Synthetix, the largest decentralized derivatives platform, has moved to a decentralized governance model. This is reported in the project's blog.
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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.