I will do a quick run through of the highlights for those that don’t want to wade through a 2500 word post. Most critically, as I jokingly alluded to above, this is all just my opinion I have no power to enforce any of these changes, they must go through community governance.
Scaling is coming, the launch of Optimistic Ethereum will enable Synthetix to deliver on its promise of taking on both CeFi and TradFi.
Synthetix V3 is a ground up rewrite of the entire contract suite that will allow us to escape the last two years of accumulated tech debt, by removing backwards compatibility and requiring user migration we can reduce complexity and deliver a number of new features.
Governance improvements were a big part of 2020, and we need to continue this momentum into 2021. We plan to extend the remit of the Spartan Council as well as launching new governing bodies to own various aspects of the project.
Synthetic Futures are finally coming, it has taken much longer to get the infrastructure in place to support leverage, but one of the first releases of the year will be a testnet for futures.
Asset expansion is critical to growing the network, this will likely include more crypto, commodities and FX but most importantly I expect the Spartan Council is likely to request Chainlink provide equities feeds as soon as they take control of the SIP process.
dApps upgrades and further decentralisation of the interfaces is an important priority this year, including more autonomy for the the engineers building these interfaces.
Binary options showed some initial traction last year, but in order to grow they need to incorporate a number of improvements. In order to best facilitate this we should spin out this part of the protocol to a dedicated team.
V3 will likely add a number of upgrades:
- New SNX staking mechanism
- eSNX (transferrable escrow vouchers)
- Tokenised debt
- Continuous staking rewards
- Continuous vesting
- Open interests caps
- Order matching (outside open interest caps)
- Siloed debt pool
- Price thresholds
- Order matching (during market closures)
- Keep3r implementation
- Oracle Threshold signatures
- Protocol migrator
For details on all of the above see the post, more information on research and development for V3 including open calls for input from the community will released in the next few weeks. 2021 is going to be a huge year for Synthetix.
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