Synthetix’s Bold Reboot: What SR-2 Means for the Future

Synthetix -

It’s now Autumn in the northern hemisphere, but that’s not stopping us from bringing back the DeFi Summer vibes. The recently passed governance referendum: SR-2 A Synthetix Reboot, was approved with a staggering 104 million SNX tokens, achieving a near-unanimous consensus of 99.94% in what may be the biggest governance overhaul for Synthetix to date.

From a new, more efficient DAO governance structure to community-wide organizational changes and a refreshed roadmap, the Synthetix Spartans have much to look forward to in 2025. 

New Governance

Identified as a key area for improvement, a new DAO governance structure will replace the old. The previous 3 Council system (Spartan, Treasury, and Ambassador) consisting of 17 total seats, as well as their respective elections every 4 months, will be deprecated. 

For better consistency, alignment, and expedient decision-making, there will be one unified council of 7 seats. This council will consist of 1 treasury seat, 3 advisory, and 3 hired Core Contributors (CCs) to ensure the council has full context when making decisions and project consistency across epochs. Elections for all seats except the Strategy, Technical, and Ops seats will be conducted every 6 months, held in the first two weeks of every October and April. 

New Councilors

1. Treasury Seat: coKaiynne

An OG Spartan, coKaiynne was nominated to the Treasury Council at the start of 2024. He’s been recognized as indispensable for his work thus far and earned re-election to the new council's treasury seat.

2. Advisory Seat: Kain Warwick

One of the Co-Founders of Synthetix, and most recently Founder of Infinex, Kain needs no introduction to those in our ecosystem. His leadership during the 2018 bear market was exemplary, and the community is thrilled to have him back.

3. Advisory Seat: Jordan Momtazi

As co-founder of Synthetix, Jordan brings invaluable experience and knowledge of all things SNX. With his success in running commercial and BD functions and connections from Bodhi Ventures, he will play a key role in this transition and executing the 2025 vision.

4. Advisory Seat: Spartan Glory

Another OG Spartan and active member of the Synthetix community since 2017, Spartan Glory has deep knowledge of SNX and strong networks in the crypto community that will aid our expansion.

5. CC seat — Strategy: Fenway (Benjamin Celermajer)

Benjamin’s experience with Synthetix dates back to 2017, with a background in asset management, strategy design, and managing complex business transformations. The author and leader of the referendum plan, Benjamin is dedicated to bringing it to fruition in the strategy CC seat.

6. CC seat — Ops: Cavalier

Cavalier has been a Core Contributor at Synthetix for 3 years, from Spartan Council then Treasury Council, and most recently elevated to his role as CC Lead. Cav’s relationships with Synthetix partners, knowledge of the ecosystem, and demonstrated proficiency in leading operations will be continued with the Ops seat.

7. CC seat — Technical: TBD

Efforts are underway to fill the remaining seat for Technical CC, but this is not an impediment to the ongoing development efforts of our major projects. We look forward to announcing this soon, so stay tuned.

Business Operations

In addition to the leaner governance council, which ultimately decides on the major initiatives, business operations will be reformed. Core working groups will be defined and formed to manage functions such as development, analytics, sales, and customer support. Each working group will report directly to the new Spartan Council and be responsible for aligning business efforts with the Synthetix 2025 initiatives.

While Synthetix has historically been a widely distributed global team, an emphasis will be placed on concentrating new hires in specific time zones and locations to enhance coordination, collaboration, and productivity. One of these regions will be centered in Sydney, Australia, with Fenway’s oversight, and others have yet to be announced. 

Synthetix Foundation

A Synthetix foundation will be established, similar to those of many other modern DAOs. This will significantly streamline and improve our capabilities regarding business activities that require signing contracts with partners, engaging with smart contracts that require a signing entity for KYC/AML, taking receipt of partner incentives, and more. This upgrade was long overdue, partly because the Synthetix DAO predates many of those in the blockchain industry before foundations became the norm. Going forward, our managerial and administrative operations will be more streamlined, allowing us to focus on more impactful work.

The 2025 Vision

The most exciting part of this transformation, the new 2025 vision, lays out a number of priorities and new features to restore Synthetix’s rightful place as the market leader in DeFi and derivatives. This vision was well-received by the community, who previously had limited insight into Synthetix’s longer-term plans, with the recent focus being the first iteration of SNAX Chain, BFP, and the imminent launch of multi-collateral Perps on V3.

Highlights include:

  • A token design review and upgrade to the SNX token.
  • A new SNX-backed stablecoin to use across all V3 deployments.
  • Restarting work on Synth Teleporters.
  • Launching V3 Perps on the Ethereum Mainnet (aka BFP).
  • Deploying Synthetix on Solana.
  • Dedicating more resources to business development and marketing.
  • Expanding the feature set of V3.

The new roadmap will incorporate these new initiatives and be shared widely with the community to illustrate the path forward and illuminate the bright future for our ecosystem. SNX will remain a DAO, governed by the community of SNX holders, but with faster and more efficient DAO operations to support a more aggressive and feature-rich delivery schedule.

These changes have resulted in more people talking about Synthetix, and this referendum would not have been possible without the participation of our community. Now is the time to capitalize on our momentum as we near the launch of Perps V3 and set these new plans in motion to restore our former glory.

Subscribe to our new Telegram announcements channel, contribute to and engage with posts in our new Community Content Discord channel, and follow @snx_weave on Twitter for weekly updates on progress and new Spartan Council developments.