Synthetix, one of DeFi’s longest-running derivatives protocols, has passed a sweeping governance and organizational overhaul known as SR-2: A Synthetix Reboot, with roughly 99.9% of voting SNX backing the changes. The proposal, introduced in late September 2024 by activist investor Benjamin Celermajer (Fenway), is framed as a turnaround plan to prevent Synthetix from drifting into “zombie chain” status and to restore growth by redesigning governance, upgrading the SNX token, and expanding the product roadmap. SR-2 replaces Synthetix’s previous three-council model (Spartan, Treasury, Ambassador, 17 seats total) with a single, unified 7‑member council intended to simplify decision-making and increase accountability. The new structure combines treasury, advisory, and core contributor roles, with elections held every six months, and is paired with formal working groups and a new Synthetix Foundation to handle operational tasks such as contracts, KYC/AML, and partner relationships. On the product and token side, the roadmap includes a redesign and migration of the SNX token, introduction of an SNX‑backed stablecoin across v3 deployments, renewed work on cross-chain “Synth Teleporters,” launching perps on Ethereum mainnet, and expanding Synthetix to Solana and the protocol’s own L2, Snaxchain, including plans to migrate SNX to that network. The overhaul matters because it is both a governance consolidation and a strategic reset for a protocol that has struggled with liquidity, integration delays, and complex governance as DeFi competition intensified. By compressing governance power into a smaller, mixed council and giving it clearer tools and structures, SR-2 is designed to enable faster product delivery and more coherent business development. The addition of a native stablecoin and cross-chain expansion aims to deepen Synthetix’s utility as a liquidity layer across ecosystems and potentially revive protocol usage and fee generation for SNX holders.

AI-generated background, compiled from web sources — not editorial content.

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