synthetix. As Synthetix governance has rapidly and successfully evolved we have encountered friction within the Core Contributors. Councils are directly elected by SNX stakers, while other governance bodies are appointed according to the existing governance procedures. Synthetix is very unique and the closest thing that we currently have to it are asset-backed tokens. Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. It is expected that the ambassadorsDAO will follow suit in the near future. This section of the SIP proposes to: Label the collective governing collectively bodies as the Synthetix DAO. synthetix. Blog. Docs. For Developers. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Base Andromeda. Sandbox with Perps. ), synthetic commodities such as gold (sXAU), as well as more complex assets suchCurrent Protocol Parameters. Governance. Docs. All. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi, allowing anyone,. Synthetix is a token trading platform built on Ethereum. Initially, Aelin v1 will be governed by the Aelin Council, a DAO which will be voted on by SNX stakers. August 13, 2021. Synthetix Governance: A representative council system that governs Synthetix. There are FOUR instances of the ElectionModule Proxy - each representing one of the council bodies (spartan council, ambassador council, treasury council, grants council). Passed: Yes. This separation in multiple bodies should help encapsulate concerns and limit powers of the. During this time, Gauntlet will provide risk management coverage for all Aave v2 and v3 markets using its. 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. 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. Technical Architecture. Easy to. Synthetix V3 is currently in alpha. Spartan Council. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. The platform was founded in 2017 by Kain Warwick and has experienced notable growth, establishing itself as one of the prominent platforms within the decentralized finance (DeFi) ecosystem. Blog. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Users pool funds into. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi, allowing anyone,. Which is called The Spartan Council. Voting power is exclusively determined based on participation in the Synthetix V2 protocol. 5 Likes. The key decentralized councils and DAOs are the - Spartan Council, Treasury Council, Ambassador Council, and Grants Council. Governance. Perps V3. Engineers are now working on reflecting this in the backend/frontend for the Synthetix Governance Module. The Protocol Delegation Program was approved in Special Voting Cycle #9b. io by adding links to it from different landing pages (such as governance, staking, tools, etc). Docs. Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). GitHub. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. 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. The rules and parameters associated with the Synthetix protocol and Synthetix DAO governance are subject to change at any time. The collateralized SNX tokens are locked in a staking contract; in return, stakers receive rewards and market returns. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Link to Synthetix Discord Dune AnalyticsFinally, governance can be used to create incentives to mint and sell mAssets, helping to fix broken price pegs. SNX Balance 0. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. V3 Spot Market - The first expected market on V3 is spot markets. Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). The Liquidity Layer of DeFi. Base Andromeda. Also, in December 2019, Synthetix governance lowered the inflation percentage and added the same to perpetuity. Each governance component is assigned a specific aspect of protocol governance. 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. Staking App. 19 to $1. All markets must be approved by Synthetix Governance through a SIP and a subsequent SCCP to configure variables. Design best practices for teams building on Synthetix V3. They then used the Ether as collateral to borrow 1. Synthetix v3 is setting the stage for anyone to simply add Synthetix to a blockchain, integrate oracles, and instantly create a thriving DeFi ecosystem. Why do you believe your protocol would be a good steward of the. Docs. Underneath, USDC is wrapped and or traded into sUSDC for LP collateral (and collecting fees), and sUSD as perp margin. Build on v3. The SNX price decreased-3. Perps. The Spartan council is at the center of the Synthetix governance. The trading of stocks, currencies, commodities, and other assets are still dominated by the likes of Wall Street, London. This system sets a limit on the total amount of Synths that can be generated, ensuring that the platform remains stable and solvent. Synthetix staking is vastly different from other DeFi protocols; it allows anyone to earn rewards by contributing collateral (SNX) to the Synthetix protocol. I don’t have any direct experience but it looks intriguing. Synthetix is excited to announce the addition of ZRX & UMA perpetual futures markets, now available for leverage trading via Synthetix Perps. “While we have been governed through rough consensus for some time. Integrators are rewarded for driving volume through Synthetix Perps. Powering the next. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. SIP-141 formalizes the responsibilities and role of the grantsDAO, and also lays out plans to expand the scope of. - GitHub - psybull/snx-governance-discord-bot: A JavaScript-based, open source Discord bot to facilitat. