Synthetix V3 Has Been Approved By the Spartan Council

Synthetix v3 proposal, a redeisgn of the Synthetix protocol, has been approved by Synthetix governance body Spartan Council.

The new design will have a more modular underlying mechanism with features like multi-collateral staking, customizable debt positions, and permissionless synths. The proposal includes a segmentation of the debt pool into individual markets, with the ability to facilitate exchanges and mint/burn snxUSD, passing net accrued debt onto stakers underwriting them. The new framework will give stakers the flexibility to select markets to underwrite and manage market exposure profiles, allowing for customization and efficient debt management.

Synthetix uses a council-based governance framework, where Spartan Council is the central governing body and votes on overall improvement proposals. The council consists of eight members. All eight members have cast yes to Synthetix v3 proposal.