This program will temporarily delegate a portion of idle OP from the Governance Fund to a group of value-aligned protocols. Elections and Voting. Benefits for Synthetix Protocol. 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. The process for adding new Synths to Synthetix is based on demand, liquidity, and volatility. Synthetix V3 is currently in alpha. 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. So you know, the CEO and those people on down are. Blog. Synthetix Governance DAO is responsible for the governance of Synthetix, a platform that enables the creation and trading of synthetic assets. Market Development Guide. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Powering the next. The Liquidity Layer of DeFi. My reasons for wanting to be a delegate: Mirror has been a project driven by collaboration with the. This program will temporarily delegate a portion of idle OP from the Governance Fund to a group of value-aligned protocols. The Synthetix platform enables the creation of on-chain synthetic assets (Synths) that track the value of assets in the real world. 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. The goal is to get the protocol to a point where it is resistant to capture, whether from a. Blog. Maybe we can put UNI in a Maker vault, and then lend the Dai on Compound. Synthetix is a software that allows users to mint new crypto assets that mimic both real-world assets (like the U. 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. Aelin is a new protocol and will have its own token, community, and governance system. Code Deployments Documentation. Docs. These markets generally rely on decentralized oracle networks (such as Chainlink and Pyth) to retrieve the price of off-chain assets and issue on-chain derivatives of these assets. Meta-Governance: Network: Ethereum & Optimism: Implementor: TBC: Release: TBD: Created: 2022-08-25:. Perps V3 Keeper. The Synthetix Ambassadors Council have announced plans to self-delegate 2M OP tokens from their Optimism Governance Fund grant. View the history of past council elections and vote in any currently open elections. SNX Stakers earn weekly rewards for collateralizing the. The Liquidity Layer of DeFi. 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 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. To download the Addresses + ABIs for Synthetix via the command line, you can run the following command: npx @usecannon/cli inspect synthetix-omnibus -. The reason for this is to gauge demand for LPs offering up different collateral. Synthetix Governance Find links to each core component of the Synthetix Governance System. 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. All markets must be approved by Synthetix Governance through a SIP and/or a subsequent SCCP to configure variables. Technical Architecture. October 19, 2021. For example, MIR token holders could vote to raise or lower the minimum collateralization ratio, or to implement transaction fees. Kwenta. Staking App. Synthetix enables the creation and trading of. Some examples of assets that the platform supports are synthetic fiat currencies (sUSD, sAUD, sKRW, etc. It'll help to usher in a period of mass innovation throughout the world of onchain derivatives and financial instruments. 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. Councils are directly elected by SNX stakers, while other governance bodies are appointed according to the existing governance procedures. The Synthetix Protocol is governed by several key bodies and artifacts. Please list any anticipated conflicts of interest: NoneSynthetix governance is voting to launch V3. Consensus Check. 28m: Optimism: $242. Governance. The presentation of SIP-179 is also discussed, as well as upcoming election coverage from SNXweave. Synthetix reached its highest price on Feb 14, 2021 when it was trading at its all-time high of $ 28. Name: Mirror Address or ENS: protocol. . Perps V3 Keeper. Powering the next. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Kain said that the control of Infinex would be relegated to a mode of decentralized governance. The collateralized SNX tokens are locked in a staking contract; in return, stakers receive rewards and market returns. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. 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. Today, February 6th, the Eltanin release will begin. Synthetix V3 is currently in alpha. Docs. csv. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. synthetix. 🏛 Governance. The current Synthetix Governance signaling process is non-sybil resistant, easy to contest, and not a good indicator of community participation and sentiment. 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. The SNX price decreased-3. Messari’s recent update takes a look at what Synthetix has been up to. Synthetix Carina will also be running on Ethereum, a latency-optimized version of perps using ETH (and LSDs) as collateral. Spartan Council members vote on Synthetix Improvement Proposals (SIP) and Synthetix Configuration Change Proposal (SCCP). Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Other. Introduction. 