Synapse Community Update: Let’s talk about our next moves!

Dear Synapse Network Users,

We are excited to share with you some pivotal updates that are poised to shape the future of our project, and the trajectory of the Synapse Network as a whole.

In this article, we will go over our upcoming changes, and elaborate on how we would like to address them in the near future.

Background Context

After careful consideration, and thanks to all the invaluable feedback from our community, we’ve identified some areas in our project’s foundation that warrant reconsideration, or at least, improvements.

The current challenges we’ve noted in our token dynamics have spurred a deeper contemplation of both its economic model and its ability to sustain future challenges, while also outlining potential enhancement options that will serve not just the project but also the community’s broader interests.

We are resolute in making substantial alterations. However, keeping our community’s sake at the forefront of all changes made is of paramount importance to us given the pivotal role you all had in our project’s creation and continued growth.

Identified Concerns

• The Cross-Chain Token Model
  Our initial vision for a cross-chain token model was groundbreaking. However, with evolving market dynamics, we’ve realized that it no longer provides the value we initially envisioned. In response, we’re considering moving to a single network model. This shift will simplify our infrastructure, concentrate our liquidity, and allow us to allocate more resources to the enhancement of our set of products.
• Oversupply of $SNP Token
  The exponential growth in our token supply has led to quite a few challenges and subjected our users to a higher-than-expected level of market volatility. To address this issue, we’re proposing changes to the staking model, making it more accessible, more stable and more streamlined. This change aligns with multiple market trends and is one of a few key developments that will help us take full advantage of future bullish market trajectories.

A Community-Centric Approach: The DAO Initiative

Given the magnitude of these changes, it’s only fitting that our community plays a decisive role in deciding their implementation. As such, we’re initiating a DAO for voting on these proposed changes.

DAO Mechanics

During the DAO voting phase, two key questions will be posed:

• Question 1: [To be voted on within the first 10 days]
• Question 2: [To be voted on in the subsequent 10 days]

Links for voting will be available through our newsletter, accessible via our app, and shared on our official Telegram group and other social platforms. It’s crucial to point out that each user can cast their vote only once for each question within the stipulated timelines.

Who is permitted to vote in the DAO?

Every user with at least 10,000 $SNP in total, including the tokens placed in the staking pools and their wallet (the said 10,000 $SNP tokens must be assigned to a single wallet address, however, regardless of the network), will be able to vote in Synapse’s DAO which will take place on 27.10.2023, 6PM UTC. Before the DAO happens Synapse will take a snapshot to better coordinate our subsequent airdrop. We remind you that only those users will be able to vote in the DAO itself and that our team will be there to facilitate the transaction after receiving the airdrop containing our DAO tokens.

There will be also a specific list of wallets excluded from voting to ensure no biases will be shown:

• Company’s wallets
• Team wallets

Allocation of DAO Points

DAO points will be systematically allocated to all our token holders, reflecting the amount and nature of your token portfolio.

Here’s a breakdown:

• We are calculating the SNP Power Points of each user
• We are then calculating the amount of SNP tokens held by each user on every chain available

Based on those 2 factors, we are getting the TOTAL amount of tokens, which is the equivalent of DAO tokens that will be airdropped to each user directly on his/her wallet.

To determine these allocations, we’ve taken a comprehensive snapshot as of yesterday at 24.10.2023, 2PM UTC. You can access this link to view all details pertaining to your individual wallet and determine the total DAO points you are eligible for during the upcoming vote.

The airdrop of DAO Tokens will be done on 27.10.2023, 1PM UTC on the Polygon Chain directly to the wallet you use to log in to our dApp. If you have yet to employ our dApp and you don’t have your account synced to it yet, you will receive your tokens directly into the wallet you use to store your $SNP tokens.

We suggest you use the Metamask Wallet, and add a Polygon Mainnet Network via chainlist.org

Distribution of DAO Tokens

The DAO tokens will be disbursed on 27.10.2023 at 1PM UTC. These tokens will be directly credited to the wallets that are integrated with our platform, ensuring a seamless process for all of our community members. If you are not using our dApp and you don’t have your account, then the airdrop of DAO Tokens will be done directly to the wallet you use to store your $SNP tokens.

Voting Schedule

The voting process is poised to begin on 27.10.2023, 6PM UTC. Here’s a quick timeline of the process:

• You will have the initial 10 days to cast your vote on the first proposed question.
• Subsequently, the second question will be presented, for which you will have another 10 days to provide your input.

Post-Voting DAO Token Details

After the voting process, the DAO tokens will have fulfilled their immediate purpose.

We remember that those tokens are being issued specifically for this round of community engagement and the two questions at hand.

That said, we are enthusiastic about the potential of establishing a full-fledged DAO in the near future. Further tokens with other utilities may be introduced in line with that vision.

Rest assured, more comprehensive details will be shared as we progress towards a more comprehensive DAO usage in the context of Synapse’s day-to-day operations.

Pivotal changes that make the difference

We’re confident that the suggested modifications will not only position us favourably for an upcoming bull market but, more crucially, address inherent challenges in our token’s structure and economics. This approach ensures both immediate and long-term benefits for our community’s well-being.

PLEASE ALSO CHECK OUR FAQ TO GET TO KNOW MORE ABOUT THE VOTING.

If you have some further questions, we also encourage you to jump into our Telegram group and talk directly to our team members.

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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