The post DeFi Protocol Synthetix to Expand to Solana Following Community Vote appeared on BitcoinEthereumNews.com.

TLDR Activist investor’s proposal to overhaul Synthetix gains 99.4% approval Plan aims to revitalize the protocol and address governance issues Proposal includes token redesign and deployment on additional chains Governance to be consolidated into a single Spartan Council Synthetix’s TVL is down 89% from its 2021 all-time high The decentralized finance (DeFi) protocol Synthetix is on the brink of a significant transformation as community members have shown overwhelming support for a comprehensive overhaul proposal. The initiative, spearheaded by activist investor Benjamin Celermajer, has received a staggering 99.4% approval from SNX token holders, signaling a strong desire for change within the Synthetix ecosystem. Celermajer’s proposal, known as SR-2, outlines a series of changes aimed at rejuvenating the protocol and addressing key issues that have hindered its growth. Despite the recent upswing in the broader cryptocurrency market, Synthetix has struggled to gain momentum and achieve sustained adoption. Celermajer attributes this to major flaws in the protocol’s governance and day-to-day operations. The proposed overhaul encompasses several crucial modifications. First, it calls for a complete redesign of the SNX token, with the goal of making token holders “first-class citizens” again. This redesign aims to enhance the token’s governance capabilities, revenue generation potential, and overall benefits for project participants. Another key aspect of the proposal is the expansion of functionality for Synthetix’s recently launched Layer-2 network, Snaxchain. The plan includes migrating SNX to this L2 solution and introducing a native stablecoin, which could potentially increase the protocol’s utility and attract more users. In a bold move to tap into new markets, the proposal suggests deploying the Synthetix protocol on the Solana blockchain. This decision is based on the growing use and strong community presence on Solana, despite the network’s past challenges such as its association with the FTX estate and frequent outages. Governance reform takes…

---

Filed under: News - @ October 1, 2024 12:24 pm