Synthetix, the largest decentralized derivatives platform, has moved to a decentralized governance model. This is reported in the project's blog.
Now the organization behind the project, the Synthetix Foundation, is to be liquidated. Instead, governance will shift to three Decentralized Autonomous Organizations (DAOs):
- ProtocolDAO - controls updates and protocol configuration;
- grantsDAO - responsible for financing various initiatives;
- synthetixDAO - settlements with platform participants.
Against the background of the news and the general upward movement of the market, the Synthetix Network token has grown by almost 16% over the past day.
The project also managed to return to third place in the DeFi Pulse rating.