The protocol and ecosystem is more broadly. Perps. Optimism Collective Delegate Commitments [OLD] 📌 Policies and Templates. c-ratio. Governance. Blog. The Liquidity Layer of DeFi. 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. Sep 19, 2023 • 1 min read. Understanding the Governance process Since the Synthetix Foundation transitioned control to the community in July 2020 , changes to the protocol have been proposed and voted on by community members along with the. Finally, SNX serves as a governance token, as users stake the token to vote on governance proposals and nominate candidates for one of three decentralized autonomous. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. The Synthetix governance elections are currently underway The Aave community voted to add ENS as collateral, and to appoint Securitize as a whitelister to Aave ArcHadar release - Late March 2020. Governance. This, in turn, calls the payout function on the rewards distributor. Governance. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Present at the August 31, 2021 Spartan Council Weekly Project Sync: Spartan Council: Brian, Danijel,When you mint sUSD, the Synthetix smart contract will work out how much debt you represented in the network at the time you joined. In Synthetix, users can deposit any ERC-20 token approved by the Synthetix governance into a vault. 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. Each item category is listed in order of the community’s preferences, as well as item level preferences. Synthetix v3 is setting the stage for anyone to simply add Synthetix to a blockchain, integrate oracles, and instantly create a thriving DeFi ecosystem. 9. $681. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. Staking App. Please list any anticipated conflicts of interest: NoneFurther, 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. Governance. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Maybe we can put UNI in a Maker vault, and then lend the Dai on Compound. Back in June, the DeFi protocol received 9M OP tokens during Phase 0 of Optimism’s Governance Fund. While this proposal passed unanimously, concerns were raised subsequently that the Snapshot vote weights deviated too far from the status quo. Governance. Revenue Share. use this example (coming) this step goes away once permissionless Markets are enabled by Spartan Council governance. Simple Summary. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. but there's a sadness there, right?" Hear more from Kain Warwick about the future of #synthetix governa. For Developers. 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. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. “While we have been governed through rough consensus for some time. Quick Start. 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. Creating and Configuring Pools. SCCPs describe changes to configurable values of existing smart contracts, whereas SIPs describe changes like deploying new smart contracts or meta-governance processes like changes to the governance process. Staking Guide. Abstract. 52. 87M, market cap of $ 395. What makes Synthetix unique is the robust nature of its governance system. More questions have been raised over timelocks and the tradeoff that comes with them and fully permissionless systems, with Kain Warwick, founder of Synthetix (SNX) and Aelin Protocol, arguing that “one of the planned features for the new synthetix governance module is the ability for token holders to override these time locks with. In addition to its governance model, the Synthetix DAO also includes a risk management system known as the “debt ceiling”. V3Yuga Labs of Bored Apes fame drifts away from OpenSea over royalty policyNext - For Derivatives Market Builders. Synthetix Stakers are assigned a. My reasons for wanting to be a delegate: Governance, voting and the separation of powers. 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 V3 Keeper. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development. So you know, the CEO and those people on down are. SYNTHETIX FORUM View the voting history of all governance proposals. SNX tokens are up more than 500% in price so far this year. 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. Blog. Binance. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi, allowing anyone,. Sandbox with Perps. . This. 7 Likes. 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. Governance. Current Target C-Ratio: 400% For more updated information, monitor Synthetix governance votes and the SIP/SCCP repo. The current Synthetix Governing Bodies are: Spartan Council; grantsDAO;. The Synthetix Protocol is governed by four bodies, each responsible for a core aspect of a DAO. If this SIP is approved and adopted, the following will be implemented:💡Staking variables change regularly based on governance action. These are just a few of the investors who have invested in our past accelerator projects. 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. Perps. mirror. Docs. 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. Perps. The Synthetix governance structure is composed of Councils, Committees, Core Contributors and a DAO. I keep hearing that Synthetix governance model is working well - separating decision making and funding decisions by functional area. SYNTHETIX GOVERNANCE. Why do you believe your protocol would be a good steward of the. Wide Variety of Assets Synthetix Perps supports a wide array of synthetic assets, which is determined and updated by the decentralized governance process. 0. But the fact that it. How to write SIP/SCCPs. Synthetix V3 is currently in alpha. I keep hearing that Synthetix governance model is working well - separating decision making and funding decisions by functional area. It is expected that the ambassadorsDAO will follow suit in the near future. 