Kane Warwick, founder of decentralized derivatives trading protocol Synthetix (SNX), offered 12 key management recommendations to take the platform to the next level.
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These initiatives aim to expand Synthetix's capabilities and increase community member engagement, as outlined in Warwick's "State of Synthetix" post.
Another important recommendation in the article is the "split and buyback of SNX" recommendation. Warwick suggested that SNX be split 3:1, followed by a buyback and then burned using the Treasury's fee yield.
“If we go with a 3:1 split, we will have around 90 million additional tokens for redemption and burn, and the market price will be $60 million,” Warwick explained.
The founder also announced that the funds needed to burn these tokens will come from the treasury fee yield.
Another proposal, called "core contributor alignment", aims to incentivize contributors to the project by distributing Synthetix Network Tokens (SNX) as quarterly bonuses.
Warwick believes this strategy can secure the continued commitment of platform contributors for the success of the protocol.
In addition, Warwick suggested that SNX be allocated for trading incentives. In this way, it is aimed to revive the trading volume and increase market activities on the Synthetix platform.
Beyond that, he suggested giving SNX to the stakers to increase their participation and commitment towards maintaining the stability of the platform.
The Synthetix platform currently supports decentralized derivatives trading in liquidity pools with over $420 million locked aggregate value (TVL) on Ethereum and the Optimism Layer 2 network.
*Not investment advice.
