Synthetix: New Governance Proposals 27/08

SIP-155: Deprecating the synthetixDAO

This SIP proposes deprecating the current synthetixDAO and replacing it with two new governance bodies, The Synthetix Treasury Council and the Core Contributor Committee. The CCC will be proposed in a separate companion SIP.
Treasury Council assignment wills be:

  1. Treasury management (including approvals of OTC and strategic deals)
  2. Governance Stipends
  3. Funding the Core Contributor Committee
  4. Providing Budgets for the grantsDAO
  5. Funding operational cost of the protocolDAO
  6. Issuing Discretionary Incentives

Status: Vote pending

SCCP-136: Increase L2 Inflationary rewards to 50k

With the implementation of SIP-170, there is currently 25k SNX distributed to L2 per week from the inflationary supply. This SCCP proposes increasing that amount to 50k per week, to incentivise stakers to begin migrating to L2.
Status. Implemented.

SCCP-134: Reduce L2 Target C-Ratio To 900%

“We observe that the peg on uniswap is ~1.04 synth-non synth. Furthermore, L2 debt has increased approximately 7% since the beginning of trading on L2. It is therefore desirable to provide a bit more synths to the system.
900% is chosen because there are still several significant risks in this early stage of the trading rollout. We are not yet ready for extremely high liquidity or synth supply on L2.”

Status: Vote Pending.

SCCP-135: Open Account Merging Continuously

This SCCP intends to make account merging for any escrowed SNX balance (including partial amounts) possible at any time.
Not being able to merge accounts has caused several problems to stakers, such as:

  • Small stakers foregoing rewards due to inability to consolidate large wallets

Less accounts staking as SNX is escrowed in wallets that are not maintained

  • Limiting composability impedes using flashloans for debt repayment
  • Staking pools cannot operate efficiently
  • Overall worsening of UX

Status: Vote Pending.

1 Like

I think we should support ALL these Proposals, we need Synthetix DAO to focus on getting important stuff done (sDEFI inverses) rather than all running around giggling about sDOGE one week, and something else the next. We will need to observe what they are doing with Treasury Council separate from Core Contributors. Also, I am staking SNX on L2…;>)

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Yeah, I think they’re rational proposals. Focusing on L2 will work. And managing to launch the inverses will be benifitial for both.
Changing the SynthetixDAO will be a big one. See how they manage… One to build ane the other for funds.