This means that SNX will necessarily be worth 3-5 times the value of all necessary sAssets. As early adopters of delegate governance structure and early participants in Synthetix governance structure, we find us to be a good fit for this initiative. Aug 14, 2023 4 min read. Gating off incentives for just Synthetix, or using this governance power for only SNX Ecosystem projects or the like would’ve been an incredibly poor idea. Voting power is exclusively determined based on participation in the Synthetix V2 protocol. The protocol is governed by Aelin DAO (also known as Aelin Council), based on the Synthetix governance framework. 87M, market cap of $ 395. $3. You can trade Synths — which. It is fair to say this was a far more successful change than anyone anticipated. As Synthetix is developing into a transparent and inter-operable on chain liquidity layer, its governance must also ossify to be aligned with the resiliency of the protocol. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Both asset baskets were selected through community governance. For example, MIR token holders could vote to raise or lower the minimum collateralization ratio, or to implement transaction fees. 15 protocols qualify to participate based on total gas fees generated on Optimism in Season 2. Perps. System Staking 69. Sandbox with Perps. The GC’s Governance Guide has also been posted to their Medium page, so be sure to check it out for a lot of great information about Synthetix Governance, including proposals, Council mandates, and more. Powering the next. This SIP proposes to establish a clear inclusion criteria for a Core Contributor to be added as a signer to the protocolDAO. This post is going to take a different approach. Aelin is a new protocol and will have its own token, community, and governance system. Abstract. c-ratio. This is the mechanism that prevents deficits during extreme market crash events, as the governance is there to ensure that the synths are sufficiently collateralized and will not result in a system deficit in. Analogous to Uniswap, in exchange for extending credit. Perps V3. The Synthetix governance framework also saw continued evolution last month. Name: Wintermute Address of ENS: wintermutegovernance. The Liquidity Layer of DeFi. Powering the next. As Synthetix governance has rapidly and successfully evolved we have encountered friction within the Core Contributors. The next Synthetix community governance call is scheduled for Tuesday Sep 27th at 8pm UTC (9/27 afternoon/evening for western hemisphere; 9/28 morning for eastern hemisphere), and we’d love for you to join us!The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors, as well as the Grants Council and Ambassador Council from last week…The Protocol Delegation Program was approved in Special Voting Cycle #9b. For Developers. Synthetix is an Ethereum-based protocol for issuing synthetic assets. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Synthetix is run as a DAO (see page 34), and Kain remains the largest holder of Synthetix governance tokens, which currently fetch about $10. Synthetix was originally overseen by a non-profit foundation in Australia. Synthetix will use Chainlink decentralized oracles to power all price feeds on the Synthetix exchange. FOR PERP INTEGRATORS. The benefits of direct integrations for Synthetix are three-fold. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. So the tokenomic leverage of this mechanism in the protocol is between 3 and 5, depending on the current collateral requirement. 0. use this example (coming) this step goes away once permissionless Markets are enabled by Spartan Council governance. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Perps. For Governance Participants. 38m . Per SCCP-304, the spot market system has deployed a synthetic ETH token by creating a market for it. August 13, 2021. 5 million USDC on decentralized exchange, Kyber, exerting downward pressure on the price of SNX. Perps V3 Keeper. Stats. Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These are generated whenever someone makes an exchange within the Synthetix system. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. All markets must be approved by Synthetix Governance through a SIP and a subsequent SCCP to configure variables. Each governance component is assigned a specific aspect of protocol governance. Synthetix reached its highest price on Feb 14, 2021 when it was trading at its all-time high of $ 28. The collateralized SNX tokens are locked in a staking contract; in return, stakers receive rewards and market returns. The key decentralized. $1. Synthetic assets, and associated products, are collateralized by stakers via Synthetix Network Token (SNX), which when locked in a staking contract enables the issuance of synthetic assets. Governing Bodies The Synthetix Protocol is governed by four bodies, each responsible for a core aspect of a DAO. For instance, the core protocol design, setting of the reward mechanisms, and the system development were managed by the Synthetix Foundation, excluding them from governance