Synapse Protocol
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Milestones & Governance
synapse API
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
SIP-01: Implement Admin Fee on AMM pools
- Implement a 60% admin fee (protocol revenue) on the AMM pools
- At launch, 100% of fees went to LPs but as pools became larger, an admin fee was proposed to to start building the protocol's treasury
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/QmUxLw9c7i7HZMXn7HpGGj3RvbET3V4YCFa693zNkcMWDX
- Outcome: Passed, 99.9%
SIP-02: Implement Admin Fee on AMM pools
- Change the admin fee in the AMM pools to ensure the virtual price of nUSD is dynamic and avoids imbalances within the bridge
- Aim to improve the overall efficiency of the Synapse stableswap AMM pools
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/QmbfemysY4fnMsETh4g6yi7m98YKe8ZZgviB2RJPJNHoNZ
- Outcome: Passed, 100%
SIP-03: Min Bridge Fee Adjustments
- Change the minimum fees and have a gas airdrop on Arbitrum
- By implementing a gas airdrop on Arbitrum (as it did on most chains already), Synapse aims to facilitate the onboarding of new users on the chain and continue offering the best UX when it comes to bridging
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0x225c0b4da7932f897c12693834621dd335ddae3ff75de8a1079434bb34650bb5
- Outcome: Passed, 100%
SIP-04: Olympus PRO
- Redirect 50% of the current incentives for providing SYN/ETH liquidity at SushiSwap into the Olympus Pro bonding program
- Allow Synapse to build protocol-owned liquidity and become less dependent on mercenary capital
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/Qmf53fEb9BUEgoTnJ6gxXvTx71RBzRA8xPsnoEbxNzpPBM
- Outcome: Passed, 99.8%
SIP-05: Recalibrating SYN Emissions
- Recalibrates SYN emissions to reduce inflation and reflect volume on the bridge
- Improve SYN tokenomics by reducing inflation and ensure incentives are distributed in accordance with volume and hence protocal revenue
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0x7effe06933a67b615f1cd7c6f9d2605bb0fb7c8de49b92370a2d65d7867e8307
- Outcome: Passed, 100%
SIP-06: SYN Single Staking
- Implement SYN single staking
- Aim to models the DPoS that will be in place once the Synapse Chain launches
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0xbd94e8c4e5086ad20ee4a45316fb67e2aaca543a6beca2ab65e695701d2cd26e
- Outcome: Passed, 88.5%
SIP-07: Joining Fei's Liquidity as a Service
- Implement Ondo's Liquidity as a Service ("LaaS") together with Fei to create a lower cost and higher capital efficiency liquidity
- Significantly cheaper cost than incentivizing LPs, alongside Synapse earning trading fees
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0x34f40df8c30d952d7c9aaccb80a8c4467c4132ebe2e134aa4a3fd094aa119dc3
- Outcome: Passed, 100%
SIP-08: Handle Unvested SYN for Former Nerve Liquidity Providers
- Distribution of unvested SYN to former liquidity providers of Nerve Finance
- As SYN was distributed to NRV tokenholders, proposal suggested a distribution of SYN tokens to former Nerve liquidity providers (than had unvested NRV tokens but not necessarily NRV tokens)
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0xd0e3233f05a0095fe4c49ea7167bbe19a1013b2651ad8a7bb7780578ccced42c
- Outcome: Rejected, 97.9%
SIP-09: SYN Token Loan for Market Making
- 12-month loan of 3m SYN to Amber for market-making purposes on on the following exchanges if/when Synapse is listed on them: Binance, Coinbase, Gate, Huobi, Kucoin, Okex
- Improve liquidity of SYN on CEX and facilitates future listings
- Overview of the proposal and snapshot vote: https://snapshot.org/#/synapseprotocol.eth/proposal/0x0dde2a8a27a1c78392e8b5d3e937c34df3bc4a78266a61b58b4b69389f7b8663
- Outcome: Passed, 100%
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