A Decentralized Governance
Synthetix is a decentralized protocol run by governance, with representative councils elected by the community, ensuring every decision reflects the collective voice of its users.
SYNTHETIX GOVERNANCE
The Synthetix protocol is governed by a decentralized set of representative councils that are voted on by stakers.
SYNTHETIX ECOSYSTEM
Governing Councils
The Synthetix Protocol is governed by four councils, each responsible for a core aspect of a DAO.
Spartan Council
The Spartan Council (SC), established via
SIP-93
, is the central governing body of the Synthetix protocol. The SC votes on Synthetix Improvement Proposals (SIPs) and Synthetix Configuration Change Proposal (SCCPs). The SC is responsible for conducting SIP/SCCP interviews, debating the implications of proposed changes, coordinating protocol changes with core contributors, and hosting periodic community governance meetings.
Grants Council
The Grants Council, established via
SIP-39
, is responsible for public goods funding through grants, initiative bounties, or competition prizes. It is a value-based entity, whose ultimate goal in funding projects is to produce publicly accessible, beneficial, high-quality work where profit margins are not the priority. Projects are chosen not based on the value they can extract but instead on the value they can add to the community.
Treasury Council
The Treasury Council, established via
SIP-155
, provides resources for the protocol's growth and expansion. This includes managing the treasury in a way that allows continuity of funding for protocol costs (on-chain/off-chain), council and Core Contributor Stipends, ecosystem incentives, including Grants Council funding, and other discretionary incentives. The members of the council manage the treasury through a gnosis-safe multi-sig.
Ambassador Council
The Ambassador Council, established via
SIP-157
is responsible for promoting Synthetix's interest in the DeFi ecosystem. This advocation comes through two primary means: governance and partnerships. Governance includes seeking governance power in protocols that may be beneficial for Synthetix, and voting for proposals in the interest of the community. Partnerships include working with Synthetix integrators to help them integrate within the Synthetix Ecosystem.
How does Governance work?
Voting Power
By staking SNX tokens, users gain the authority to vote within the Synthetix protocol, directly influencing its future direction. This voting power is crucial in electing representative councils that align with their vision for Synthetix's evolution.
Nomination Process
The nomination is open to all; anyone interested can self-nominate for a position on one of the four councils. Candidates must use the
governance app
during the specified election period, providing details about their qualifications and experience.
Election Cycle
Elections occur every epoch, a period spanning four months. During this phase, SNX stakers cast their votes, selecting the individuals they believe are best suited to guide each council.
Decision-Making on Proposals
Once elected, Spartan Councillors have the responsibility to deliberate on
Synthetix Improvement Proposals
(SIPs) and
Synthetix Configuration Change Proposals
(SCCPs). These decisions are made after considering presentations and feedback from the community, gathered through the
Synthetix Discord
.
Initiatives by Non-Governing Bodies
Apart from the governing councils, non-governing DAOs like the Treasury Council, Ambassadors, and Grants Committee undertake various initiatives within each epoch. These initiatives include allocating new grants, fostering partnerships, and managing the treasury's assets.
Ongoing Cycle
The Synthetix governance cycle is continuous, with each epoch marking the beginning of a new phase. This cycle includes the nomination of candidates, the electoral process, and the ongoing execution of roles, ensuring the constant evolution and management of the Synthetix Protocol.
SYNTHETIX GOVERNANCE
Participate in Governance
Play a pivotal role in Synthetix Governance. As a staker, your votes in council elections and contributions to proposals are essential, steering the protocol's direction and evolution.