5% went to partners. Some examples of assets that the platform supports are synthetic fiat currencies (sUSD, sAUD, sKRW, etc. The Synthetix Protocol has several governing bodies and artifacts which co-exist to enable the decentralized nature of the protocol. Over time, Synthetix Governance will determine which assets to support as collateral in addition to the current SNX (staking) and ETH (wrappers). Name. 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. Stats. dollar) and crypto assets (like Bitcoin ). This means that SNX will necessarily be worth 3-5 times the value of all necessary sAssets. This was always going to be a controversial decision, regardless of which way it went. I understand that becoming a delegate is a significant commitment: Yes. Protocol Governance. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. This epoch will run for three months as per SCCP-78, and there are now 22 community. 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. Each governance component is assigned a specific aspect of. Link to delegate commitment 9: Delegate Commitments - #162 by revmiller. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. 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. Blog. More competitive offering - Lower fees can be passed on to users, making Synthetix and its. 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. 👉Q3 Highlights. xyz Discord username: cf#7928 Verification: Tally I have read and understood the Delegate Commitment Process: Yes. The proposal sets an initial fee share at 50% for LPs and 50% for SNX stakers (via a buyback and burn mechanism on Base). The ElectionModule is a part of the V3GM release; it is the first release of the governance modules. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. How this process was handled can teach us a lot about the differences between DAOs and Corporations. This new architecture minimizes complexity during releases, provides a novel way of overcoming the EVM's smart contract size limits, and makes system upgrades very explicit to the. 44 with a 24-hour trading volume of $ 396. This proposal aims to simplify the meta-governance processes of the Synthetix Governance System and addresses current meta-governance edge-cases and frictions. Underneath, USDC is wrapped and or traded into sUSDC for LP collateral (and collecting fees), and sUSD as perp margin. During this time, Gauntlet will provide risk management coverage for all Aave v2 and v3 markets using its. See the following. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. Stats. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. The Liquidity Layer of DeFi. Elections. VIEW ALL COUNCIL MEMBERS. An open source software foundation is a not-for-profit entity established to oversee and manage an open source software project. 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. Transferring SNX costs more gas than that, but can also vary as it needs to call `debtBalanceOfAndTotalDebt,` and if that wallet has any debt in the Synthetix system. Perps V3. They allow users. The presentation of SIP-179 is also discussed, as well as upcoming election coverage from SNXweave. The Liquidity Layer of DeFi. What is the Grants Council? The Grants Council is responsible for public goods funding through grants, initiative bounties, or competition prizes. 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. We would like to ensure that there is advanced notice of this delegation because of anticipated community feedback. Governance Framework The Synthetix Protocol has several governing bodies and artifacts which co-exist to enable the decentralized nature of the protocol. Lastly, Synthetix and Synthetix Ambassadors do not have a history of selling any Optimism tokens, nor using them for unintended uses, or anything along those lines. Perps V3. Also, in December 2019, Synthetix governance lowered the inflation percentage and added the same to. Benefits for Synthetix Protocol. Docs. The Liquidity Layer of DeFi. Address or. Market Development Guide. Sandbox with Perps. Contribute to Synthetixio/SIPs development by creating an account on GitHub. Docs. Docs. Synthetix is run as a DAO (see page 34), and Kain remains the largest holder of Synthetix governance tokens, which currently fetch about $10. Stats. This program will temporarily delegate a portion of idle OP from the Governance Fund to a group of value-aligned protocols. Docs. Stats. 12% went to the Synthetix Foundation (later transitioned into DAOs). The protocol is governed by Aelin DAO (also known as Aelin Council), based on the Synthetix governance framework. Treasury Council. Governance. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. Blog. Smart Contracts. Synthetix governance had been decentralised with the control being handed over to a decentralised Spartan Council, with the founder Kain Warwick taking a back seat. Learn more. All markets must be approved by Synthetix Governance through a SIP and/or a subsequent SCCP to configure variables. There will now be 5 Ambassadors that win seats, which will be reflected in the election that is currently ongoing. 03%. Staking App. 014361% and 0. Elections. All supported markets benefit from deep liquidity and low fees, thanks to the use of fully decentralized off-chain oracles and Synthetix liquidity. All markets must be approved by Synthetix Governance through a SIP and a subsequent SCCP to configure variables. Here is what the supply of active SNX rewards to SNX stakers looks like currently: SNX supply curve: Messari. – Uniswap. io. Synthetix is a derivatives liquidity. Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). Staking FAQIntroduction Decentralized governance has been a long-discussed topic – it aims at helping to prevent corruption, empowering a community to have | Bitget crypto news!