Elections and Voting
Staked SNX represents your share of influence over the governance process, where you can apply the voting power to ensure the protocol is moving in the right direction. There are a few things you need to understand before taking part in the management of a decentralized entity, so here’s a quick entry point for navigating the different steps, resources, and stakeholders involved in the governance of the Synthetix Protocol.
Step 1: Get Informed
- Any of the resources listed below are a great place to start as you get up to speed on the Synthetix Community. You can join the Synthetix Discord, follow prominent accounts on Twitter, read blogs dedicated to Synthetix, listen to Spotify Podcasts like Synthetix Discussions and SNXweave and follow discussions on the Synthetix Discord
Step 2: Stake SNX
- By staking your SNX tokens you are using them as collateral to mint sUSD, a synthetic stable coin pegged to the US dollar and backed by the Synthetix network. This not only allows you to claim trading fees collected by the protocol, it also activates your voting power so that you can provide your opinions on proposed changes.
Step 3: Vote on the Synthetix Governance Module (every 4 months)
- Once you have voting power from staked SNX and you have a solid understanding of the protocol and ongoing proposals, you can vote in council member elections from the Synthetix Governance Module. These elected community members lead initiatives to support the protocol and represent the users when they weigh in on SIPs and SCCPs.
While the voting process is in theory as simple as staking and then submitting your vote, there are some additional details to consider. First, you must have SNX staked prior to the snapshot for a particular election before you can vote. This snapshot is done prior to the nomination period beginning.
Once you've voted, you’ve made your voice heard and contributed to the health of the Synthetix Community. Remember to check back on the Governance page to see the results of each Spartan Council members vote and make sure you stay informed by remaining engaged with the resources below.
The best place to engage with the Synthetix community is through the Synthetix Discord Server. Experienced members are always active and willing to help new users and answer questions. Monthly Community Governance Calls are hosted on Discord, along with several channels used to discuss and develop ideas and proposals.
Blogs and Podcasts
The official Synthetix Blog publishes monthly updates, info about community calls and releases as well as other important developments. You can also check out the SNXweave Blog for weekly recaps. If audio is more your thing, the SNXweave Podcast on Spotify uploads short weekly recaps of SIPs, Spartan Council Panels and other developments. Another Spotify podcast, Synthetix Discussions, includes longer form discussion about SIPs and Community Governance calls.
Since the Synthetix Foundation transitioned control to the community in July 2020, changes to the protocol have been proposed and voted on by community members along with the protocolDAO and Spartan Council.
As an active member of the community, all you have to do is stay informed and remember to vote. But it does help to understand how the community submits proposals and how Council Members review and assist. Here’s a quick rundown:
- 1.A member of the community presents their ideas in the Discord governance channel to gauge community interest.
- 2.If the community is receptive, the author will submit a new SIP (Synthetix Improvement Proposal) via Github. The draft SIP then moves through the process of review by the Spartan Council. See more here: https://sips.synthetix.io/
- 3.The author is then interviewed by the Spartan Council (which is uploaded for the community to hear) and if approved at this stage, the SIP is assigned a core contributor from the Spartan Council to assist with a feasibility study to gauge the impact on the system.
- 4.If the feasibility study is successful, the SIP is voted on by the Spartan Council
- 5.If successful, the SIP is implemented by the protocolDAO, who maintains the contracts for the protocol.