重要见解
1. 在过去 90 天内，平均 DeFi 协议的市值损失了约 60%。
2. 与其他 DeFi 部门的交易量相比，DEX 的使用量受到的影响较小。在 DEX 领域，Uniswap 继续从较小的竞争对手那里吸收交易量。
3. 1inch 对 Synthetix 原子交换的整合显着提高了合成部门的收入和效率。
DEX 通过熊提供一致的性能
与其他主要依赖于市场对杠杆需求的行业不同，DEX 因其与稳定币的关系而提供了更多的可预测性。DeFi 稳定币供应的增长为 DEX 提供了应对市场低迷的缓冲——当交易者逃往这些稳定资产时，DEX 促进了交易。
因此，DEX 交易量 (-47%) 的总体下降幅度小于借贷 (-76%)、收益率 (-84%)、永续合约 (-64%) 和期权 (-69%) 协议。在所有行业交易量下降的情况下，Uniswap 相对于其竞争对手设法增加了其使用量。
在目前的形式下，Uniswap 不会从其用户那里获取任何价值。此功能在 Uniswap 的早期增长以及相对于其他 DEX 的持续 TVL 主导地位中都发挥了重要作用。由于流动性是一种反射现象，因此在市场下跌期间变得更加重要——交易者面临更大的滑点，他们会涌向流动性最强的市场以获得最优惠的价格。
鉴于 Uniswap 已确立为市场上流动性最强的 DEX 的地位，Uniswap 在当前市场上的相对交易量增长也就不足为奇了。然而，最近的 Uniswap 治理决定表明支持协议收入提取可能会在未来几个月危及这种主导地位。
相对较低的使用波动性和相对较高的 TVL 使 DEX 在过去一个月中产生了绝大多数 DeFi 收入。虽然 7000 万美元的收入比过去三个月下降了 62%，但仍几乎与所有其他行业的月收入总和（8400 万美元）一样大。鉴于多云的宏观经济背景，随着交易者将手从杠杆滑块上移开，DEX 可能会继续在 DeFi 收入中占据最大份额。
合成效率
尽管 DEX 在最近几个月提供了一致的表现，但就每单位 TVL 产生的收入（称为“资产回报率”（ROA））而言，该行业是效率最低的行业之一。正如我们在初始报告中强调的那样，永续合约和期权行业的协议模型自然会产生高 ROA。尽管如此，这些部门的效率仍低于合成部门产生的 2.5% ROA。
合成协议（主要是 Synthetix）在历史上一直难以获得牵引力，因为它们对抵押品的要求很高，并且缺乏对协议产生的合成资产的集成。由于最近的 Synthetix 升级支持更广泛的外部协议集成，合成行业在最近几个月表现异常。
Synthetix 于 2021 年发布了对原子交换的支持，以避免处理其在以太坊主网上的费用回收。此举允许该协议结合使用 Chainlink 和 Uniswap V3 预言机对其合成器进行定价，从而无需处理冗长的预言机等待期。虽然该实施允许 Synethtix 潜在地与更多协议集成，但合作伙伴关系受到源或目标资产为 sUSD（Synthethix 的原生稳定币）的要求的严重限制。
5 月份最近的一次升级取消了 sUSD 的限制，并为 1inch 打开了使用其路由资产集成 Synthetix 进行原子交换的大门。作为 DEX 聚合器，1inch 从事采购交易的业务，为其客户提供最低的滑点。在供应方面，Synethtix 的零滑点环境使该协议成为 1inch 有吸引力的流动性提供者，以通过其传递其交易需求。
1inch 5 月下旬的原子交换集成在 6 月中旬使 Synthetix 的销量激增。由于 Synthetix 在任何交易中都会产生费用，因此交易量的增加自然会增加 Synthetix 的收入。但由于流动性立即进入和退出协议（由于原子交换的原子性质），Synthetix 的 TVL 保持平稳。因此，Synthetix 将合成材料行业的效率（以 ROA 衡量）比三个月前提高了 1,853%。
Synthetix 最近的复苏可能是该协议良性增长周期的开始。在撰写本文时，SNX 代币在 7 月份上涨了 40%。由于 SNX 是 Synthetix 平台上合成债务的抵押资产，因此 SNX 价值的增加允许 Synthetix 债务上限扩大。更多的债务为基于 Synthetix 的集成商和应用程序（例如 Lyra 和 Kwenta）在其服务中使用创造了更大的流动性，从而为协议创造了更多的潜在交易量。进一步的原子交换集成以及正在向 Synthetix 的 Optimism 的 Layer-2 产品迁移将是未来监控的重要因素。
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