voting. Many high-profileTwo SIPs are currently up for voting, proposing the addition of 8 new markets to Synthetix Perps:SIP 2014 - PEPE, SUI, and BLURSIP 2015 - XRP, DOT, TRX, FLOKI, and INJIf approved, governance must then agree on parameters (fees, open interest, etc. Governance. Gating off incentives for just Synthetix, or using this governance power for only SNX Ecosystem projects or the like would’ve been an incredibly poor idea. This allows users to confidently trade and access synthetic assets without the. While Synthetix's governance initially fell under a non-profit foundation, this structure dissolved in 2020. Podcast now also on YOUTUBE SNXweave Anchor Podcast: Follow us on Twitter!. A return to the old school gold standard. US is the crypto trading platform for US residents where you can buy, sell, and trade cryptocurrencies and alt coins with some of the lowest fees in the US. Protocol Governance. David_Heisenberg May 18, 2023, 1:17am 189. Technical Architecture. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Messari is hiring! Join our mission to organize and contextualize all crypto information at a global scaleSeptember 10, 2021 The following post contains a recap of news, projects, and important updates from the Spartan Council and core contributors this week, as well as some performance highlights of those involved in governance. Contribute to Synthetixio/SIPs development by creating an account on GitHub. Maker Stability Module, inspired by Aave and Synthetix - Governance - MakerDAO. The Optimism migration is the most important aspect of V2x, thankfully two critical components have already been launched, with both staking and exchanges having gone live this year. Governance-approved SCCPs can make these markets available for trading on frontends @Kwenta_io & @DecentrexHQ in the coming days. Blog. Perps V3. Protocol Governance. 44 with a 24-hour trading volume of $ 396. According to the update, the latest development involves the rollout of the new Synthetix V3 governance module. The Synthetix Protocol is governed by four bodies, each responsible for a core aspect of a DAO. Please list any anticipated conflicts of interest: NoneSynthetix CurveDAO Governance Vault- XveCRV: MilliΞ, Farmwell. V3. Powering the next. Synthetix (SNX) is a decentralized liquidity provisioning protocol built on Ethereum and Optimism, serving as a backend liquidity layer for some of the most innovative protocols in the DeFi ecosystem. Synthetix. xyz Discord username: cf#7928 Verification: Tally I have read and understood the Delegate Commitment Process: Yes. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Anyone following Synthetix this year is aware of our transition towards decentralised protocol control. Today, February 6th, the Eltanin release will begin. As early adopters of delegate governance structure and early participants in Synthetix governance structure, we find us to be a good fit for this initiative. The presentation of SIP-179 is also discussed, as well as upcoming election coverage from SNXweave. Grants Council. 5 Likes. revmiller December 30, 2022, 10:20pm 4. Spartan Council. The Liquidity Layer of DeFi. Với tham vọng mở rộng ra ngoài biên giới của thị trường tiền điện tử truyền thống, Synthetix đối mặt với hai đối thủ chính trong lĩnh vực tài sản tổng. SNX is the native token of the Synthetix Network and has two main functions: staking and governance. The Liquidity Layer of DeFi. We know the DAO decided to implement the Pyth Oracle. This guide has been updated as of 7/28/22. I have read and understood that becoming a delegate is a significant commitment: Yes. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Synthetix Governance Find links to each core component of the Synthetix Governance System. lens Link to delegate commitment: Delegate Commitments - #164 by Benjamin. to a Spartan Council member on discord by searching members with the "Spartan Council" role or finding them within the #governance channel. But even when inflation was. Coin Prices. Powering the next. These were swapped for 6. Governance. Consensus Check. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi, allowing anyone,. Protocol Delegation Self-Nominations. It utilizes an automated liquidity provision mechanism and has gained significant popularity. Users pool funds into. Underneath, USDC is wrapped and or traded into sUSDC for LP collateral (and collecting fees), and sUSD as perp margin. With the rise of DeFi, a new form of governance has emerged specifically designed for decentralized systems. Name: Mirror Address or ENS: protocol. Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). The Synthetix Protocol is governed by four bodies, each responsible for a core aspect of a DAO. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. 846K AAVE For, 256K AAVE Against. Each governance component is assigned a specific aspect of protocol governance. Perps. substack. SYNTHETIX GOVERNANCE. You can participate in the governance process by staking SNX tokens in accordance with the rules and parameters summarized here, and/or joining the Synthetix Discord and contributing to the conversation. Staking App. The key decentralized councils and DAOs are the - Spartan Council, Treasury Council, Ambassador Council, and Grants Council. great. Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). All markets must be approved by Synthetix Governance through a SIP and/or a subsequent SCCP to configure variables. Wide Variety of Assets Synthetix Perps supports a wide array of synthetic assets, which is determined and updated by the decentralized governance process. Blog. SIP-141 formalizes the responsibilities and role of the grantsDAO, and also lays out plans to expand the scope of. Synthetix was originally governed by the Synthetix Foundation, a not-for. The Treasury Council manages the Synthetix Treasury and provides funding to the other governance bodies, CC stipend payments, and other discretionary incentives. Creating and Configuring Pools. Blog. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Audits: n/a. Synthetix is a platform that widens the horizon of existing trading capabilities. Here is what the supply of active SNX rewards to SNX stakers looks like currently: SNX supply curve: Messari. Perps. Blog. 03%. Information TVL Stablecoin Info Treasury Fees and Revenue Derivatives Volume Governance Forks. Powering the next. Base Andromeda. Link to delegate commitment 9: Delegate Commitments - #162 by revmiller. While Synthetix's governance initially fell under a non-profit foundation, this structure dissolved in 2020. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. SYNTHETIX FORUM View the voting history of all governance proposals. Synthetix is one of the oldest DeFi projects out there that has a decentralized governance structure through the SynthetixDAO. Synthetix governance decides this collateralization requirement, but it generally stays between 300% and 500%. Simple Summary. The Liquidity Layer of DeFi. We share a similar vision with Optimism Foundation that the next billion users will experience all of web3 on L2s, and have been working to solve one of the key pieces to enable this vision by collaborating with the top Optimism apps including Synthetix, Lyra, Polynomial, Premia among others. 0). However, since then, the TVL has risen to $800 million at the time of writing, and the price of. Perps. – SynthetixProtocol name: BeethovenX & Balancer Name of protocol representative(s) that will serve as delegate(s): solarcurve Link to delegate commitment : Delegate Commitments - #44 by solarcurve Is your protocol OP Native?: No Was your protocol active in Optimism governance prior to 12/5/22?: I’ve voted on 100% of votes in my capacity as. Developer FAQ. Synthetix enables the creation and trading of. Synthetix V3 is currently in alpha. Governance Framework The Synthetix Protocol has several governing bodies and artifacts which co-exist to enable the decentralized nature of the protocol. Synthetix is excited to announce the addition of stETH/ETH perpetual futures markets, now available for leverage trading via Synthetix Perps. Nominations for the Synthetix Councils' (Spartan, Grants, Treasury, and Ambassador Council) next epoch will open on Thursday, August 17th. The Synthetix Protocol has several governing bodies and artifacts which co-exist to enable the decentralized nature of the protocol. Stats. Which is called The Spartan Council. The Synthetix community is considering putting an end to its inflationary economics in ten weeks’ time. This is a huge milestone for the project as it marks the first phase of the transition to decentralised governance. Docs. Stats. Elections. The first to speak on this topic was @OPUser when @tongnk , of Perpetual Protocol, self-delegated the 9M OP tokens he had received in Phase 1. . <!--You can leave these HTML comments in your merged SIP and delete the visible duplicate text guiThe Synthetix Improvement Proposal repository. Live Events Oct 4, 2022. The Liquidity Layer of DeFi. Perps. Code Deployments Documentation. Synthetix Governance. Staking App. Synthetix Governance. SNXweave Weekly Recap September 24, 2021 - Blog - Podcast Synthetix Community Governance Call Come join us at 9pm UTC… synthetixweekly. Nov 8, 2023 • 3 min read Introduction Vaults are a fundamental component of the Synthetix V3 ecosystem, serving as the primary entry point for liquidity providers. ⭐ Spartan Council/CCs: Base Deployment & Testnet Buying and selling Competitors⭐ Grants Council: NFT Challenge & Watcher Web page⭐ Ambassador Council: Spartan Areas & Governance Proposals Synthetix Governance Model. Staking App. FOR PERP INTEGRATORS. Staking App. Quick Start. Synthetix stands at the cusp of creating a DeFi revolution with its upcoming V3 release. ) to a committee of ambassadors focused on furthering. Powering the next. Aave, Compound, Uniswap, etc. The Liquidity Layer of DeFi. Governance Tokens Some DeFi platforms — including Compound and Synthetix — have further incentivized lending and borrowing by allowing both parties to accrue the platform’s governance token . Synthetix is a software that allows users to mint new crypto assets that mimic both real-world assets (like the U. More competitive offering - Lower fees can be passed on to users, making Synthetix and its. