The team behind the synthetic asset issuance protocol Synthetix said Tuesday that the project is now officially being governed by three decentralized autonomous organizations, or DAOs.
In a July 28 blog post, the team behind Synthetix detailed the wind-down of a foundation dedicated to the oversight of the protocol. Synthetix outlined its push toward decentralized control in December.
"As of the date of publishing this article, July 2020, the protocol is now under the control of three distinct DAO’s: The protocolDAO, which controls protocol upgrades and variable configuration... The grantsDAO which funds public goods in the Synthetix ecosystem... [and t]he synthetixDAO which manages and deploys funds to contributors and other project needs," the team explained in the blog post.
On the topic of synthetixDAO, the team noted that: "The synthetixDAO will continue to provide funding for network growth, but where the foundation was previously a major recipient of funding, now a large number of smaller entities will apply directly to the synthetixDAO for contributor funding."