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Stats. Synthetix V3 is currently in alpha. Docs. 38m . How to write SIP/SCCPs. S. Meta-Governance Processes; Defining the different types of governing bodies Overview. The process for adding new perps markets to Synthetix is based on demand, liquidity, and volatility. Learn more. Stats. part of the greater Distributed Decentralised Autonomous Organisations responsible for the well being, growth and adoption of the Synthetix protocol. So the tokenomic leverage of this mechanism in the protocol is between 3 and 5, depending on the current collateral requirement. 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 excited to announce the addition of ZRX & UMA perpetual futures markets, now available for leverage trading via Synthetix Perps. GMX. For example, MIR token holders could vote to raise or lower the minimum collateralization ratio, or to implement transaction fees. In other words, all members have to do is vote representatives that would make decisions on their behalf. Blog. 4% discount to its all-time high. Contribute to Synthetixio/SIPs development by creating an account on GitHub. Treasury Council. Last week the first Treasury Council was elected alongside the other DAO’s within the Synthetix governance system. The only user interfaces maintained by Synthetix DAO are the governance and staking interfaces herein. **Aelin Overview **Aelin is a deal coordination protocol, it differs from an on-chain fund like the LAO because each deal is discrete. It further suggests deploying Andromeda to Optimism and Arbitrum, and deploying Carina (ETH-only backed Perps) to Ethereum. Perps. Staking App. These are just a few of the investors who have invested in our past accelerator projects. Docs. Abstract. Governance bodies: Synthetix heavily relies on different DAOs to ensure governance runs smoothly. There is still time to vote if you haven't yet. Firstly, there is the Aelin Direct Deals, a terrific choice for sponsors or protocols looking to raise. The process for adding new perps markets to Synthetix is based on demand, liquidity, and volatility. Blog. Synthetix is an open source derivatives liquidity protocol on Ethereum. target. I don’t have any direct experience but it looks intriguing. These councils’ Decisions. 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 rules and parameters associated with the Synthetix protocol and Synthetix DAO governance are subject to change at any time. 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. Current Target C-Ratio: 400% For more updated information, monitor Synthetix governance votes and the SIP/SCCP repo. What does it do: The proposal outlines a 12-month engagement between Gauntlet and Aave, starting on December 28, 2022, and ending on December 28, 2023. 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. Perps. The Synthetix discord is the place to engage in protocol governance and robust community discussion about the direction of the project. Perps V3. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Synthetix, the DeFi protocol for trading asset-pegged synthetic tokens on Ethereum. Last modified. Aave, Compound, Uniswap, etc. 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. SYNTHETIX GOVERNANCE. Perps V3. Stats. 💡Staking variables change regularly based on governance action. 00. io. For Developers. 25, Kain Warwick, the founder of Synthetix, published a proposal advocating for capping the SNX supply at 300M tokens in two and a half months. Perps. 44 with a 24-hour trading volume of $ 396. The current Synthetix Governing Bodies are: Spartan Council; grantsDAO;. We are excited to announce that after an eight-month successful implementation of Chainlink’s decentralised price oracles for our commodity and FX Synths, we have now switched the rest of our price oracles over to Chainlink as per SIP-36. With Thales participating in the Protocol Delegation initiative, we wish to do our part in helping the Optimism Vision with our growth and governance experience inherited from as far back as the early days of Synthetix, the pioneer of delegate governance structure. For Governance Participants. Sandbox with Perps. Base Andromeda. Synthetix Governance Find links to each core component of the Synthetix Governance System. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Introduction. 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. Sandbox with Perps. Staking App. Blog. The process for adding new Synths to Synthetix is based on demand, liquidity, and volatility. Stats. 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 is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Stats. Synthetix is run as a DAO (see page 34), and Kain remains the largest holder of Synthetix governance tokens, which currently fetch about $10. Each governance component is assigned a specific aspect of protocol governance. These markets were approved by governance in SIP 2032 and had initial configurable values set by SCCP-2042. Synthetix governance decides this collateralization requirement, but it generally stays between 300% and 500%. 👉Q3 Highlights. 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. Name. SNXweave Weekly Recap September 24, 2021 - Blog - Podcast Synthetix Community Governance Call Come join us at 9pm UTC… synthetixweekly. While Synthetix's governance initially fell under a non-profit foundation, this structure dissolved in 2020. Elections. The Synthetix Protocol has several governing bodies and artifacts which co-exist to enable the decentralized nature of the protocol. Multi-collateral staking will increase sUSD liquidity and the markets supported by Synthetix. SNX is the native token of the Synthetix Network and has two main functions: staking and governance. This SIP proposes the base architecture for the Synthetix v3 system, as well as all v3 related systems, such as governance instances (spartan-council, etc). 