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. FOR PERP INTEGRATORS. The Synthetix network is a decentralized protocol that helps prepare synthetic assets or synths — blockchain versions of real-world assets. request collateral from an existing Pool OR. Governance Framework The Synthetix Protocol has several governing bodies and artifacts which co-exist to enable the decentralized nature of the protocol. SNX Balance 0. 15 protocols qualify to participate based on total gas fees generated on Optimism in Season 2. Stats. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. 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). Which is called The Spartan Council. 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. Perps V3. Governance. Firstly, there is the Aelin Direct Deals, a terrific choice for sponsors or protocols looking to raise. Blog. SYNTHETIX GOVERNANCE. 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. Aave, Compound, Uniswap, etc. 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. Governing Bodies The Synthetix Protocol is governed by four bodies, each responsible for a core aspect of a DAO. Synthetix DAO. Wallet. Protocol Governance. Propose to Synthetix governance for your Market to be enabled. Blog. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. 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. Synthetix will use Chainlink decentralized oracles to power all price feeds on the Synthetix exchange. Synthetix is run as a DAO (see page 34), and Kain remains the largest holder of Synthetix governance tokens, which currently fetch about $10. 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. These markets have been in close-only mode for 3 months, but there are still some positions that haven’t been closed. Synthetix Perps supports a wide array of synthetic assets, which is determined and updated by the decentralized governance process. #shorts “Synthetix functions perfectly without me. 12% went to the Synthetix Foundation (later transitioned into DAOs). Click here to view original web page at blog. For Developers. 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. 58M, and market dominance of 0. Expected. Synthetix governance decides this collateralization requirement, but it generally stays between 300% and 500%. By integrating with decentralized oracle networks, it allows users to receive a loan of stablecoins against. The Synthetix governance framework also saw continued evolution last month. 44 with a 24-hour trading volume of $ 396. Synthetix DAO does not unilaterally offer, maintain, operate, administer, or control any trading interfaces. In 2019, an additional $3. Blog. For all their commitment to the crypto cause. Elections. SYNTHETIX GOVERNANCE. According to the update, the latest development involves the rollout of the new Synthetix V3 governance module. If this SIP is approved and adopted, the following will be implemented:💡Staking variables change regularly based on governance action. Protocol name: Lyra Name of protocol representative(s) that will serve as delegate(s): Ksett Link to [delegate commitment 11]: (if your protocol doesn’t currently have one, you will need to create one) Delegate Commitments - #174 by ksett Is your protocol OP Native?: Yes Was your protocol active in Optimism governance prior to 12/5/22?: Yes,. Each of the councils at Synthetix serves a different and vital role in running the Synthetix protocol. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. My previous post was a long-form exploration of the future of Synthetix. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. Uniswap Governance Swap UNI for ETH and wBTC and provide liquidity. Stats. However, the two versions of the Synthetix network running on L1 and L2 remain. Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). Spartan Council (8 Members) The Spartan Council (SC) is the central governing body of the Synthetix protocol. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. Aave, Compound,. It serves as a reminder that sometimes you might reduce complexity by just using a multisig instead of a full-fledged Governor-like contract. 52. Perps. This means that SNX will necessarily be worth 3-5 times the value of all necessary sAssets. System Staking 69. The process for adding new Synths to Synthetix is based on demand, liquidity, and volatility. 00. Quarterly Report for Synthetix, Quarter 3 of 2023: July — September. How this process was handled can teach us a lot about the differences between DAOs and Corporations. Powering the next. Synthetix is one of the oldest DeFi projects out there that has a decentralized governance structure through the SynthetixDAO. We’ve made progress, but. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Docs. Sandbox with Perps. Councils are directly elected by SNX stakers, while other governance bodies are appointed according to the existing governance procedures. Protocol Delegation Self-Nominations. Request some of the existing $500m+ Synthetix collateral for your market. 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. The protocol and ecosystem is more broadly maintained and improved by a combination of core contributors, ecosystem partners, and community members. The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers. Elections. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. 