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. Docs. The reason for this is to gauge demand for LPs offering up different collateral. Meta-Governance: Network: Ethereum & Optimism: Implementor: TBC: Release: TBD: Created: 2022-08-25:. <!--You can leave these HTML comments in your merged SIP and delete the visible duplicate text guiThe Synthetix Improvement Proposal repository. g. **Aelin Overview **Aelin is a deal coordination protocol, it differs from an on-chain fund like the LAO because each deal is discrete. Governance. Docs. Powering the next. ⭐ Grants Council: Dune Analytics Grants & Wrapper UI (ongoing). The V3 Watcher Stats page is also officially complete, so check that out for all of your stats needs!Synthetix price today is $ 3. Once the collateral is deposited, users can mint sUSD up to the collateralization ratio set by the 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. Passed: Yes. Synthetix is a platform that widens the horizon of existing trading capabilities. 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 provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. The next Synthetix community governance call is scheduled for June 29th at 8pm UTC (6/29 afternoon/evening for western hemisphere; 6/30 morning for eastern hemisphere), and we’d love for you to join us! We'll be holding this event on our Discord, RSVP at upcoming launch of Synthetix V3 and a decentralized exchange front-end called Infinex will. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. Earlier this month, SNX witnessed its largest drop and lowest TVL to date at $420 million as the DeFi crash led to several SNX stakers being liquidated. Protocol Governance. 77%. Read Synthetix (SNX) Price Prediction 2023-2024. Synthetix Governance. Synthetix Governance. Synthetix Carina will also be running on Ethereum, a latency-optimized version of perps using ETH (and LSDs) as collateral. Developer FAQ. 7 Likes. With aligned interest in the success of the Optimism network itself, the symbiosis is strong and our experience can be put to good use in stewarding towards the optimal governance structure and the growth of the network. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. Kain Warwick Dec 17, 2019 • 8 min read Introduction Anyone following Synthetix this year is aware of our transition towards decentralised protocol control. Synths are nothing but on-chain synthetic assets that one can trade on a DeFi platform but whose value tracks the value. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Synthetix is an open source derivatives liquidity protocol on Ethereum. The poolId and collateralType parameters specify the vault to liquidate. The Lyra Protocol integrates with GMX on Arbitrum to delta hedge its vaults with GMX perps. Aave, Compound, Uniswap, etc. Synthetix was originally governed by the Synthetix Foundation, a not-for. Earlier this year, the decentralized exchange ( DEX ) Uniswap removed a number of tokens from its front-end site that could constitute securities, including tokenized stocks from Synthetix, citing the. Protocol Governance. All markets must be approved by Synthetix Governance through a SIP and/or a subsequent SCCP to configure variables. 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. “The changes above mark a phase shift in Synthetix governance,” the post said. Today, February 6th, the Eltanin release will begin. The Synthetix protocol is far more complex than many other things you might do on Ethereum. This section of the SIP proposes to: Label the collective governing collectively bodies as the Synthetix DAO. Synthetix is a synthetic asset protocol on Ethereum. 208b: SNX Price. 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. For example, the Ambassador Council is responsible for promoting Synthetix’s interest in the Ethereum ecosystem. Blog. 63, while Synthetix's lowest price was recorded on Jan 5, 2019 when it. Technical Architecture. Governance. Technical Specification. Docs. Perps. It further suggests deploying Andromeda to Optimism and Arbitrum, and deploying Carina (ETH-only backed Perps) to Ethereum. The rules and parameters associated with the Synthetix protocol and Synthetix DAO governance are subject to change at any time. $1. For Developers. FOR PERP INTEGRATORS. SNX is a decentralized finance (DeFi) software protocol powered by a bag of intelligent contracts on the Ethereum blockchain. The new Synthetix Ambassadors governance portal is now live, brought to you by the Synthetix grantsDAO! The Synthetix Ambassadors program provides a simple way for SNX holders to delegate their governance voting rights in other protocols (e. 💡Staking variables change regularly based on governance action. It allows to creation of real world assets, like stocks and shares to be bought and traded using crypto. Coin Prices. 00%. target. On Aug. Kain Warwick, founder of Synthetix, and Ben Jones, cofounder and chief scientist at Optimism Foundation, discuss the current state of Ethereum Layer 2s, Optimism’s new governance structure, why Synthetix chose to build on Optimism, and more. Docs. This is the benefit of the Synthetix system - you can gather liquidity yourself and work through governance to gather liquidity for. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. to a Spartan Council member on discord by searching members with the "Spartan Council" role or finding them within the #governance channel. 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. These are generated whenever someone makes an exchange within the Synthetix system. Nominations for the Synthetix Councils' (Spartan, Grants, Treasury, and Ambassador Council) next epoch will open on Thursday, August 17th. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Synthetix Governance. Governance. This post will highlight the changes so far and the areas of focus for 2020. Docs. staking assets supported. The Synthetix discord is the place to engage in protocol governance and robust community discussion about the direction of the project. Stats. The Blockchain-ification of Finance. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Synthetix governance decides this collateralization requirement, but it generally stays between 300% and 500%. Request some of the existing $500m+ Synthetix collateral for your market. nominations. These markets were approved by governance in SIP 2032 and had initial configurable values set by SCCP-2042. 5 Likes. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. I have read and understood that becoming a delegate is a significant commitment: Yes. Wide Variety of Assets Synthetix Perps supports a wide array of synthetic assets, which is determined and updated by the decentralized governance process. Code Deployments Documentation. 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. 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. 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 . Powering the next. The liquidateAsAccountId parameter specifies an account which should receive the collateral. It utilizes an automated liquidity provision mechanism and has gained significant popularity. 9 million was raised when Synthetix sold SNX tokens to Framework Ventures. Synthetix Governance will determine which assets to support as collateral in addition to the current SNX (staking) and ETH (wrappers). Synthetix Governance Find links to each core component of the Synthetix Governance System. Synthetix staking is vastly different from other DeFi protocols; it allows anyone to earn rewards by contributing collateral (SNX) to the Synthetix protocol. For Developers. Each governance component is assigned a specific aspect of protocol governance. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. Sep 19, 2023 • 1 min read. Protocol name: ENS Name of protocol representative(s) that will serve as delegate(s): Makoto Inoue Link to delegate commitment 16: Delegate Commitments - #175 by matoken. substack. While we progress these releases, the community must debate and discuss the remaining items on the roadmap, as well as any unplanned priorities, in order to crystallise later releases. Synthetix is moving away from centralized oracles as it heads toward fully decentralized governance. Contribute to Synthetixio/SIPs development by creating an account on GitHub. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. 58M, and market dominance of 0. Aelin is a new protocol and will have its own token, community, and governance system. Powering the next. Kain said that the control of Infinex would be relegated to a mode of decentralized governance. Has eight members. . The Liquidity Layer of DeFi. Lastly, Synthetix and Synthetix Ambassadors do not have a history of selling any Optimism tokens, nor using them for unintended uses, or anything along those lines. Stats. Synthetix is a derivatives liquidity protocol built on Ethereum, facilitating the creation and trading of synthetic decentralized assets. Blog. Optimism migration. What makes Synthetix unique is the robust nature of its governance system. Synthetix is excited to announce the addition of stETH/ETH perpetual futures markets, now available for leverage trading via Synthetix Perps. This doc includes minting probability estimates for different attributes. Meta-Governance Processes; Defining the different types of governing bodies Overview. Shardeum Sphinx LiveFor Governance Participants. The new module will reportedly make it easier for the network to make governance decisions with. The liquidated collateral is seized from all of the liquidity positions in the vault pro-rata. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. In other words, all members have to do is vote representatives that would make decisions on their behalf. 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. Blog. Synthetix stakers do not have to participate in governance farming, although ecosystem rooms may be deployed to boost voting power. 🏛 Governance. Staking App. Synthetix Improvement Proposals (SIPs) describe standards for the Synthetix platform, including core protocol specifications, client APIs, and contract standards. Synthetix Governance: A representative council system that governs Synthetix. io An Old Dictator Appears Earlier this year the Synthetix community implemented a critical change on the path to decentralised. Synthetix staking is vastly different from other DeFi protocols; it allo…Blockchain technology is already radically transforming the financial system. 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 Governance. Please list any anticipated conflicts of interest: NoneThe 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…With the next epoch of Synthetix governance beginning on August 30th and the testnet release of Perps v3, details of these plans should be released within the first couple weeks of September and be settled before the end of the same month. 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. SNX Balance 0. The process for adding new Synths to Synthetix is based on demand, liquidity, and volatility. For Governance Participants. My reasons for wanting to be a delegate: Mirror has been a project driven by collaboration with the. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Docs. Join the Kwenta Community. Synthetix DAO does not unilaterally offer, maintain, operate, administer, or control any trading interfaces. Synthetix is a derivatives liquidity protocol built on Ethereum, facilitating the creation and trading of synthetic decentralized assets. Perps. It has two primary functions: (a) Staking and (b) Governance. These markets were approved by governance in SIP 2031 and had initial configurable values set by SCCP-2044.