$SYNT Enters a New Era: Governance Portal Launched & Two Core Token Proposals Released
We are very pleased to announce the official launch of the Synternet on-chain governance system. This important milestone marks a solid step towards fully decentralized governance for Synternet.
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 channel for expressing their voices, jointly promoting the development direction of the protocol and realizing 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 complicated operations.
Governance portal opens: 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 function added, and real-time viewing of token economic model and circulation data is available.
Two key governance proposals have been officially submitted, covering "destruction of untransferred tokens" and "adjustment of the inflation rate", aiming to optimize the token economic system and enhance the long-term value for holders.
After the proposal takes effect, $SYNT delegators can vote during a 5-day voting period to help determine the priorities and roadmap of the network.
Current Proposal Overview
Proposal 1: Destroy untransferred Tokens
On June 27, 2024, $SYNT will officially launch, with its initial total supply completely minted and deposited into the Synternet Treasury on the Cosmos chain, while also opening a migration window for the old version of the Token, lasting one year.
The migration will end on June 30, 2025, at which point there will still be a portion of the old tokens that have not been migrated. To maintain the integrity and fairness of the token system, we recommend 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 coins to 1 billion coins, a decrease of about 11%, which will directly affect the inflation base, thereby significantly enhancing the value for Token holders.
Official recommendation: cast a "yes" vote
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 the inflation rate
By lowering the speed at which new tokens enter the market, we aim to:
Reduce selling pressure
Increase Token Scarcity
Incentivize long-term holding
Linking to ecological growth and real income, building a more sustainable economic model.
Long-term goal: Achieve supply and 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 governance portal fully open, we sincerely invite every $SYNT holder to actively vote and co-build the future. More details and proposal progress will be updated in real-time on the Synternet official governance platform.
About Synternet
Synternet is a data infrastructure blockchain dedicated to serving multi-chain ecosystems. Its core is the Data Layer protocol, which creates a customizable execution layer between chains, enabling modular and interoperable data sharing.
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$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 the official launch of the Synternet on-chain governance system. This important milestone marks a solid step towards fully decentralized governance for Synternet.
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 channel for expressing their voices, jointly promoting the development direction of the protocol and realizing 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 complicated operations.
Governance portal opens: 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 function added, and real-time viewing of token economic model and circulation data is available.
Two key governance proposals have been officially submitted, covering "destruction of untransferred tokens" and "adjustment of the inflation rate", aiming to optimize the token economic system and enhance the long-term value for holders.
After the proposal takes effect, $SYNT delegators can vote during a 5-day voting period to help determine the priorities and roadmap of the network.
Current Proposal Overview
Proposal 1: Destroy untransferred Tokens
On June 27, 2024, $SYNT will officially launch, with its initial total supply completely minted and deposited into the Synternet Treasury on the Cosmos chain, while also opening a migration window for the old version of the Token, lasting one year.
The migration will end on June 30, 2025, at which point there will still be a portion of the old tokens that have not been migrated. To maintain the integrity and fairness of the token system, we recommend 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 coins to 1 billion coins, a decrease of about 11%, which will directly affect the inflation base, thereby significantly enhancing the value for Token holders.
Official recommendation: cast a "yes" vote
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 the inflation rate
By lowering the speed at which new tokens enter the market, we aim to:
Reduce selling pressure
Increase Token Scarcity
Incentivize long-term holding
Linking to ecological growth and real income, building a more sustainable economic model.
Long-term goal: Achieve supply and 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 governance portal fully open, we sincerely invite every $SYNT holder to actively vote and co-build the future. More details and proposal progress will be updated in real-time on the Synternet official governance platform.
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.