Nominations for the next epoch's Synthetix Councils (Spartan, Grants, Treasury, and Ambassador Council) are now open! The epoch lasts for 3 months, from July 1st to Octeober 1st. All elected council members will receive a monthly stipend from the Synthetix Treasury of 2,000 SNX per month.
Nominations are closing on June 17th at 12AM UTC; please ensure to nominate ASAP!
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 Module - V3GM Released
The ElectionModule released today 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.
- Nominations Open - June 10th at 12AM UTC
- Nominations Close - June 17th at 12AM UTC
- Voting Begins - June 17th at 12AM UTC
- Voting Ends - July 1st at 12AM UTC
- New Epoch Start - July 1st at 12AM UTC
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.
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.
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 June 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.
If you have further questions about the Synthetix Council elections, please join us in Discord in the #governance channel.