The creator of Synthetix is looking to repurchase and destroy millions of SNX tokens


To motivate the next stage of development, Synthetix creator Kane Warwick has proposed a total of twelve ideas.

Synthetix’s creator and brains behind the decentralized protocol’s derivatives trading implementation, Kane Warwick, has recommended 12 meaty governance changes to take the platform to the next level.

According to Warwick’s “State of Synthetix” article, the goals of these projects are to expand Synthetix’s functionality and encourage more community involvement.

The idea of “SNX split and buyback” is a major one. Warwick proposed utilising the fee yield from the Treasury to purchase back SNX shares and then burn them.

Another plan, called “core contributor alignment,” would reward project participants with SNX tokens every three months. Warwick thinks this approach has the potential to ensure the success of the protocol from the perspective of the platform’s contributors.

Warwick also suggested using SNX as a trading incentive. The hope is that this will enhance the number of trades and interest in the Synthetix marketplace. In addition, he proposed allocating SNX to stakeholders as a means of increasing their share in the platform’s continued viability.

Over $420 million in total value locked (TVL) is presently available on Ethereum and the Optimism Layer 2 network, both of which are supported by the Synthetix platform for decentralized derivatives trading.

Warwick said that submitting recommendations helps keep the Synthetix community informed about future plans for the platform by sparking discussion. The four-person Treasury Council (TC) of Synthetix, which is in charge of allocating resources for the protocol’s development and growth, will vote on the suggestions.

These ideas are still in the brainstorming phase and require votes to go further. Many of these initiatives have received support inside the [council], but nothing has been ratified by a vote of the Treasury Council as of yet, Warwick said.

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