I love a good scoreboard, not only because I enjoy competing, but also because it reveals a great deal about the people it is scoring. Crypto has had many scoreboards over the years, some of which I've spoken about. I won't rehash all the historical details, but let's revisit one example: the L2beat TVL scoreboard. For several years, this was THE determining factor for which Layer 2 was "winning."

Since Synthetix launched, every SNX staker who minted sUSD has been responsible for their share of the collective protocol debt. While managing debt was never easy, it was initially easier since it only involved spot-price hedging of ETH and BTC. As the protocol evolved, debt hedging needed to cover a complex of inverse tokens, options, wrappers, and derivatives.

There are three phases to a user action in crypto.

This post will outline a new direction for Synthetix.

Swidge has been in Closed Beta for a few weeks. We are now ready to transition to Open Beta this week. While we hadn’t anticipated a president dropping a memecoin during our beta period, it was perfect timing. The launch of $TRUMP highlighted several areas of opportunity. The rest of this post will cover the features and improvements we are making to ensure Infinex is the best place for you to trade onchain. However, I want to contextualize the market before covering specific features.

This post will cover the projects I am most interested (invested) in at the start of 2025. My primary focus is Infinex, but most of these projects are somewhat related to Infinex, so I’m dumping everything into one post.

In the earliest days of Synthetix, aka the Havven era, there was a debate about whether debt issuance should be discretionary. Could we trust a bunch of degens to mint Nomins against Curits. I’m unsure why I chose these nonsensical names in the white paper. I may have been channelling @Runekek.

I'm sure you are saying, “V2? But Infinex doesn't do anything!”

The Infinex Patron Sale wrapped up in September, and now the Patron Distribution is almost upon us, so I'm under pressure to write a retrospective on the sale. Also, I haven't been punched in the head this week, so my brain is working well enough for some long-form writing.