署 Degenthetix 的 Fifa 提案。这个新版本将继续沿用以附近星系命名的传统，因此 Synthetix Draco (Degenthetix) 将为我们开启新的篇章。在这次部署中，我们可以使用多种代币作为抵押品，其中比较有趣的选择包括 ARB、GMX 和 SHIB，当然还有更为主流的抵押品，比如 USDC 和 ETH。

就这些了（That’s it.）

I’m sorry if you had settled in and planned to spend the weekend reading this post, but unlike past years there is just not a lot of complexity to the ‘24 roadmap. This will be a year of execution. We have the systems built, we know what is required, it is now simply a process of deploying and scaling Synthetix on each network.

如果你原本打算花整个周末来仔细阅读这篇文章，在这里我要说声抱歉了。与往年不同，2024 年的路线图其实并不复杂。这将是一个专注于执行的年份。系统已经搭建完成，我们也清楚知道需要做什么，接下来就是在各个网络上部署和扩展 Synthetix 的过程。

说笑的（Lol, jk.）

Ok, cool, so the product shit is pretty boring; what of governance?

好的，产品相关的内容比较枯燥；让我们来谈谈治理方面的问题。

We have an agency problem in the protocol, the contributors are not effectively coordinating with the Council. I believe we need to implement some major changes to ensure that the Council has far greater control and oversight of the priorities of the CCs. This also requires a new mechanism to ensure communication between the CCs and the Council is effective. I have spent the last six months cooking stuff up at Infinex, and I can say definitively that Infinex governance has improved on a number of aspects of DAO governance. The proposal I now support is aligning all the CCs under a single Core Contributor Lead who will be the point of contact for the Spartan Council and will be appointed by the Council rather than having the CCs decide who should be coordinating them in a popularity contest.

在协议中我们面临着委托代理 (Agency) 问题，即贡献者与理事会之间缺乏有效的协调。为了确保理事会能够更好地控制和监督核心贡献者 (Core Contributors, CCs) 的工作重点，需要实施一些重大变革。这也需要建立新的机制来确保核心贡献者和理事会之间的有效沟通。基于我在 Infinex 过去六个月的工作经验，我可以明确地说 Infinex 在 DAO 治理的多个方面都取得了进步。我目前支持的提案是：将所有核心贡献者置于一位核心贡献者主管的领导之下，这位主管将作为与斯巴达理事会的联络人，且由理事会直接任命，而不是让核心贡献者通过投票选举的方式来决定谁来协调他们。

It is finally time to implement the Risk Council and deprecate the pDAO. The pDAO harkens back to ancient times when an air-gapped EOA controlled the Havven protocol. These were dark times indeed, and we must move into the future with an elected body responsible for deploying code and overseeing protocol risk. This is a critical component of hardening the censorship resistance of the protocol. There have been numerous proposals over the years to make this transition, but I hope the Spartan Council can appoint someone from within to drive this initiative forward this epoch.

现在是时候实施风险理事会并淘汰 pDAO 了。pDAO 可以追溯到早期，当时 Havven 协议是由一个独立的外部账户 (EOA) 控制的。那确实是较为落后的时期，现在应该向前发展，由一个民主选举产生的机构来负责代码部署和协议风险监督。这是增强协议抗审查能力的关键组成部分。过去几年已经有多个相关提案，我希望斯巴达理事会能够在这个时期指定内部人员推进这项工作。

We need to further harden Synthetix governance. V3GM has been languishing for over a year now; it is time to invest in removing off-chain signalling and discretion. Token holders have lacked oversight for too long, and we must commit to fixing this while there is still some time left in the latter stages of the bear market. Part of this is aligned with the deployment of Snaxchain, as we will be able to leverage Wormhole CCQ to allow SNX stakers to govern any chain from a single native Synthetix network.

Synthetix 的治理体系需要进一步加强。V3GM 已经停滞超过一年；现在是时候投入资源，去除链下投票 (Off-chain Signalling) 和自由裁量权了。代币持有者长期缺乏有效监督，趁着熊市后期还有一些时间，必须着手解决这个问题。这与 Snaxchain 的部署相关，因为通过使用 Wormhole CCQ，SNX 质押者可以从单一的原生 Synthetix 网络对任何链进行治理。

The current Spartan Council is clearly down for experimentation and shaking up the status quo. Let’s leverage that to make some progress on some of the more crazy initiatives, and start cooking up some new experiments. We have the technical resources to implement these changes, but we must commit to designing, developing and deploying them.

当前的斯巴达理事会明显愿意尝试创新并改变现状。应该利用这个机会推进一些更具创新性的计划，并开始规划新的实验。虽然已经具备实施这些变革的技术资源，但仍需要在设计、开发和部署方面做出坚定的承诺。

哦对了，说说 Infinex（Oh yeah, Infinex）

I have previously avoided cross-posting about Infinex in my Synthetix posts. But it is now unavoidable. Synthetix will be one of the core integrations for Infinex. If Infinex is even mildly successful at attracting CeFi users to DeFi, the addressable market for Synthetix is going to expand by several orders of magnitude. The vast majority of my focus is currently on Infinex, but I am still on the Spartan Council. I am very comfortable with the path forward for Synthetix. It is the least speculative and uncertain roadmap we have had in years. The problems are solved; the only thing standing in the way of 2192 is execution. Oh, and I also heard a rumour the Infinexians are cooking up a plan for hybrid off-chain limit orders. That should be fun to watch.

我之前在发布 Synthetix 相关内容时都刻意避免提及 Infinex。但现在不得不说了。Synthetix 将成为 Infinex 的核心整合项目之一。如果 Infinex 在将中心化金融 (CeFi) 用户引入去中心化金融 (DeFi) 方面能取得哪怕一点成功，Synthetix 的目标市场规模都将呈几何级数增长。虽然我目前主要精力都投入在 Infinex 上，但我依然担任着 Spartan Council 的职务。我对 Synthetix 的发展方向非常有信心。这是我们这些年来最务实、最明确的路线图。所有问题都已解决，实现 2192 目标的唯一挑战就是执行力。对了，我还听说 Infinex 团队正在筹划一个混合式链下限价订单的方案。这个进展值得期待。

结论（Conclusion）

Part of the game with crypto is about memory-holing the past, ignoring the present and perpetually looking to the future. For once I think it is worth focusing on the present. The present this community has manifested through blood, sweat, and tears during the bear market is incredible. It has never been safer or easier to stake SNX, and as we scale up open interest on Andromeda, I expect SNX staking to be more profitable than ever. Soonthetix is dead, Nowthetix is the new king.

在加密货币领域，人们往往倾向于淡忘过去，无视现在，永远憧憬未来。但这一次，我认为我们应该关注当下。在这轮熊市中，我们的社区通过不懈努力创造的成就令人振奋。质押 (staking) SNX 从未如此安全和便捷，随着我们在 Andromeda 上扩大未平仓合约量 (open interest)，我预计 SNX 质押的收益率将创历史新高。"即将推出"的 Synthetix 时代已经过去，"此时此刻"的 Synthetix 才是新的王者。