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Governance Initiatives

Since launch of the Synapse Protocol, a number of governance initiatives were put forward and voted on by the Synapse DAO.
Any SYN holder can put forward proposals, which will be voted on by the DAO, as long as he has over 50,000 SYN tokens.
In order to be adopted by the Synapse DAO, a proposal needs to gather at least 50%+1 vote of the votes and reach the minimum quorum, which is currently fixed at 10,000,000 SYN tokens
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SIP-01: Implement Admin Fee on AMM pools
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SIP-02: Implement Admin Fee on AMM pools
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SIP-03: Min Bridge Fee Adjustments
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SIP-04: Olympus PRO
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SIP-05: Recalibrating SYN Emissions
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SIP-06: SYN Single Staking
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SIP-07: Joining Fei's Liquidity as a Service
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SIP-08: Handle Unvested SYN for Former Nerve Liquidity Providers
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SIP-09: SYN Token Loan for Market Making
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SIP-10: A New SYN-FRAX Liquidity Pool
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SIP-11: Recognising the Synapse Foundation
  • Recogising the Synapse Foundation, a Caymand Island exempted foundation company
  • The Synapse DAO will elect five members to a newly-created Synapse Foundation Advisory Board, made up of both community participants and/or non-Synapse DAO participants, for one year terms
  • The Advisory Board will serve as special advisors to the Synapse Foundation to ensure the Foundation’s actions align with the interests of the Synapse DAO
  • Allocate $150,000 per year to the Foundation for normal operations.
  • Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0x185dee9f17067c72825cad5a8277fea83942dbc5edfd4aeade13b8dd53acd4f8​
  • Outcome: Passed, 100%
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SIP-12: Synapse DAO Grants & Grant to Interopability Inc.
  • Creation of a framework allowing the Synapse Foundation to enter into legal agreements with independent contractors wishing to contribute to Synapse and stipulate binding terms and conditions applicable to the provision of services and payment of any grant in exchange for those services
  • Interoperability, Inc. (“Interoperability”) is a company that provides research, engineering, and infrastructure services to organizations similar to Synapse. Should this proposal be passed, it will contribute to the Synapse Protocol, as some Interoperability employees have done historically
  • The proposal would provide a grant to Interoperability, to be administered by the Synapse Foundation, so that Interoperability can contribute to the Synapse Protocol and DAO
  • An initial monthly grant to Interoperability of $300,000, payable in USD Coin, other stablecoins, or other tokens as agreed to by Interoperability and the Synapse Foundation, in consultation with the Synapse Foundation Advisory Board
  • Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0x30e391ac21c6f85d34361fd80ecd8baec1eaa7ec1ff3081ed5c5ed800568a52d​
  • Outcome: Passed, 100%
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SIP-13: Deploy the Synapse Bridge onto Canto
  • Deploy Synapse onto Canto, a permissionless general-purpose blockchain built with Tendermint consensus and EVM compatibility, enabling users to seamlessly move stablecoins between Canto and the wide variety of Synapse’s interconnected EVM chains
  • Creation of a a new liquidity pool on the Canto blockchain comprised of nUSD and NOTE
  • The target TVL for the new pool will be $2 million USD. In order to achieve this, the proposal requests the Synapse DAO incentivize this new pool with a 2k SYN per week. This pool would therefore only represent 1% of all SYN emissions, keeping annual inflation below 5%
  • The incentives for the liquidity pool will run for 3 months, after which the community will evaluate the success of the integration. Similarly, the Canto team will match these incentives 1:1 to ensure deep liquidity throughout the duration of the pool.
  • Fee structure for the new pool will be 7bps for the actual bridge transaction (nUSD swap) and no fees will be charge for the nUSD <> NOTE transaction as is consistent with Canto’s core values
  • Overview of the proposal and snapshot vote (First Time): https://snapshot.org/#/synapseprotocol.eth/proposal/0x84945db62be1e2c5f2435e120dbf9b66197f84a8f7645b6c0baa28b230265d97​
  • Outcome: Quorum not met 8.3m SYN vs. 10m minimum quorum), votes were 100%
  • Overview of the proposal and snapshot vote (Resubmitted): https://snapshot.org/#/synapseprotocol.eth/proposal/0x6996816ed7f597ad2195852b999546e0f3898a47fe1bfe19621673ff49ee7d39​
  • Outcome: Passed, 99.9%
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SIP-14: Deploy the Synapse Bridge onto Arbitrum Nova
  • Deploy a Synapse Bridge onto Arbitrum Nova, a new Arbitrum-powered blockchain designed to support high transaction volumes, enabling users to seamlessly move assets between Nova and the wide variety of Synapse’s interconnected chains.
  • Synapse can enable this connection by launching a new liquidity pool on Arbitrum Nova comprised of nUSD and the canonical USDC deployed on Arbitrum Nova. The target TVL for the new pool will be beteween $250k - $500k. In order to achieve this, the proposal requests the Synapse DAO incentivize this new pool with 500 SYN per week. The incentives for the liquidity pool will run for 3 months, after which the community will evaluate the success of the integration.
    The fee structure of the new pool will be 4bps for the bridge transaction and 1bps for the stablecoin swap transactions.
  • Along with a bridge deployment on Arbitrum Nova, this proposal requests the Synapse DAO to commit 10k USDC to contribute towards the general prize pool at Arbitrum’s hackathon in Bogota during Devcon. Developers that build on Synapse will be eligible to win prizes at the hackathon.
  • Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0x2b588b0271f9ac11211abb3e540ccb8fcc9b9347c1a7aa0e72d45bb3aab8f87a​
  • Outcome: Passed, 100%
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SIP-15: Request to Spend $OP Grant Incentives
  • Early in June 2022, the DAO was granted 1 million OP tokens to incentivize growth and usage on Optimism
  • This proposal is looking to approve the usage of and earmark the first spending of the OP incentives granted to the protocol by Optimism
  • Developers: 150,000 $OP While Synapse contributors continue to build new open source developer tooling and release new documentation, there will also be a Grants program launched to encourage more community members to help build and grow the Synapse Protocol. As part of this grants program, Synapse contributors would propose to use a portion of the $OP to fund any community tools or applications that help users on other chains connect with Optimism and more generally help existing Optimism projects better tap into cross-chain liquidity.
  • Liquidity Providers 450,000 $OP Synapse plans to use a portion of the $OP to incentivize the existing stablecoin pool on Optimism to create a much deeper pool for users to trade / bridge into.
  • Token Holders: 400,000 $OP Velodrome is a native Optimism protocol and one of the most widely used AMMs on the chain with around $55m of TVL. Velodrome is designed as an Optimism public good and ensures that bribes stay within the Optimism ecosystem by going back to $veVELO lockers. As such, it is the ideal candidate to direct OP incentives received from the grant to incentivise SYN liquidity on Optimism
    This is a proposal to suggest the spend of 7k OP per week over the next ten weeks to achieve a SYN/USDC pool with a depth in the range of 1-1.5m (dollars). At the end of that period, the DAO can review the success of the pool (usage, marketing and community benefits) and decide to either continue spending incentives or to halt the program and consider deploying these incentives elsewhere on Optimism
  • Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0xe4e9e95fe955c384380b892458339ec7f68414264971bccdae79d2b9b9a00a73​
  • Outcome: Passed, 100%
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