Synthetix DAO
by Synthetix Community
Optimism
Ethereum
Quick Fact
In October 2024, Synthetix DAO streamlined its governance by consolidating multiple councils into a single 7-member Spartan Council, enhancing efficiency and decision-making.
Synthetix DAO is the decentralized governance body overseeing the Synthetix Protocol, a leading DeFi platform for synthetic assets. It empowers SNX token holders to propose, discuss, and vote on changes affecting the protocol's development, treasury management, and broader ecosystem initiatives.
Governance Structure and Processes
Synthetix's governance is structured to ensure community participation and protocol security:
Spartan Council: A 7-member council responsible for evaluating and approving Synthetix Improvement Proposals (SIPs) and Configuration Change Proposals (SCCPs). Members include elected representatives and appointed experts in Strategy, Technical, and Operations.
Voting Mechanism: SNX stakers participate in governance by voting on proposals and council elections, with voting power proportional to their staked SNX.
Election Cycle: Elections for council seats are held every six months, balancing continuity with fresh perspectives.
Treasury and Financial Management
The Treasury Council manages the protocol's finances, including
Budget Allocation: Funding core contributors, grants, and operational expenses.
Incentive Programs: Issuing discretionary incentives to promote ecosystem growth.
Financial Oversight: Ensuring transparency and sustainability in treasury operations.