$SYNT Enters a New Era: Governance Portal Launched & Two Core Token Proposals Released
We are very pleased to announce that the Synternet on-chain governance system is officially live. This important milestone marks a solid step for Synternet towards fully decentralized governance.
Synternet has submitted two proposals: a proposal to reduce inflation and to burn untransferred tokens (currently at 130 million )).
Through this proposal, $SYNT holders will have a more direct voice to jointly promote the direction of the protocol and achieve a truly community-led governance mechanism.
Highlights of the two proposals:
Voting Mechanism Optimization: Now, users can easily participate in voting after delegating tokens, without complex operations.
Governance Portal Open: All users who stake $SYNT can directly vote on proposals and influence the evolution of the protocol through the new governance portal.
Token Center Upgrade: New governance voting feature added, and real-time viewing of token economic models and circulation data is available.
Two key governance proposals officially submitted, covering "token burn for untransferred tokens" and "inflation rate adjustment", aiming to optimize the token economic system and enhance long-term value for holders.
After the proposal takes effect, $SYNT delegates can vote during the 5-day voting period to help determine the priorities and roadmap of the network.
Current Proposal Overview
Proposal 1: Burn Unmigrated Tokens
On June 27, 2024, $SYNT will officially launch, with its initial total supply fully minted and deposited into the Synternet Treasury on the Cosmos chain, while also opening a migration window for the old tokens, lasting for one year.
The migration will end on June 30, 2025, by which time there will still be a portion of old tokens that have not been migrated. To maintain the integrity and fairness of the token system, we suggest permanently destroying the unmigrated tokens (approximately 130 million) and removing them from the total supply.
Impact Estimate: The total supply will decrease from 1.14 billion tokens to 1 billion tokens, a decrease of approximately 11%, which will directly affect the inflation base and significantly enhance the value for token holders.
Official Recommendation: Vote "Yes"
Untransferred tokens have become lost assets, and destroying them will help establish a healthier and more transparent economic model, as well as convey signals of scarcity to the market.
Proposal 2: Gradually Reduce Inflation Rate
By lowering the speed at which new tokens enter the market, we aim to:
Alleviate selling pressure
Increase token scarcity
Incentivize long-term holding
Link to ecological growth and real income to build a more sustainable economic model
Long-term Goal: Achieve supply-demand balance for $SYNT through a stable inflation strategy combined with potential token buyback and burn mechanisms, continuously releasing long-term value.
Official recommendation: cast a "yes" vote
The inflation mechanism played a role in launching the network in the early stages, but now, Synternet is gradually shifting towards a reward mechanism based on income and ecological expansion. A deflationary governance model better reflects the core interests of token holders.
Looking to the Future: Community Co-construction, Value Co-win
This governance upgrade and proposal release is a key step for Synternet in building a healthy token economic system, aimed at enhancing the protocol's risk resistance, reducing market pressure, and attracting more strategically valuable community participants.
With the full opening of the governance portal, we invite every $SYNT holder to actively vote and build the future together. More details and the progress of the proposal will be updated in real time on the official governance platform of Synternet.
About Synternet
Synternet is a data infrastructure blockchain dedicated to serving multi-chain ecosystems. Its core is the Data Layer protocol, which creates a customizable execution layer between chains, enabling modular and interoperable data sharing.
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$SYNT Enters a New Era: Governance Portal Update + Inflation Proposal Released
$SYNT Enters a New Era: Governance Portal Launched & Two Core Token Proposals Released
We are very pleased to announce that the Synternet on-chain governance system is officially live. This important milestone marks a solid step for Synternet towards fully decentralized governance.
Synternet has submitted two proposals: a proposal to reduce inflation and to burn untransferred tokens (currently at 130 million )).
Through this proposal, $SYNT holders will have a more direct voice to jointly promote the direction of the protocol and achieve a truly community-led governance mechanism.
Highlights of the two proposals:
After the proposal takes effect, $SYNT delegates can vote during the 5-day voting period to help determine the priorities and roadmap of the network.
Current Proposal Overview
Proposal 1: Burn Unmigrated Tokens
On June 27, 2024, $SYNT will officially launch, with its initial total supply fully minted and deposited into the Synternet Treasury on the Cosmos chain, while also opening a migration window for the old tokens, lasting for one year.
The migration will end on June 30, 2025, by which time there will still be a portion of old tokens that have not been migrated. To maintain the integrity and fairness of the token system, we suggest permanently destroying the unmigrated tokens (approximately 130 million) and removing them from the total supply.
Impact Estimate: The total supply will decrease from 1.14 billion tokens to 1 billion tokens, a decrease of approximately 11%, which will directly affect the inflation base and significantly enhance the value for token holders.
Official Recommendation: Vote "Yes"
Untransferred tokens have become lost assets, and destroying them will help establish a healthier and more transparent economic model, as well as convey signals of scarcity to the market.
Proposal 2: Gradually Reduce Inflation Rate
By lowering the speed at which new tokens enter the market, we aim to:
Long-term Goal: Achieve supply-demand balance for $SYNT through a stable inflation strategy combined with potential token buyback and burn mechanisms, continuously releasing long-term value.
Official recommendation: cast a "yes" vote
The inflation mechanism played a role in launching the network in the early stages, but now, Synternet is gradually shifting towards a reward mechanism based on income and ecological expansion. A deflationary governance model better reflects the core interests of token holders.
Looking to the Future: Community Co-construction, Value Co-win
This governance upgrade and proposal release is a key step for Synternet in building a healthy token economic system, aimed at enhancing the protocol's risk resistance, reducing market pressure, and attracting more strategically valuable community participants.
With the full opening of the governance portal, we invite every $SYNT holder to actively vote and build the future together. More details and the progress of the proposal will be updated in real time on the official governance platform of Synternet.
About Synternet
Synternet is a data infrastructure blockchain dedicated to serving multi-chain ecosystems. Its core is the Data Layer protocol, which creates a customizable execution layer between chains, enabling modular and interoperable data sharing.