SNXweave Weekly Recap 158

November 13, 2024

The next put up comprises a recap of stories, initiatives, and necessary updates from the Spartan Council and Core Contributors from final week.

👉TLDR

The Kwenta acquisition proposal has been accredited and is underway: Kwenta can be acquired by Synthetix in a token for token transaction.Adjustments for Kwenta Token Holders: 1 KWENTA converts to 17 SNX 3-month lock interval (beginning November 15)9-month linear vestingEscrowed KWENTA might be vested with 0% penaltyChanges for Merchants:Buying and selling performance for current Synthetix Perps customers will stay intact in the course of the transition.The Perennial Finance integration could also be phased out; updates to observe.Adjustments for Rewards and Incentives Earners:Kwenta’s factors program and VIP/Referral rewards for merchants can be evaluated and doubtlessly restructured or changed by Synthetix with new incentives.Present rewards can nonetheless be claimed by customers.Adjustments in Construction:Governance selections can be dealt with by the Synthetix governance mannequin.KWENTA holders can now take part in Synthetix governance. As soon as the acquisition is full, KWENTA will stop to exist.Shared mission: constructing the premier decentralized derivatives platform in DeFi!

Spartan Council and SIP updates

With a lot of the staff at devcon, we’ve acquired a brief replace for you guys this week! The Kwenta acquisition proposal has been accredited and is underway, marking Synthetix’s first main strategic transfer because the current referendum. With the approval of SIP-411 by the Spartan Council and KIP-138 by the Kwenta Council, Kwenta can be acquired by Synthetix in a token<>token transaction.

By combining Kwenta’s buying and selling experience with Synthetix’s liquidity engine, each initiatives can concentrate on a single objective: delivering the very best decentralized derivatives expertise for merchants.

This acquisition will in fact result in some adjustments, so let’s briefly go over what can be completely different for Kwenta customers:

Kwenta Token Holders:

Beneath the unification proposal, KWENTA holders will convert their tokens to SNX at a charge of 1 KWENTA to 17 SNX. The conversion will observe a 3-month lock interval beginning on November 15, 2024, after which there can be a 9-month linear vesting interval. KWENTA token holders will have the ability to redeem vested SNX tokens anytime in the course of the vesting interval and escrowed KWENTA might be vested with out penalties.

Merchants:

Not a lot change! For current Synthetix Perps customers, all present buying and selling performance will stay intact in the course of the transition. The rebranding and integration efforts can be dealt with quietly behind the scenes, making certain no disruption to the buying and selling expertise. Nonetheless, the Perennial Finance integration could also be phased out, with updates to observe.

Rewards and Incentives Earners:

Kwenta’s factors program and VIP/Referral rewards for merchants can be evaluated and doubtlessly restructured or changed by Synthetix with new incentives. However current rewards can nonetheless be claimed by customers.

Structural Adjustments:

Governance selections can be dealt with by the Synthetix governance mannequin, streamlining the complete protocol underneath a unified system. KWENTA holders can now take part in governance, shaping the longer term path of the mixed protocol. As soon as the acquisition is full, KWENTA will stop to exist, and governance and tokenomics can be totally built-in underneath the Synthetix construction.

As these two initiatives formally reunite, a shared mission is created: constructing the premier decentralized derivatives platform in DeFi. Kwenta and Synthetix are laying the groundwork for scaling liquidity, enhancing person development, and accelerating product innovation. The brand new unified ecosystem will enable each groups to streamline their priorities and supply constant updates, bringing DeFi one step nearer to a way forward for accessible, high-quality perpetuals buying and selling.

SNXweave can be protecting this acquisition because it takes place, so keep tuned for any related updates as these initiatives and communities merge into one. Within the meantime, take a look at Kwenta’s explainer weblog and Synthetix’s put up to learn extra concerning the merger.