November 13, 2024
The next submit accommodates a recap of stories, tasks, and necessary updates from the Spartan Council and Core Contributors from final week.
👉TLDR
- The Kwenta acquisition proposal has been authorized 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 may be vested with 0% penalty
- Adjustments for Merchants:
- Buying and selling performance for current Synthetix Perps customers will stay intact in the course of the transition.
- The Perennial Finance integration could also be phased out; updates to comply with.
- 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.
- Current rewards can nonetheless be claimed by customers.
- Adjustments in Construction:
- Governance selections shall be dealt with by 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 acquired a brief replace for you guys this week! The Kwenta acquisition proposal has been authorized and is underway, marking Synthetix’s first main strategic transfer because the latest 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 deal with a single aim: delivering the very 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 fee of 1 KWENTA to 17 SNX. The conversion will comply with 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 in the course of the vesting interval and escrowed KWENTA may be vested with out penalties.
Merchants:
Not a lot change! For current 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. Nevertheless, the Perennial Finance integration could also be phased out, with updates to comply with.
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 current rewards can nonetheless be claimed by customers.
Structural Adjustments:
Governance selections shall be dealt with by the Synthetix governance mannequin, streamlining the complete protocol below 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 totally built-in below 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 permit 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 tasks and communities merge into one. Within the meantime, try Kwenta’s explainer blog and Synthetix’s post to learn extra concerning the merger.
SNXweave Youtube Podcast: https://www.youtube.com/@snxweave
Observe us on Twitter! @snx_weave
SIP/SCCP standing tracker:
SIP-411: Purchase Kwenta and Relaunch Synthetix Alternate, Standing: authorized
KIP-138: Synthetix Acquisition Proposal, Standing: authorized