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. An independent Work Group is suitable for the level of decentralization that Synthetix is at and would remove the information asymmetry that integrators face when. These are just a few of the investors who have invested in our past accelerator projects. Governance. I don’t have any direct experience but it looks intriguing. Treasury Council. Further, my experience over the last year and a half participating as a member of the Synthetix and Lyra grants councils has provided experience in governance and vetting public goods funding. Synthetix DAO does not unilaterally offer, maintain, operate, administer, or control any trading interfaces. Synthetix is excited to announce the addition of ZRX & UMA perpetual futures markets, now available for leverage trading via Synthetix Perps. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. 5% went to partners. V3 Spot Market - The first expected market on V3 is spot markets. sender is equal to Synthetix Core address. These markets were approved by governance in SIP 2031 and had initial configurable values set by SCCP-2044. Voting power is exclusively determined based on participation in the Synthetix V2 protocol. The key decentralized councils and DAOs are the - Spartan Council, Treasury Council, Ambassador Council, and Grants Council. All markets must be approved by Synthetix Governance through a SIP and/or a subsequent SCCP to configure variables. SIP-141 formalizes the responsibilities and role of the grantsDAO, and also lays out plans to expand the scope of initiatives supported by the grantsDAO. Perps V3. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. Asset: SNX. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. Maybe we can put UNI in a Maker vault, and then lend the Dai on Compound. Synthetix Perps supports a wide array of synthetic assets, which is determined and updated by the decentralized governance process. However, the two versions of the Synthetix network running on L1 and L2 remain. The decision to leverage Synthetix governance relied on the past success of Thales and Kwenta in establishing independent communities. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. Kwenta is a trading interface for perpetuals and options that integrates with Synthetix and Lyra Protocol. 1 PAX token is equal to one ounce of fine troy gold. Perps. The Synthetix governance framework also saw continued evolution last month. Treasury Council (4 members) - The Treasury Council (TC) manages the synthetix treasury and provides funding to the other governance bodies, cc stipend payments, and other discretionary incentives. Perps. For Developers. It was one of the last remaining areas of centralisation and this transition marks the end of. My previous post was a long-form exploration of the future of Synthetix. 71% in the last 24 hours. Base Andromeda. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. The Synthetix governance framework also saw continued evolution last month. Sandbox with Perps. Further, my experience over the last year and a half participating as a member of the Synthetix and Lyra grants councils has provided experience in governance and vetting public goods funding. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Synthetix is a blockchain protocol built on the Ethereum mainnet, which provides a platform for crypto enthusiasts to access several crypto and non-crypto assets, such as indices, and commodities, among others. Project Draco will be under development, with a plan to migrate all governance functions to the Synthetix Appchain in 2024. Name. DecentralizedMind January 16, 2023, 5:39pm 198. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. The poolId and collateralType parameters specify the vault to liquidate. #shorts “Synthetix functions perfectly without me. Synthetix Governance and Tokenomics Holders of the SNX token are able to vote on and make proposals on the current and future parameters of Synthetix. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi, allowing anyone,. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Stats. This program will temporarily delegate a portion of idle OP from the Governance Fund to a group of value-aligned protocols. If SIP-276 is passed by the Synthetix governance community, ten periodic installments of 675,000 SNX tokens will be added to the current total supply of 293 million tokens in order to reach the. 71% in the last 24 hours. Also, in December 2019, Synthetix governance lowered the inflation percentage and added the same to. David_Heisenberg May 18, 2023, 1:17am 189. The full configuration of Base Goerli can be seen on. Powering the next. My view on the Optimistic Vision 150: I think funding public goods is a worthy goal but one that, in practice, needs to improve in efficiency and quality. The process for adding new Synths to Synthetix is based on demand, liquidity, and volatility. What we can say is