- With that, Kane Warwick offered twelve proposals to promote the platform;
- These will be voted on by the Treasury Board
Synthetix futures trading platform founder, Kane Warwick, offered twelve new strategies to stimulate the next phase of the project.
Specifically, he made a proposal for a “SNX split and buyback,” which calls for a 3:1 split of SNX and then a buyback and burn.
Kane said these initiatives are aimed at empowering Synthetix and encouraging more community participation.
Worwick explained that conducting a 3:1 split would result in about 90 million additional tokens that would be used for buyback and eventual burnout.
The market value of these tokens is estimated at $60 million. The founder also noted that the funds needed to conduct the burn would be taken from the profits generated from treasury fees.
Another proposal called “core participant alignment” aimed at incentivizing project participants by distributing Synthetix Network Tokens (SNX) as quarterly bonuses.
According to Kane, such a strategy can ensure the continued commitment of participants to the success of the project.
Worwick summarized all of this by saying:
“The purpose of submitting proposals is to start a conversation and ensure that the Synthetix community is aware of potential directions for the platform.
Proposals will be voted on by the Treasury Board, Synthetix’s four-member governing body responsible for allocating resources for expansion and growth protocol.
Nothing has been voted on yet, but many of these proposals have received support.”