kain.eth Profile picture
12 Jan, 12 tweets, 2 min read
I just published Synthetix 2021. Which is nothing more than a veiled attempt to cling to a sense of power in this ever more decentralized world. blog.synthetix.io/synthetix-2021/
I will do a quick run through of the highlights for those that don’t want to wade through a 2500 word post. Most critically, as I jokingly alluded to above, this is all just my opinion I have no power to enforce any of these changes, they must go through community governance.
Scaling is coming, the launch of Optimistic Ethereum will enable Synthetix to deliver on its promise of taking on both CeFi and TradFi.
Synthetix V3 is a ground up rewrite of the entire contract suite that will allow us to escape the last two years of accumulated tech debt, by removing backwards compatibility and requiring user migration we can reduce complexity and deliver a number of new features.
Governance improvements were a big part of 2020, and we need to continue this momentum into 2021. We plan to extend the remit of the Spartan Council as well as launching new governing bodies to own various aspects of the project.
Synthetic Futures are finally coming, it has taken much longer to get the infrastructure in place to support leverage, but one of the first releases of the year will be a testnet for futures.
Asset expansion is critical to growing the network, this will likely include more crypto, commodities and FX but most importantly I expect the Spartan Council is likely to request Chainlink provide equities feeds as soon as they take control of the SIP process.
dApps upgrades and further decentralisation of the interfaces is an important priority this year, including more autonomy for the the engineers building these interfaces.
Binary options showed some initial traction last year, but in order to grow they need to incorporate a number of improvements. In order to best facilitate this we should spin out this part of the protocol to a dedicated team.
V3 will likely add a number of upgrades:
- New SNX staking mechanism
- eSNX (transferrable escrow vouchers)
- Tokenised debt
- Continuous staking rewards
- Continuous vesting
- Open interests caps
- Order matching (outside open interest caps)
- Siloed debt pool
- Price thresholds
- Order matching (during market closures)
- Keep3r implementation
- Oracle Threshold signatures
- Protocol migrator
For details on all of the above see the post, more information on research and development for V3 including open calls for input from the community will released in the next few weeks. 2021 is going to be a huge year for Synthetix.

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More from @kaiynne

11 Jan
For those who were trading in 2017 or earlier bull markets this may be obvious, but these kinds of corrections are typically driven by overleveraged longs, not whales dumping on you. That hasn’t started yet. Let me break down why it happens and why it is worse on the weekends.
I should probably have data to back this up, but I haven’t kept up to date with the latest trading data so much of this is based on intuition and experience trading through 2016-2018. If you have data that invalidates this please provide it, happy to be wrong here!
Firstly in an early bull market you have some OG holders taking profit around previous ATH, they have “learned their lesson” and are trying to not get rekt like last time. Once they finish taking some profits or hedging they are riding this up to multiples of previous ATH.
Read 14 tweets
28 Dec 20
Here’s my list:

1. L2 migrations and attempts to consolidate around a solution will take up most of the year, fragmentation and forks will ensue across different scaling solutions. Basically what a lot of VC’s imagined in 2016/17 but their L1 bags will still end up worthless.
2. 1559 will be a game changer for the Ethereum community. The wealth effect will dwarf that of Bitcoin and since many ETH holders are builders we will see a mass proliferation of new projects as these gains are reinvested in the ecosystem.
3. UX will improve massively, we have the components but they are just now being stitched together. @austingriffith will keep being a mega-chad single handedly pushing us forward.
Read 13 tweets
14 Dec 20
I voted yes on @compoundfinance proposal 032. This proposal would distribute COMP to offset losses incurred by liquidated DAI positions. etherscan.io/tx/0x2dc20d2e5… I thought about this a lot over the weekend, and while I expect the proposal to fail here is my reasoning regardless.
Factoring in all risk @compoundfinance is probably the defi platform I trust most. Excluding SNX there have been times when 50% of my crypoassets have been on deposit there. I think it is one of the safest places in DeFi you can put your funds.
However, there are risks, and liquidations due to anomalous prices are foremost among these. The reason I voted yes is that I want to ensure there is skin in the game for all COMP holders, so they are hyper aware that the funds on deposit are at risk, and they are responsible.
Read 6 tweets
25 Oct 20
Been ruminating on this for a while, but few events really drilled it home recently. I’ve been lucky to have had input into the design process with some early stage projects lately. It’s one of my favourite things. But it has also reinforced why crypto is hard.
We are so early that the solution space is still massively unexplored. It feels a little like after the App Store launched and all of the sudden startups had access to this incredible platform on which to build. Ethereum is like that but amplified 100x.
You can do anything, and that is both incredible and petrifying. Because the freedom comes at a cost, it is really easy to drive off a cliff without even realising it. So many people try to optimise for certainty in planning.
Read 14 tweets
19 Oct 20
Do you like weird origin stories? You do? Good here is great one.
Early August I get an unsolicited email from a purported SNX holder. This happens pretty regularly, no idea how they get my email, probably @garthtravers’s fault…
So I was thinking it was a pitch, which it kind of was, but with a twist, it was pitching Synthetix to take an idea for tranching risk in the debt pool. I had actually been thinking a lot about risk swaps at the time. Probably withdrawals from @matt_levine being MIA.
Thus the concept was super interesting to me and I was confident it could be taken and rolled out in a generalised fashion for a bunch of projects, my response “I have negative infinity bandwidth right now lol, but if someone pitched me this idea I would 100% fund it…”
Read 14 tweets
18 Oct 20
Hearing about some messages saying essentially “oh noes, Kain is not in control of Synthetix anymore. Panic. Flee.” I guess if you are in the project for this long and you still don’t get it you probably should flee. But in case you are just a little dense I will spell it out.
The new governance structure gives you all of the good stuff with none of the bad stuff. With minimal command and control overhead every core contributor has the autonomy to go out and execute.
Not only that but it’s self organising and self correcting. We just removed a core contributor on Friday based on feedback from others in the project. I say we but I actually had no idea it was happening until it did. It’s bleeding edge but it’s working.
Read 8 tweets

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