DAO SUMMARY: The crypto world is changing, and so are we!
After several tumultuous and discussion-filled weeks, it’s time for a small (or maybe not so small) summary of our DAO. What’s next? And what conclusions have we managed to reach? Did we solve all of our issues? We welcome you to read on and decide for yourself!
Our big thanks and summary
First of all, we would like to express our gratitude for the massive participation that we had in the DAO. Your involvement exceeded our wildest expectations and confirmed that all the work we put in every day to develop our project, our ecosystem, and our vision is more than worth it. Also, thanks to your invaluable feedback, we are now more ready than ever to ensure that our plans put us on the right trajectory and that following this path is indeed the best call for us and all of our users at the moment.
After all, It is you — our vibrant community — who are the inseparable and most important part of our project, and the numerous valuable discussions that the DAO has generated alongside all the questions that we have asked only confirm this.
Based on that, we would like to reward some of the most active users on our Telegram groups during the DAO duration.
- @stevenowen7
- @emil_cz
- @bartlomiejj
- @cryptpman444
- @bull_spicy
- @marcinplewa
- @kolorowy37
- @mietekkepa
- @anabst07
- @hadeas93
- @DK84SE
We thank you for your constructive comments and remarks, stirring up discussion and substantial suggestions.
Our team would like to express our gratitude by rewarding you with 25$ in $SNP each. Please contact our admins to proceed with the redemption process.
We also would like to share with you a small summary of the DAO results. We asked you 3 different questions and these are the results:
Question 1: Are you in favor of introducing the $SNP token to a different, currently popular network and discontinuing the cross-chain token model? For example, Base, ZkSync, Polygon 2.0, or something else 🙂
- Min voting reached: Yes
- Winning option: Yes
- Unique wallets that voted: 140
- % of $SNPDAO that voted: 14.04%
Question 2: Are you in favor of stopping the growing supply of $SNP tokens by changing the current staking model and simplifying the entire staking path?
- Min voting reached: Yes
- Winning option: Yes
- Unique wallets that voted: 107
- % of $SNPDAO that voted: 16.75%
Question 3: Are you in favor of keeping the current (i.e., not shortened) vesting periods after the transition to the new network?
- Winning option: No
- Unique wallets that voted: 48
- % of $SNPDAO that voted: 10.34%
What’s next? Big changes are coming!
Since our questions have generated a lot of noise all around our media, we have decided to make some modifications to the initial proposals to ensure balance for all members of our community.
Your opinions are extremely important to us, and the changes we are making are intended to work for the benefit of everyone inhabiting our ecosystem be they community members, Synapse’s partners, members of the project, or the project itself.
We know that by including those modifications we are looking for the continued development of our infrastructure and the pursuit of the best possible product.
Point one: Changes in the staking after migration to the new network
According to the statement, a new staking model will be launched after the transition to the new network. The current staking will be significantly simplified. The new staking will be as follows:
- 3-month staking: SNP Power multiplier 1.2x | 2% APR
- 6-month staking: SNP Power multiplier 1.5x | 4% APR
- 12-month staking: SNP Power multiplier 2.25x | 6% APR
- 24-month staking: SNP Power multiplier 3x | 8% APR
- 36-month staking: SNP Power multiplier 4x | 10% APR
According to the LP staking, it will be as follows:
- 3-month staking: SNP Power multiplier 1.8x | 4% APR
- 6-month staking: SNP Power multiplier 2.25x | 8% APR
- 12-month staking: SNP Power multiplier 3.33x | 12% APR
- 24-month staking: SNP Power multiplier 4.5x | 16% APR
- 36-month staking: SNP Power multiplier 6x | 20% APR
We also want to offer an investment option for those who do not have any $SNP tokens staked on our platform.
This is a new topic, but one that is extremely important to us, especially in terms of encouraging new investors to familiarize themselves with our platform without having to freeze their tokens on staking.
We also see this as an additional “lead magnet” for users who are on the network we will be moving to, to set up an account on our platform and make their first investment, familiarize themselves with how the platform works, and go through the process.
In addition, we consider this an interesting solution to the current market issues that are arising in the wake of this winter rush.
We propose the SNP Power multiplier 1x for those who are not staking $SNP token but would like to invest: we will be looking to expand on this point soon, and as always our team members will be more than happy to help everyone who needs a more thorough explanation.
Of course all users (also those who are not staking our token) will need to pass our KYC and register for the sale before being able to invest.
Point two: vesting after the token migration
After migrating to the new network, all staking pools will be converted to vesting pools equivalent to 50% of the time remaining in the staking period, but not less than 3 months. This means that if a user has 8 months of staking remaining at the time of the transition to the new network, we will convert this to vesting that will last a maximum of 4 months.
Vesting will begin on Day Zero, so on the day of the migration. This means that each user from day zero will have a certain portion of their $SNP tokens to claim according to linear vesting rules.
Point three: staking rewards
The withdrawal of staking rewards for the old staking method will take place after vesting and will continue for 6 months on a linear vesting basis.
This means that we will have a cliff from the time of migration until the start of rewards-claiming from the old staking, corresponding to the length of vesting.
Let’s put an example here:
Rewards under the old staking rules will keep accruing until the snapshot date.
Point four: additional rewards from staking
What is more, we will also reward every user who went through this transition with staking rewards in line with the new model of staking.
Rewards will be recalculated according to the new staking rules and taking into account the full staking period, which means that the user will get the %APR corresponding to the initial time he had staked for, even if the effective staking time had been lowered due to the changes brought in by our decisions in the DAO.
This means that if someone has initially (in the old staking) deposited $SNP tokens for 36 months, in vesting, he will have his deposited tokens + additional $SNP tokens with a 10% APR (in the case of 36-month staking) corresponding to the time until the end of his original staking.
We consider this solution fair to the stakers, and the release of these tokens will take place immediately in the form of linear vesting.
Let’s put an example to better understand the difference between the old staking rewards vesting and the new staking rewards vesting and how it will be calculated:
Point five: permanent deactivation of fee-on-transfer
Recent promotional campaigns have shown us how much the willingness to purchase our token is directly correlated to a lack or a surplus of transaction fees.
This realization has led us to a decision, and we are thus happy to announce that we plan to slash our fees to 0, with this decision applying to both the buying and selling transactions of our token until we can permanently locate a good solution both for us and our community.
Initial timelines
The thing that undoubtedly draws more interest from our community is when will we implement those changes, and knowing this we already have your answer prepared!
- Snapshot: TBA, probably 14.01.2024
- Official token migration: 15.01.2024
- New staking rules start to apply: 15.01.2024
- Vesting starts: 15.01.2024
Along with the migration, we have also prepared some other surprises for you, surprises that may be of the Santa variety — we suggest you keep a close eye on our Social Media: a two-minute read may as well bring you to some worthy prizes!
Rejoice: for the future is bright!
We believe that the migration and other changes will bring us many benefits and streamline a lot of the more convoluted processes in the Synapse Network, thus offering a brand-new, simplified solution for the community starting from removing some of the rust that has accumulated on our ecosystem since we founded it.
We are also keeping an eye on the market and on the projects we have proudly promoted on our launchpad, and we can say that we share some of their happiness when we see how far everyone has grown.
The break market has recently ended and some of our best projects have already recovered — let’s look at the examples: UpOnly has already achieved its 50x medal from its ATL (all time low), and Nakamoto Games has grown to 40x. The only question we have now is: where will Synapse Network be at the end of the next bull run?
Nobody knows the answer, but every member of our project believes that while the moon is a nice target, the stars have been shining quite brighter than usual, and they would be a very pleasant place to see.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto markets. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.
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