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. Developer FAQ. Synthetix. ) for. Blog. Synthetix is excited to announce the addition of stETH/ETH perpetual futures markets, now available for leverage trading via Synthetix Perps. 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. [1] Synthetic. 03%. Perps. dollar) and crypto assets (like Bitcoin ). 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,. They allow users. 5 million USDC on decentralized exchange, Kyber, exerting downward pressure on the price of SNX. 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 rules and parameters associated with the Synthetix protocol and Synthetix DAO governance are subject to change at any time. GMX. 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. Powering the next. These markets were approved by governance in SIP 2032 and had initial configurable values set by. The Liquidity Layer of DeFi. Stats. 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 election for Spartan Council members begins less than 24 hours from now! Over the last two weeks, nineteen members of the Synthetix community have nominated themselves to be on the Spartan Council, a new component of Synthetix governance, and seven will be voted on successfully for the first Council Epoch, the. Synthetix, the third-largest DeFi platform by assets locked, is now under the control of community-owned organizations, or DAOs. Also, in December 2019, Synthetix governance lowered the inflation percentage and added the same to perpetuity. Quick Start. These markets were approved by governance in SIP 2032 and had initial configurable values set by SCCP-2042. The Liquidity Layer of DeFi. Docs. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi, allowing anyone,. 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. This includes price feeds for all cryptocurrency and index Synths. Staking App. Synthetix Governance Find links to each core component of the Synthetix Governance System Join the community governance discussion in realtime. The SC votes on overall improvement proposals and parameter changes. Has eight members. Staking App. Synthetix was originally overseen by a non-profit foundation in Australia. Protocol Governance. Docs. Synthetix is a derivatives liquidity protocol built on Ethereum, facilitating the creation and trading of synthetic decentralized assets. Synthetix is moving away from centralized oracles as it heads toward fully decentralized governance. Docs. Base Andromeda. For Developers. The SNX price decreased-3. SNX Price--epoch. 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. Perps. FOR PERP INTEGRATORS. The Liquidity Layer of DeFi. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. See the following articles in the Synthetix V2 documentation for more information about Synthetix Governance: Governance Framework. 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. 03%. Councils are directly elected by SNX stakers, while other governance bodies are appointed according to the existing governance procedures. **Aelin Overview **Aelin is a deal coordination protocol, it differs from an on-chain fund like the LAO because each deal is discrete. Figure 1: Showing Synthetix funding rate via KwentaFor Governance Participants. SYNTHETIX GOVERNANCE. Developer FAQ. Staking App. 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. Staking App. For more updated information, monitor Synthetix governance votes and the SIP/SCCP repo. 3% went to bounties and marketing incentives. . 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. The key decentralized councils and DAOs are the - Spartan Council, Treasury Council, Ambassador Council, and Grants Council. Powering the next. substack. LiFi and Uniswap have collaborated to launch a multi-bridge governance solution, allowing users to vote on governance proposals through a cross-chain messaging system. Synthetix lists Tether USDT Perps. Name. Governance-approved SCCPs can make these markets available for trading on frontends @Kwenta_io & @DecentrexHQ in the coming days. It allows users to generate DAI by locking collateral assets and participate in the governance of the protocol. Protocol Governance. Governance. Governance. Unique to Synthetix is the ability for liquidity pool managers to configure these pools to extend credit to derivatives markets. Docs. g. Synthetix will use Chainlink decentralized oracles to power all price feeds on the Synthetix exchange. There are FOUR instances of the ElectionModule Proxy - each representing one of the council bodies (spartan council, ambassador council, treasury council, grants council). Podcast now also on YOUTUBE SNXweave Anchor Podcast: Follow us on Twitter!. Market Development Guide. Engineers are now working on reflecting this in the backend/frontend for the Synthetix Governance Module. The decision to leverage Synthetix governance relied on the past success of Thales and Kwenta in establishing independent communities. Staking App. Synthetix is an open source derivatives liquidity protocol on Ethereum. c-ratio. Governance. Blog. Stats. V3Yuga Labs of Bored Apes fame drifts away from OpenSea over royalty policyNext - For Derivatives Market Builders. For example, transferring Ether simply requires 21000 gas. 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. 