Synthetix Elections - Nominations start Sep 10th

Synthetix

Sep 9, 2022 • 4 min read

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Updated 9/26/22 to reflect the removal of the nomination period with the passage of SIP 278. Nominations are now possible during the voting period.

Nominations for the next epoch's Synthetix Councils (Spartan, Grants, Treasury, and Ambassador Council) will open later, Sep 10th at 0:00 UTC! The epoch lasts for 3 months, from Oct 1st to Jan 1st. All elected council members will receive a monthly stipend from the Synthetix Treasury of 2,000 SNX per month.

Nominations are no longer on the Synthetix Discord; it is now hosted on https://governance.synthetix.io/. Read the tutorial section to learn how to nominate yourself in the new UI.

Election Timeline

Sep 17th 3:00 UTC - Council voting starts
Oct 1st 3:00 UTC - Council voting ends
Oct 1st 3:00 UTC - New Epoch starts

Synthetix Governance - Election Module

The ElectionModule is a part of the V3GM release; it is the first release of the governance modules. There are FOUR instances of the ElectionModule Proxy - each representing one of the council bodies (spartan council, ambassador council, treasury council, grants council)

Synthetix is yet again at the forefront of DeFi decentralization, and we're beyond excited to unveil a feature that will revolutionize DeFi governance as we know it.

Here are some quick notes on the new interface and the new election process as a whole:

Nominees can connect their wallet and nominate themselves
Wallet profiles are powered by https://boardroom.io/ (shout out to them), which helps populate the wallet profiles with off-chain metadata that is stored via signing an off-chain message (their wallet profile can ONLY be edited if they own the wallet); the most important metadata here is that nominees can add their own pitches.
Nominees can only nominate for one of the FOUR councils
All the ElectionModules utilize a quadratic voting mechanism EXCEPT treasury council, which is linear
The ElectionModule utilizes a Merkle root tree to help collect a user's L1 voting power (if applicable) and combine it with their L2 voting power
All contract interactions (nominations and voting) are done on L2 Optimism Mainnet

Synthetix Council Details

Each of the councils at Synthetix serves a different and vital role in running the Synthetix protocol. Here are some quick details about each council.

Governing Bodies	Short Description
Treasury Council (4 Members)	The Treasury Council manages the Synthetix Treasury and provides funding to the other governance bodies, CC stipend payments, and other discretionary incentives.
Spartan Council (8 Members)	The Spartan Council (SC) is the central governing body of the Synthetix protocol. The SC votes on overall improvement proposals and parameter changes.
Grants Council (5 Members)	The Grants Council is a value-based Synthetix elected body whose ultimate goal is to fund beneficial and high-quality public goods projects through grants, initiative bounties, or competition prizes.
Ambassador Council (5 Members - changed 9/14/22 - SCCP 230)	The Ambassador Council actively promotes and advocates for the interests of Synthetix in the overall Ethereum (and DeFi) ecosystem.

Nominating Tutorial and Guidelines

Reminder - You can only nominate yourself for one of the councils.

1) First, go to Governance.Synthetix.io; you'll be greeted with the various governance bodies of Synthetix and the current nominees. Connect your wallet to proceed.

2) Once you've connected your wallet (make sure you're on Optimism), click "Nominate Yourself" for the council you're interested in. Then confirm the on-chain transaction and wait for it to confirm.

3) Once confirmed, you'll be presented with a page of the current nominees for the council you've nominated for.

Click the three dots next to "edit nomination," then click "edit profile" and add your pitch and other details you'd like voters to know about yourself.

Click the three dots in the above picture, next to "edit nomination," then click "Edit Profile" to add details about your pitch and yourself.

4) Click the "Delegation Pitch" and then fill out your profile with a pitch for yourself.

5) Fill out the "Edit Profile" section below. Any sections required will be marked as such. Once complete, click "Save Profile," then sign the transaction.

Fill out the "Edit Profile" section below. Any sections required will be marked as such. Once complete, click "Save Profile," then sign the transaction.

6) That's it! Your nomination will now feature your name, pitch, and all other important information in one easy-to-read and understand dapp.

Say goodbye to Discord nominations; it was a good run, but this election module is the result of years of R&D. Synthetix is excited to be at the forefront of governance decentralization in DeFi.

Election Voting Info

Voting will begin on Sep 17th at 12AM UTC and will be conducted in the new election module. There will be a subsequent announcement with detailed instructions on how to vote.

Any Questions?

If you have further questions about the Synthetix Council elections, please join us in Discord in the #governance channel.