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Synthetix Foundation Announces To Quit Control Of Protocol

Tracy CHEN

Summary: Synthetix officially announced that as of June 30, 2020, the process of winding down the Synthetix Foundation has commenced. Over the last six months, they have progressively reduced the role of the Foundation, and in the last few weeks, the final remaining aspects of the transition have been resolved. As of press time, the protocol is ...

Synthetix officially announced that as of June 30, 2020, the process of winding down the Synthetix Foundation has commenced. Over the last six months, they have progressively reduced the role of the Foundation, and in the last few weeks, the final remaining aspects of the transition have been resolved.
As of press time, the protocol is now under the control of three distinct DAO's: the protocolDAO, which controls protocol upgrades and variable configuration, the grantsDAO which funds public goods in the Synthetix ecosystem and the synthetixDAO which manages and deploys funds to contributors and other project needs.

Tracy Chen