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. Docs. Uniswap announces vision for v4 (read more here)The Synthetix Improvement Proposal repository. The process for adding new Synths to Synthetix is based on demand, liquidity, and volatility. 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. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. Synthetix started out as a stablecoin, before pivoting to DeFi. And so in Synthetix you have a quasi board, right. All markets must be approved by Synthetix Governance through a SIP and/or a subsequent SCCP to configure variables. The founder of decentralized finance (DeFi) protocol Synthetix, Kain Warwick, has submitted a proposal that would turn off very high yield returns for SNX stakers and cap the total SNX token supply at 300 million. lens Is your protocol OP Native?: No, QiDao is a multi-chain protocol Was your protocol active in Optimism governance prior to 12/5/22?: Yes If so, please link to. I keep hearing that Synthetix governance model is working well - separating decision making and funding decisions by functional area. The Synthetix platform enables the creation of on-chain synthetic assets (Synths) that track the value of assets in the real world. SYNTHETIX GOVERNANCE. 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. Votes. What makes Synthetix unique is the robust nature of its governance system. These markets enable the creation and trading of spot synths created entirely on Synthetix V3. Nominations for the Synthetix Councils' (Spartan, Grants, Treasury, and Ambassador Council) next epoch will open on Thursday, August 17th. 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. For all their commitment to the crypto cause. Synthetix Governance. The SC votes on overall improvement proposals and parameter changes. Perps V3. Protocol Governance. JoinThe Synthetix Ambassadors program provides a simple way for SNX holders to delegate their governance voting rights in other protocols (e. Current Voting Results. To download the Addresses + ABIs for Synthetix via the command line, you can run the following command: npx @usecannon/cli inspect synthetix-omnibus -. Interested in learning more about Synthetix and its plans for the future? Make sure to RSVP to the call to hear from SNX core contributors, council members, and. View the history of past council elections and vote in any currently open elections. The decision to leverage Synthetix governance relied on the past success of Thales and Kwenta in establishing independent communities. Voting power is exclusively determined based on participation in the Synthetix V2 protocol. Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. Staking App. Stats. VIEW ALL COUNCIL MEMBERS. It'll help to usher in a period of mass innovation throughout the world of onchain derivatives and financial instruments. The protocol is governed by Aelin DAO (also known as Aelin Council), based on the Synthetix governance framework. Developer FAQ. Millie: The proposal says only if there is a protocol governance upgrade that renders it. 15 protocols qualify to participate based on total gas fees generated on Optimism in Season 2. 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. 71% in the last 24 hours. The trading of stocks, currencies, commodities, and other assets are still dominated by the likes of Wall Street, London. This, in turn, calls the payout function on the rewards distributor. Powering the next. Last modified 2mo ago 2mo agoThe team is also working on bringing more visibility to pr. On Aug. Perps. Podcast now also on YOUTUBE SNXweave Anchor Podcast: Follow us on Twitter!. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. More competitive offering - Lower fees can be passed on to users, making Synthetix and its. It allows users to generate DAI by locking collateral assets and participate in the governance of the protocol. For more updated information, monitor Synthetix governance votes and the SIP/SCCP repo. In Governance Update #2 , foundation gave a clear instruction that self-dealing is not expected. Docs. Governance. Base Andromeda. The Synthetix Protocol is governed by four bodies, each responsible for a core aspect of a DAO. Simple Summary. For example, the Ambassador Council is responsible for promoting Synthetix’s interest in the Ethereum ecosystem. Base Andromeda. The Liquidity Layer of DeFi. The Liquidity Layer of DeFi. 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. Synthetix staking is vastly different from other DeFi protocols; it allo…Blockchain technology is already radically transforming the financial system. Synthetix stakers do not have to participate in governance farming, although ecosystem rooms may be deployed to boost voting power. Synthetix Governance. 846K AAVE For, 256K AAVE Against. Uniswap Governance Swap UNI for ETH and wBTC and provide liquidity. 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. Decisions and proposals put forth by these councils are subject to majority votes from SNX stakes, ensuring a democratic and community-driven approach to protocol development. Synthetix governance decides this collateralization requirement, but it generally stays between 300% and 500%. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Protocol Governance. You can trade Synths — which. Stats. Synthetix will use Chainlink decentralized oracles to power all price feeds on the Synthetix exchange. $3. Today, February 6th, the Eltanin release will begin. All supported markets benefit from deep liquidity and low fees, thanks to the use of fully decentralized off-chain oracles and Synthetix liquidity. