Ethereum
$525.93 -6.51%
ETH · 17w

Synthetix Foundation Decommissioned - transition to full decentralization.

We are excited to announce that as of the end of financial year in Australia (June 30th, 2020) the process of winding down the Synthetix Foundation has commenced. Over the last six months we have progressively reduced the role of the Foundation, and in the last few weeks the final remaining aspects of the transition have been resolved. This is a major milestone for the project in a path that started back in 2018, which we outlined in more detail last year in this post. In it we stated the reliance on a non-profit foundation to steward a project was likely a net negative and that we believed this governance framework would ultimately be replaced by a DAO model for many projects. We have worked hard to implement this transition and with the help of a number of projects in the space and our community we are pleased to be taking this next step towards token holder governance.

As of the date of publishing this article, July 2020, the protocol is now under the control of three distinct DAO’s:

The protocolDAO, which controls protocol upgrades and variable configuration The grantsDAO which funds public goods in the Synthetix ecosystem The synthetixDAO which manages and deploys funds to contributors and other project needs

This post will provide a status update on each of these DAO’s and the future plans for Synthetix governance.

protocolDAO

The protocolDAO is the owner of all Synthetix contracts and uses a 4/8 multisig to modify and upgrade the protocol. This means the protocolDAO is responsible for the implementation of SIPS and SCCPs approved by the community through our rough consensus process. It is also responsible for the operational security of the protocol, which means all of the monitoring and oversight of the Mainnet contracts plus Oracles. This github issue provides a detailed overview of the upcoming changes to the protocolDAO and operational security of the contracts. The main changes will be the introduction...

Continue on blog.synthetix.io
No posts found
Recent news
No posts found