Synthetix shifts to a decentralized governance model

The largest platform for decentralized derivatives, Synthetix, has moved to a decentralized governance model. According to the блоге проекта.

The Synthetix Foundation, the entity behind the project, is to be wound up. Instead, governance will pass to three decentralized autonomous organizations (DAOs):

• ProtocolDAO — oversees protocol updates and configuration;
• grantsDAO — is responsible for funding various initiatives;
• synthetixDAO — oversees settlements with participants.

Against the backdrop of the news and the broader uptrend in the market, the Synthetix Network token has risen nearly 16% in the last 24 hours.

The project has also returned to third place in the DeFi Pulse ranking:

The amount of Ethereum locked in Synthetix smart contracts stands at $477.2 million.

Earlier, the DeFi project Aave displaced the lending protocol Compound from the second spot on DeFi Pulse.

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