We’re reaching out with an update about Synthetix’s Arbitrum deployment and a requested extension for our LTIP Grant that we’ve begun to circulate to delegates for feedback.
Here’s the situation&context:
- We’ve encountered delays in launching Synthetix Perps on Arbitrum with Multi-Collateral (due to audits, integrator readiness, etc.). As a result, we haven’t utilized 900,000 ARB tokens from our original proposal for trading fee rebates, which are set to end on September 3rd.
- We’ve been focused on developing Multi-Collateral Perps as an Arbitrum-exclusive launch - the first onchain perps to use ETH and BTC for trading margin alongside USD. This required additional time for audits, feature completion, and integration.
- To align these incentives with our launch, we’re proposing two extension options:
- Preferred: 2-month extension
- Alternative (based on delegate feedback): 5-week extension
Both options aim to maximize the ARB allocation’s impact on our launch and user acquisition while introducing them to a new product, a first in DeFi.
Full proposal and distribution details on notion
We’re actively seeking delegate (and community) feedback on these options before proceeding to a direct DAO vote in the coming days. Thank you to @Matt_StableLab for your support here.
Additionally, we believe it would be beneficial to establish a formalized process for handling extension requests like this. Rather than having protocols reach out individually to delegates, as we know there are another 5-8 projects in a similar situation which will be requesting extensions.
We know the tight timing of the upcoming grants detox, as delegates want to realign grants going forward. Our goal is to align with this while ensuring a successful launch that benefits the Arbitrum ecosystem. We are super excited to get our flagship product, Perps with BTC & ETH collateral, live very soon.