Synthetix underwent significant governance changes in Q4 2024, transitioning to a single Spartan Council that combines elected and hired members. This new structure aims to address past inefficiencies and align with a renewed vision. Key acquisitions of Kwenta and TLX were made through a token-for-token deal to enhance vertical integration and product expansion. The quarter saw a peak in open interest at $376.1 million, with a closing figure of $67.5 million. Perpetual volumes rose by 29% to $6.6 billion, while total value locked (TVL) remained stable with a 1% increase. Daily average open interest grew by 62% to $378.9 million, and daily active users (DAUs) increased by 14% QoQ. Additionally, 24 new perpetual markets were introduced, and the circulating market cap of SNX rose by 26% to $649.8 million.

This quarter was marked by monumental governance changes to Synthetix. The DAO has moved to a single Spartan Council, which is partly elected and partly hired. This council addresses past governmental inefficiencies and is collectively unified under a revamped vision for the future. The new governance structure got right to work acquiring both Kwenta and TLX for a token-for-token deal approved. These deals help Synthetix vertically integrate and expand its product offerings.
Open interest experienced a yearly high this quarter, peaking at $376.1 million on November 21, and closing the quarter at $67.5 million in OI. Perp volumes increased 29% this quarter to $6.6 billion, while TVL remained flat QoQ, only growing by 1%. On the other hand, the daily average OI grew 62% this quarter to $378.9 million. Average DAUs increased 14% QoQ and average daily trades increased 25% QoQ. The newly streamlined and simplified process for creating new perp markets on Synthetix enabled 24 net new markets to come online in Q4. The circulating market capitalization of SNX grew 26% QoQ, closing Q4 at $649.8 million.

Synthetix Q4 2024: Governance Overhaul and Strategic Acquisitions Drive Growth