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Synthetix is launching GrantsDAO system

By Inkarias - 2020-02-08

Synthetix is glad to announce that the official Synthetix GrantsDAO is now live and accepting proposals. The GrantsDAO consists of five community and team members who will review proposals for SNX grants that contribute to the project. This is a huge milestone for the project as it marks the first phase of the transition to complete decentralized governance. The process for proposing a grant is the following:

  • Fork the GrantsDAO repo on Github, and write a grant proposal using the template on GitHub
  • Submit a PR and notify a GrantsDAO member via Discord
If the DAO member believes it warrants consideration, they can submit it at https://snxgrants.io. There will be a two day ‘grace period,’ in which no votes are taken, in which the DAO members and community members can discuss the viability of the submitted proposal. Finally, at the completion of the grace period, DAO members can vote Yes, No or abstain to answer to the proposal. If four members vote ‘Yes,’ the proposal is approved as the majority agreed. The twin purpose of setting up the GrantsDAO is to provide greater transparency and decentralization to the project. All proposals will be available for public viewing at https://snxgrants.io, meaning the community will be able to see at a glance all the proposals that have been accepted and rejected, as well as any that are pending at any moment.

Current members

The initial GrantsDAO members are the following:

  • NocturnalSheet ,The SNX Professor
  • Jaaq, creator of https://synthetixstats.com
  • Vance Spencer, Framework Ventures
  • Garth Travers, Synthetix
  • Jordan Momtazi, Synthetix

These members were determined by rough consensus through the official Synthetix Discord community. In the near future, the team will look to expand the number of members via a community consensus. Potential initiatives that could be proposed to the DAO include infrastructure management, promotional contents, and dApp front-end hosting but can be used for various purposes.

More information on GrantsDAO at https://www.synthetix.io/