that there is no opaque centralised body the Synthetix network relies on to “guard” the Synthetix protocol. csv. Each of the councils at Synthetix serves a different and vital role in running the Synthetix protocol. Contribute to Synthetixio/SIPs development by creating an account on GitHub. My view on the Optimistic Vision 150: I think funding public goods is a worthy goal but one that, in practice, needs to improve in efficiency and quality. Per SCCP-304, the spot market system has deployed a synthetic ETH token by creating a market for it. sUSD borrowing via SNX would also be enabled as part of Project Draco. ⭐ Spartan Council/CCs: Upgraded Liquidation Mechanism & Atomic Swap Integrations. Synthetix Carina will also be running on Ethereum, a latency-optimized version of perps using ETH (and LSDs) as collateral. We already saw it with Perpetual Protocol and with the case of Synthetix, who even now. This just granted a few special permissions to the LegacyMarket contract, which is the facilitator of the migration to Synthetix V3. The only user interfaces maintained by Synthetix DAO are the governance and staking interfaces herein. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. Further, my experience over the last year and a half participating as a member of the Synthetix and Lyra grants councils has provided experience in governance and vetting public goods funding. My view on the Optimistic Vision 150: I think funding public goods is a worthy goal but one that, in practice, needs to improve in efficiency and quality. Some examples of assets that the platform supports are synthetic fiat currencies (sUSD, sAUD, sKRW, etc. The next Synthetix community governance call is scheduled for Aug 29th at 8PM UTC (08/29 afternoon/evening for western hemisphere; 08/30 morning for eastern hemisphere). Please list any anticipated conflicts of interest: NoneSynthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. View the history of past council elections and vote in any currently open elections. Hello fellow Apes, I’ve started this topic with advice from @Marklar to help get the conversation going around what people would like to see in the upcoming Board Nominations and Elections process. Kain has been in and around crypto since 2014 when founded the payment gateway Blueshyft, helping to. Synthetix. Click here to view original web page at blog. FOR PERP INTEGRATORS. Debt positions need to be maintained at a certain collateralization ratio, which fluctuates and is determined by Synthetix governance. [1] Connect wallet. It’s all happening right now for the Spartan Council! Fresh off last week’s first Council-led community governance call, the next Spartan Council election has begun for the next epoch. Blog. 5 million Synthetix governance tokens (SNX) using popular DeFi money market protocol Aave, and pooled liquidity token exchange, Bancor. Shorting ( SIP-135) and Futures ( SIP-80) will follow soon. My reasons for wanting to be a delegate: Governance, voting and the separation of powers. Protocol name: QiDao Protocol Name of protocol representative(s) that will serve as delegate(s): Benjamin. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Synthetix offers tKain Warwick, founder at Synthetix, explained in a governance proposal on Friday that the initial rationale for keeping an ever-inflationary supply for SNX had passed as the protocol was now. It'll help to usher in a period of mass innovation throughout the world of onchain derivatives and financial instruments. 👉Q3 Highlights. Blog. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development. Synthetix, the third-largest DeFi platform by assets locked, is now under the control of community-owned organizations, or DAOs. Technical Specification. Last modified. Stats. Governance: Synthetix is governed, maintained and built by a combination of community members, core contributors, and several elected committees and councils that are voted on by SNX stakers. Each trade generates an exchange fee that is sent to a fee pool, available for stakers to claim their proportion each week. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. egk10 January 20, 2021, 2:32pm 8. Synthetix Governance: A representative council system that governs Synthetix. Read Synthetix (SNX) Price Prediction 2023-2024. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. The Synthetix Ambassadors will soon receive a delegation of 2m OP tokens (Optimism governance power) from the SNX Treasury Council. Sandbox with Perps. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. eth Is your protocol OP Native?: No, We are mainly on Ethereum L1 and planning to integrate with Multi chain Was your protocol active in Optimism governance. Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. Stats. This, in turn, calls the payout function on the rewards distributor. PAX gold comes to mind, given that it is a cryptocurrency backed by gold. 7 Likes. g. The trading of stocks, currencies, commodities, and other assets are still dominated by the likes of Wall Street, London. Grants Council. Garth Travers. Perps. Perps. Uniswap announces vision for v4 (read more here)The Synthetix Improvement Proposal repository. It creates a bridge between traditional investment instruments, such as equities, and the realm of decentralized platforms and digital assets. The Liquidity Layer of DeFi. 00%. Synthetix is moving away from centralized oracles as it heads toward fully decentralized governance. