November 13, 2024
The next publish comprises a recap of stories, tasks, 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 vesting
- Escrowed KWENTA might be vested with 0% penalty
- Adjustments for Merchants:
- Buying and selling performance for present Synthetix Perps customers will stay intact in the course of 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 doubtlessly restructured or changed by Synthetix with new incentives.
- Current rewards can nonetheless be claimed by customers.
- Adjustments in Construction:
- Governance choices shall be dealt with by means 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 crew 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 tasks can give attention to a single objective: delivering one of the best decentralized derivatives expertise for merchants.
This acquisition will after all result in some adjustments, so let’s briefly go over what shall be totally different for Kwenta customers:
Kwenta Token Holders:
Underneath the unification proposal, KWENTA holders will convert their tokens to SNX at a charge 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 have the ability to redeem vested SNX tokens anytime in the course of 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 in the course of the transition. The rebranding and integration efforts shall be dealt with quietly behind the scenes, guaranteeing no disruption to the buying and selling expertise. Nonetheless, 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 doubtlessly 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 means of the Synthetix governance mannequin, streamlining the complete protocol beneath a unified system. KWENTA holders can now take part in governance, shaping the longer term course of the mixed protocol. As soon as the acquisition is full, KWENTA will stop to exist, and governance and tokenomics shall be absolutely built-in beneath the Synthetix construction.
As these two tasks 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 development, 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 protecting this acquisition because it takes place, so keep tuned for any related updates as these tasks and communities merge into one. Within the meantime, try Kwenta’s explainer weblog and Synthetix’s publish to learn extra concerning the merger.
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SIP/SCCP standing tracker:
SIP-411: Purchase Kwenta and Relaunch Synthetix Change, Standing: permitted
KIP-138: Synthetix Acquisition Proposal, Standing: permitted
