{"id":79278,"date":"2023-05-24T19:01:19","date_gmt":"2023-05-24T16:01:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79278"},"modified":"2025-09-11T10:09:22","modified_gmt":"2025-09-11T07:09:22","slug":"synthetix-token-climbs-on-founders-proposals","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/synthetix-token-climbs-on-founders-proposals\/","title":{"rendered":"Synthetix token climbs on founder&#8217;s proposals"},"content":{"rendered":"<p>Kane Warwick, founder of the DeFi platform Synthetix, has presented 12 proposals for improving the project to take it to the next stage of development.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/MUwKFwjnke\">https:\/\/t.co\/MUwKFwjnke<\/a><\/p>\n<p>\u2014 kain.eth (@kaiynne) <a href=\"https:\/\/twitter.com\/kaiynne\/status\/1660888841077796872?ref_src=twsrc%5Etfw\">May 23, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In his blog post, he clarified that several initiatives remain conceptual ideas, some have been formulated into more concrete plans. Some ideas have already received support from the Treasury Council (TC), others have not even been discussed.<\/p>\n<p>One of Warwick&#8217;s proposals envisages a buyback and burn of 90 million SNX tokens to offset inflation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abWhere will the money come from to burn these tokens? Revenue from treasury fees. Based on the latest figures, the TC earns around $5 million a year. If 100% of that is allocated to the buyback, it would take about ten years to complete\u00bb, he wrote.<\/p>\n<\/blockquote>\n<p>In August 2022, Warwick introduced a governance proposal that envisaged a <a href=\"https:\/\/forklog.com\/en\/news\/synthetix-founder-proposes-limiting-snx-issuance-to-300-million\">cap on the issuance of 300 million SNX<\/a> to move to a deflationary model. By his own admission, \u00abfortunately\u00bb, the community voted against it, as the project was not ready for such a move.<\/p>\n<p>A number of other initiatives by Warwick aim to further incentivize project participants, application developers, stakers, and SNX traders with SNX from various sources. This is intended to promote protocol improvements, expand the ecosystem, and lift trading volumes.<\/p>\n<p>To attract new users to SNX staking, Warwick proposed launching a more user-friendly passive pool.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/image-325.webp\" alt=\"image-325\" class=\"wp-image-207760\"\/><figcaption>Data: Warwick&#8217;s blog on the Mirror platform.<\/figcaption><\/figure>\n<p>In the wake of the founder&#8217;s publication, SNX&#8217;s price over the past 24 hours rose 3.6% against the market trend. At the time of writing, the token trades around $2.54. The circulating supply is about 318.6 million SNX, with a market capitalization of around $806.3 million.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Synthetix-Network-Price-SNX-Live-Price-Chart-News-CoinGecko-Google-Chrome-1.webp\" alt=\"Synthetix-Network-Price-SNX-Live-Price-Chart-News-CoinGecko-Google-Chrome-1\" class=\"wp-image-207763\"\/><figcaption>Data: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/synthetix-network-token\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/defillama.com\/protocol\/synthetix\">DeFi Llama<\/a>, the value of assets locked in Synthetix totals $428.13 million.<\/p>\n<p>Back in February 2021, the project <a href=\"https:\/\/forklog.com\/en\/news\/defi-project-synthetix-raises-12-million-in-round-led-by-paradigm-and-coinbase-ventures\">attracted $12 million in funding<\/a> through the sale of SNX to investors.<\/p>\n<p>In February 2023, Synthetix <a href=\"https:\/\/forklog.com\/en\/news\/synthetix-launches-third-version-of-its-protocol-on-ethereum-mainnet-and-optimism\">launched the third version of the protocol<\/a> on the Ethereum mainnet and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">the second-layer network<\/a> Optimism.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kane Warwick, founder of the DeFi platform Synthetix, has presented 12 proposals for improving the project to take it to the next stage of development.<\/p>\n","protected":false},"author":1,"featured_media":79279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1322],"class_list":["post-79278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-synthetix"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79278"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79278\/revisions"}],"predecessor-version":[{"id":79280,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79278\/revisions\/79280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79279"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}