0. nominations. Perps. By integrating with decentralized oracle networks, it allows users to receive a loan of stablecoins against collateral on-chain. Perps V3 Keeper. Governance. 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. 63, while Synthetix's lowest price was recorded on Jan 5, 2019 when it. 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. Synths are nothing but on-chain synthetic assets that one can trade on a DeFi platform but whose value tracks the value. egk10 January 20, 2021, 2:32pm 8. Furthermore, these tokens were directed to be held by the. Synthetix Carina will also be running on Ethereum, a latency-optimized version of perps using ETH (and LSDs) as collateral. The only user interfaces maintained by Synthetix DAO are the governance and staking interfaces herein. 42 since April 01, 2022, and the current price stands at $2. How to write SIP/SCCPs. Initially, Aelin v1 will be governed by the Aelin Council, a DAO which will be voted on by SNX stakers. Governance The protocol is governed by the Spartan Council. Users pool funds into. Stats. Synthetix founder Kain Warwick spoke with Decrypt's Dan Roberts all about DeFi governance and its challenges, his problems with voting platforms like Snapshot, DAO fatigue, regulation and the SEC, and stablecoins onstage at Chainlink SmartCon 2022. All. Synthetix Governance. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. 👉Q3 Highlights ⭐ Spartan Council/CCs: Base Deployment & Testnet Trading Competition ⭐ Grants Council: NFT Project & Watcher Page ⭐ Ambassador Council: Spartan Spaces & Governance Proposals As we wrap up the third quarter of 2023, it’s time to review the major events of SYNTHETIX GOVERNANCE. VIEW ALL COUNCIL MEMBERS. You can see the list of top protocols based on gas. 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). Election contracts that count votes based on Synthetix weighted debt will give SNX stakers a piece of governing power without their opt-in (the aforementioned vampire attack). Stats. 125: Create synths for top traded US stock index etfs: FinanceGuy82415. Synthetix is now controlled by three DAOs. Inflation was introduced in march 2019 in order to help bootstrap the network, following the pivot from Havven to Synthetix. 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. Quarterly Report for Synthetix, Quarter 2 of 2022: April — June. Powering the next. The current Synthetix Governing Bodies are: Spartan Council; grantsDAO;. Powering the next. Synthetix is a decentralized liquidity provisioning protocol built on Ethereum and Optimistic Ethereum (a layer two scaling solution built on Ethereum). Quick Start. Stats. Join SNX is adding 22 new markets to Synthetix Perps soon. So the tokenomic leverage of this mechanism in the protocol is between 3 and 5, depending on the current collateral requirement. Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. What makes Synthetix unique is the robust nature of its governance system. . Synthetix is a derivatives liquidity protocol providing the backbone for derivatives trading in DeFi,. Perps. Each of the councils at Synthetix serves a different and vital role in running the Synthetix protocol. “Inflation was intended to bootstrap the network, it has done this extremely. Protocol Governance. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. The Liquidity Layer of DeFi. Learn more. Synthetix provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Do you agree to abide by the delegate code of conduct: (Yes / No) Yes. Synthetix DAO does not unilaterally offer, maintain, operate, administer, or control any trading interfaces. Synthetix is a token trading platform built on Ethereum. SIP-141 formalizes the responsibilities and role of the grantsDAO, and also lays out plans to expand the scope of. Blog. 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. Stats. Synthetix Governance. 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. Label all the bodies in which the internal stakeholders nominate as a Committee. sender is equal to Synthetix Core address. Additionally, data feeds from Pyth and Chainlink are necessary for any proposed assets to be considered for inclusion. Revenue Share. Blog. 002908%, respectively (note: funding rates fluctuate, this isn't current). We would like to ensure that there is advanced notice of this delegation because of anticipated community feedback. SYNTHETIX GOVERNANCE. Debt positions need to be maintained at a certain collateralization ratio, which fluctuates and is determined by Synthetix governance. While Synthetix's governance initially fell under a non-profit foundation, this structure dissolved in 2020. SNX tokens are up more than 500% in price so far this year. The presentation of SIP-179 is also discussed, as well as upcoming election coverage from SNXweave. synthetix. Foundations are also typically responsible for the governance of the platform they represent, voting on decisions about how the platform should operate or changes that need to be implemented. Chain Breakdown; Ethereum: $439. S. 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. Last modified. We’ve made progress, but there is still much to do. Synthetix Governance: A representative council system that governs Synthetix. Synthetix stands at the cusp of creating a DeFi revolution with its upcoming V3 release. And so in Synthetix you have a quasi board, right.