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. Synthetix is moving away from centralized oracles as it heads toward fully decentralized 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. 12% went to the Synthetix Foundation (later transitioned into DAOs). These markets have been in close-only mode for 3 months, but there are still some positions that haven’t been closed. Anyone can static call the claimRewards function to see what an account ID can claim from a distributor registered to a specified vault, accounting for amounts previously claimed. Stats. Synthetix and DYDX's funding rates are 0. 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. The platform was founded in 2017 by Kain Warwick and has experienced notable growth, establishing itself as one of the prominent platforms within the decentralized finance (DeFi) ecosystem. 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. Consensus Check. Synthetix lists Tether USDT Perps. Initially, Synthetix governance participation was limited, meaning the project was partially decentralized. Synthetix V3 is currently in alpha. The poolId and collateralType parameters specify the vault to liquidate. 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. Aave, Compound, Uniswap, etc. Staking Guide. This epoch will run for three months as per SCCP-78, and there are now 22 community. So I wrote SIP-180 which proposed utilising Synthetix governance to do a fair launch with a retro distribution to all SNX stakers as compensation for using their governance framework. For Liquidity Pool Managers. Perps. Elections and Voting. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Name: Mirror Address or ENS: protocol. 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. but there's a sadness there, right?" Hear more from Kain Warwick about the future of #synthetix governa. My reasons for wanting to be. Perps. But the fact that it. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. The Synthetix governance structure is composed of Councils, Committees, Core Contributors and a DAO. Powering the next. Docs. 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. 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. However, properties such as trustlessness and immutability aren’t only useful in monetary applications. Powering the next. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. Technical Architecture. Chain Breakdown; Ethereum: $439. Yield Farming tokens to keep an eye on at the end of June Uniswap UNI/USD, Aave AAVE/USD, and Synthetix Network SNX/USD are some of the best yield farming. FOR PERP INTEGRATORS. 42 since April 01, 2022, and the current price stands at $2. Stats. great. Synthetix is a derivatives liquidity protocol built on Ethereum, facilitating the creation and trading of synthetic decentralized assets. The Spartan. Synthetix Perps supports a wide array of synthetic assets, which is determined and updated by the decentralized governance process. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. All of the councils are elected by Synthetix Stakers. Name: Decentralized Mind aka cryptologist98. Docs. Uni3 December 14, 2020,. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. 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. Market Development Guide. This allows users to confidently trade and access synthetic assets without the. Synthetix Carina will also be running on Ethereum, a latency-optimized version of perps using ETH (and LSDs) as collateral. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. 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. Connect wallet. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Synthetix is a derivatives liquidity protocol built on Ethereum, facilitating the creation and trading of synthetic decentralized assets. 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. Spartan Council members vote on Synthetix Improvement Proposals (SIP) and Synthetix Configuration Change Proposal (SCCP). ⭐ Spartan Council/CCs: Upgraded Liquidation Mechanism & Atomic Swap Integrations. 6 Likes. For Developers. Staking FAQIt is a similar story with the Synthetix coin, finding a decent bump due to the Synthetix governance approving and implementing additional 19 markets, making their grand total a solid 71. The following post contains a recap of news, projects, and important updates from the Spartan Council, Core Contributors, grantsDAO and ambassadorDAO from last week, as well a discussion regarding the ongoing meta-governance SIPs. Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets. 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. Governance Framework The Synthetix Protocol has several governing bodies and artifacts which co-exist to enable the decentralized nature of the protocol. Powering the next. Blog. Quick Start. Per SCCP-304, the spot market system has deployed a synthetic ETH token by creating a market for it. The current Synthetix Governance signaling process is non-sybil resistant, easy to contest, and not a good indicator of community participation and sentiment. Messari’s recent update takes a look at what Synthetix has been up to. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. 00. 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. 125: Create synths for top traded US stock index etfs: FinanceGuy82415. Docs. 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. Audits: n/a. Perps V3 Keeper. Blog. Both asset baskets were selected through community governance. Powering the next. What is Synthetix? Synthetix is a derivatives liquidity protocol on Ethereum. 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. Staking. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. 👉Q3 Highlights. Ambassador Council.