Mrw.eth Profile picture
Aug 23 โ€ข 17 tweets โ€ข 7 min read
Long tweet of the week on @synthetix_io, sit back, turn on a soft light and fill a glass of wine...
#SNX
๐Ÿ‘‡๐Ÿงต
Are you afraid of #sUSD minting after the #ust and #luna events?
Let's talk about the possible risks surrounding the protocol, I'll take all the information from the litepaper, I don't feel like editing a sheet done so well and precisely:
''One risk involves the debt SNX holders issue when they stake their SNX and mint Synths. As previously explained, this debt can fluctuate due to exchange rate shifts within the system.
This means that to exit the system and unlock their staked SNX, they may need to burn more Synths than they originally minted. It's possible for major price fluctuations in the SNX token to occur for reasons that have little to do with SNX or the Synthetix system.
But it is possible to mitigate the risk! As a decentralized protocol, the Synthetix team is committed to decentralization and censorship resistance โ€” this will be a gradual process as the system matures.
This includes crucial areas such as our price feeds. Chainlink, reputable a provider of decentralized oracle solutions, supplies all oracles, and Synthetix does not rely on a centralized solution.
Another important area is governance, Synthetic has a system of councils that helps to oversee and govern the protocol. The Spartan Council, the key governing council of Synthetix, is elected by the community and decides which changes to the protocol are approved.''
Here you will find the details of the above
docs.synthetix.io/litepaper/#curโ€ฆ
In this regard, I found these pearls thanks to @mastermojo83
In the previous 3d I talked about governance: @synthetix_io protocol is governed, maintained and built by a combination of community members, core contributors, and several elected committees and councils that are voted on by #SNX stakers
The Synthetix governance structure is composed of Councils, Committees, Core Contributors and a DAO. Each governance component is assigned a specific aspect of protocol governance.
Councils are directly elected by SNX stakers, while other governance bodies are appointed according to the existing governance procedures.
All of the components work together to ensure that the protocol is governed in a fair, transparent and legitimate way in accordance with the direction provided by token holders.
More info ๐Ÿ‘‰ synthetix.io/governance
On my tweet a few days ago you will find the latest news
Here, on the other hand, there are line information about perp v2
If you want more content like, comment, follow me and RT! Thank you!
@synthetix_io #snx

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