November 13, 2024
The next submit incorporates a recap of stories, initiatives, and vital updates from the Spartan Council and Core Contributors from final week.
👉TLDR
The Kwenta acquisition proposal has been permitted and is underway: Kwenta shall be acquired by Synthetix in a token for token transaction.Adjustments for Kwenta Token Holders: 1 KWENTA converts to 17 SNX 3-month lock interval (beginning November 15)9-month linear vestingEscrowed KWENTA might be vested with 0% penaltyChanges for Merchants:Buying and selling performance for present Synthetix Perps customers will stay intact through the transition.The Perennial Finance integration could also be phased out; updates to observe.Adjustments for Rewards and Incentives Earners:Kwenta’s factors program and VIP/Referral rewards for merchants shall be evaluated and probably restructured or changed by Synthetix with new incentives.Present rewards can nonetheless be claimed by customers.Adjustments in Construction:Governance choices shall be dealt with by way of the Synthetix governance mannequin.KWENTA holders can now take part in Synthetix governance. As soon as the acquisition is full, KWENTA will stop to exist.Shared mission: constructing the premier decentralized derivatives platform in DeFi!
Spartan Council and SIP updates
With many of the group at devcon, we’ve obtained a brief replace for you guys this week! The Kwenta acquisition proposal has been permitted and is underway, marking Synthetix’s first main strategic transfer for the reason that current referendum. With the approval of SIP-411 by the Spartan Council and KIP-138 by the Kwenta Council, Kwenta shall be acquired by Synthetix in a token<>token transaction.
By combining Kwenta’s buying and selling experience with Synthetix’s liquidity engine, each initiatives can give attention to a single aim: delivering the perfect decentralized derivatives expertise for merchants.
This acquisition will in fact result in some modifications, so let’s briefly go over what shall be totally different for Kwenta customers:
Kwenta Token Holders:
Beneath the unification proposal, KWENTA holders will convert their tokens to SNX at a price of 1 KWENTA to 17 SNX. The conversion will observe a 3-month lock interval beginning on November 15, 2024, after which there shall be a 9-month linear vesting interval. KWENTA token holders will be capable of redeem vested SNX tokens anytime through the vesting interval and escrowed KWENTA might be vested with out penalties.
Merchants:
Not a lot change! For present Synthetix Perps customers, all present buying and selling performance will stay intact through the transition. The rebranding and integration efforts shall be dealt with quietly behind the scenes, making certain no disruption to the buying and selling expertise. Nevertheless, the Perennial Finance integration could also be phased out, with updates to observe.
Rewards and Incentives Earners:
Kwenta’s factors program and VIP/Referral rewards for merchants shall be evaluated and probably restructured or changed by Synthetix with new incentives. However present rewards can nonetheless be claimed by customers.
Structural Adjustments:
Governance choices shall be dealt with by way of the Synthetix governance mannequin, streamlining your entire protocol underneath a unified system. KWENTA holders can now take part in governance, shaping the long run course of the mixed protocol. As soon as the acquisition is full, KWENTA will stop to exist, and governance and tokenomics shall be totally built-in underneath the Synthetix construction.
As these two initiatives formally reunite, a shared mission is created: constructing the premier decentralized derivatives platform in DeFi. Kwenta and Synthetix are laying the groundwork for scaling liquidity, enhancing person progress, and accelerating product innovation. The brand new unified ecosystem will enable each groups to streamline their priorities and supply constant updates, bringing DeFi one step nearer to a way forward for accessible, high-quality perpetuals buying and selling.
SNXweave shall be overlaying this acquisition because it takes place, so keep tuned for any related updates as these initiatives and communities merge into one. Within the meantime, take a look at Kwenta’s explainer weblog and Synthetix’s submit to learn extra concerning the merger.
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SIP/SCCP standing tracker:
SIP-411: Purchase Kwenta and Relaunch Synthetix Trade, Standing: permitted
KIP-138: Synthetix Acquisition Proposal, Standing: permitted
