Synthetix Elections – Nominations start Sep 10th

Nominations for the next epoch’s Synthetix Councils (Spartan, Grants, Treasury, and Ambassador Council) will open later, Sep 10th at 0:00 UTC! The epoch lasts for 3 months, from Oct 1st to Jan 1st. All elected council members will receive a monthly stipend from the Synthetix Treasury of 2,000 SNX per month.

Nominations are closing on September 17th at 0:00 UTC; please ensure to nominate ASAP.

Nominations are no longer on the Synthetix Discord; it is now hosted on https://governance.synthetix.io/. Read the tutorial section to learn how to nominate yourself in the new UI.

Election Timeline

• Sep 10th 0:00 UTC – Council nominations start
• Sep 17th 0:00 UTC – Council nominations end
• Sep 17th 0:00 UTC – Council voting starts
• Oct 1st 0:00 UTC – Council voting ends
• Oct 1st 0:00 UTC – New Epoch starts

Synthetix Governance – Election Module

The ElectionModule is a part of the V3GM release; it is the first release of the governance modules. There are FOUR instances of the ElectionModule Proxy – each representing one of the council bodies (spartan council, ambassador council, treasury council, grants council)

Synthetix is yet again at the forefront of DeFi decentralization, and we’re beyond excited to unveil a feature that will revolutionize DeFi governance as we know it.

Here are some quick notes on the new interface and the new election process as a whole:

• Nominees can connect their wallet and nominate themselves
• Wallet profiles are powered by https://boardroom.io/ (shout out to them), which helps populate the wallet profiles with off-chain metadata that is stored via signing an off-chain message (their wallet profile can ONLY be edited if they own the wallet); the most important metadata here is that nominees can add their own pitches.
• Nominees can only nominate for one of the FOUR councils
• All the ElectionModules utilize a quadratic voting mechanism EXCEPT treasury council, which is linear
• The ElectionModule utilizes a Merkle root tree to help collect a user’s L1 voting power (if applicable) and combine it with their L2 voting power
• All contract interactions (nominations and voting) are done on L2 Optimism Mainnet

Synthetix Council Details

Each of the councils at Synthetix serves a different and vital role in running the Synthetix protocol. Here are some quick details about each council.