Kane Warwick, the founder of Synthetix, has come up with twelve proposals to incentivize the next phase of the project.

Among these included a “SNX split and buyback” proposal that involves a 3:1 split of SNX, followed by a buyback and burn.

Kane Warwick, founder of #decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase.

These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post.

A significant proposition is the “ #SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield.

“Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield.

Introducing quarterly bonuses

Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing #Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors.

Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability.

The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network.

The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth.

Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the [council],” Warwick commented. 

source: theblock

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Kain Warwick, the founder of Synthetix, introduced Infinex on July 14th, offering an innovative user interface aimed at competing with centralized exchanges. Infinex functions as a user interface for the existing derivative liquidity protocol, Synthetix, and operates on Optimism's OP Mainnet. #Infinex #Synthetix $SNX #optimism #OP $OP

The primary goal of the new Infinex interface is to facilitate users' migration to Optimism, acquire sUSD stablecoin, and execute transactions without the need for every transaction to be signed. Emphasizing the importance of user experience, Warwick highlights Infinex's aim to enhance the DeFi experience while addressing common issues in the decentralized exchange (DEX) market. #DEXs

Interface Options:

The Infinex platform will provide two different interfaces: a simple mode for novice users and a professional mode for experienced users. Revenue will be generated through increased transaction fees, integration fees via the Synthetix Integrators program, and fees obtained from the SNX liquidity provider (LP) role. All generated revenue will be utilized to increase Infinex's SNX LP position as the trading volume on the platform grows.

Perpetual Futures and Innovations:

By leveraging Synthetix's past achievements, the platform aims to demonstrate the effective competition of Synthetix Perps with centralized exchanges. Synthetix has addressed major friction points in DEXs, such as high slippage, low liquidity, high fees, and market risk for liquidity providers, by launching Perpetual Futures in 2023.

Governance: Infinex Governance will manage the Account Keeper, which acts as a Layer 2 (L2) sequencer and ensures the signing and processing of all transactions before their execution. Infinex will not introduce a new token for governance purposes; instead, it will utilize the existing SNX token.

Beta Testing and Waiting List:

Infinex has initiated a waiting list for beta testing and offers the opportunity for specific traders with margin limits to be among the first users of the platform. Additionally, a referral program is available. Synthetix has endorsed the new project on Twitter, welcoming Infinex as the newest perps integrator in the Synthetix ecosystem.

In Summary:

Synthetix currently ranks as the 21st largest DeFi platform in terms of Total Value Locked (TVL), with $531.4 million locked in its protocol. Its native cryptocurrency, SNX, is among the top 60 cryptocurrencies with a market capitalization of $754 million.

The launch of Infinex provides users with a fresh approach to access a medium-scale decentralized exchange and has the potential to revitalize the leading DeFi platform.

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Crypto lending company Celsius has begun selling its altcoins after receiving court approval. Lookonchain has shared the list of altcoin sales conducted by Celsius so far, which includes LINK, MATIC, AAVE, and others.

Celsius Sells $25M Worth of Altcoins

Leading on-chain analytics provider Lookonchain revealed that Celsius has initiated the sale of altcoins, making sales worth over $25 million across seven different altcoins.

According to data compiled by Lookonchain, Celsius sold various altcoins, converting them into BTC and ETH. The sales included 1.27 million #Chainlink (LINK) valued at $8.5 million, 2.83 million #Synthetix (SNX) valued at $7.84 million, 12,597 Binance Coin (BNB) valued at $3 million, 4.45 million #1Inch (INCH) valued at $2.26 million, 8.53 million 0x Protocol (ZRX) valued at $1.9 million, 439,000 FTX Token (FTT) valued at $713,000, and 186,149 Bone ShibaSwap (BONE) valued at $235,000.

Celsius, a crypto lending company that filed for bankruptcy in July 2022, received court approval to convert its altcoins into BTC and ETH starting from July 1st. The company has already started selling altcoins to raise funds.

Celsius Altcoin Holdings

On-chain data reveals that Celsius holds assets valued in the millions across 14 different altcoins. The quantities of these altcoins held by the company are as follows:

Celsius (CEL): 60,348,000

Polygon (MATIC): 91,630,000

Chainlink (LINK): 103,065,000

Polkadot (DOT): 1,832,000

(LTC): 197,000 Litecoin

(AAVE): 106,000 Aave

Bitcoin Cash (BCH): 53,000

FTX Token (FTT): 439,000

Uniswap (UNI): 864,000

Solana (SOL): 145,000

Stellar (XLM): 47,851,000

 Binance Coin (BNB): 19,000

EOS (EOS): 3,119,000

Serum (SRM): 5,567,000

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

$1INCH $MATIC