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi, allowing anyone,. On the regulatory front, all eyes are on Coinbase / Binance crossing swords with the SEC - we’ve added a special section that chronologically documents the events. There is still time to vote if you haven't yet. 44 with a 24-hour trading volume of $ 396. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. My view on the Optimistic Vision 150: I think funding public goods is a worthy goal but one that, in practice, needs to improve in efficiency and quality. Blog. While this proposal passed unanimously, concerns were raised subsequently that the Snapshot vote weights deviated too far from the status quo. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development. Revenue Share. Lyra Interface is an interface for trading, liquidity provision and governance of the Lyra Protocol. Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets. Quarterly Report for Synthetix, Quarter 2 of 2023: April — June. Synthetic assets, and associated products, are collateralized by stakers via Synthetix Network Token (SNX), which when locked in a staking contract enables the issuance of synthetic assets. By integrating with decentralized oracle networks, it allows users to receive a loan of stablecoins against collateral on-chain. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. Synthetix Governance DAO is responsible for the governance of Synthetix, a platform that enables the creation and trading of synthetic assets. For example, if you minted $1000 sUSD and the total sUSD value of all Synths in circulation is currently $1 million, your debt ratio owed to the network is 0. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Councils are directly elected by SNX stakers, while other governance bodies are appointed according to the existing governance procedures. The Liquidity Layer of DeFi. Docs. Voting is still in progress. The epoch will last four months, starting August 30th. See the following articles in the Synthetix V2 documentation for more information about Synthetix Governance: Note that the current codebase used for governance can be found at the Governance v1. Current Protocol Parameters. Project Draco will be under development, with a plan to migrate all governance functions to the Synthetix Appchain in 2024. I also believe, once a proposal is approved, we should be little flexible and give the recipient some freedom to change the distribution plan if its seem fit. Synthetix is a token trading platform built on Ethereum. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. So the tokenomic leverage of this mechanism in the protocol is between 3 and 5, depending on the current collateral requirement. Additional practices in Synthetix governance that stand out and can serve as guidelines: Use of multisigs: Most governance bodies work with battle-tested implementations of multisigs from Gnosis Safe. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. Synthetix Governance Find links to each core component of the Synthetix Governance System Join the community governance discussion in realtime. This business structure created as a result is called a Decentralised Autonomous. 87M, market cap of $ 395. In other words, all members have to do is vote representatives that would make decisions on their behalf. Governance. One debate that has been ongoing since the beginning of this governance is the use of tokens allocated in project grants to increase the voting power of their delegates. 0. Docs. It is worth discussing governance for a second, I’m planning a much more comprehensive post on what passes for “governance” across much of crypto these days, but that post is still in draft. Another Spotify podcast, Synthetix Discussions, includes longer form discussion about SIPs and Community Governance calls. This SIP introduces one of the first components of the V3 Governance Module - called the Election Module. Perps. Synthetix enables the creation and trading of synthetic assets backed by stakers using SNX tokens. V3GM: “The new Synthetix governance module, aka, thanks for nothing Aragon“ Regarding Synthetix V2x, he said: “Right now the goal of my life is to shut down development on V2x so we can focus on V3, I have been unsuccessfully spearheading this initiative since mid-2021. Stats. com Synthetix Weekly - September 22nd 2021Governance Framework. See below: This delegation was something Synthetix Ambassadors had initially pushed for under its internal proposal and was approved by the Spartan Council at Synthetix. During an in-depth discussion with Decrypt’s Dan Roberts at Chainlink SmartCon last week, Warwick said he believes DeFi governance “is actually worse today” than one year ago.