Synthetix's First Milestone for DAO Governance Achieved, GrantsDAO Established

Synthetix, an Ethereum-based synthetic asset issuance platform, announced the establishment of a five-member decentralized autonomous organization GrantsDAO and began accepting project proposals. GrantsDAO will be responsible for reviewing project proposals for Synthetix's ecological contribution. After approval, they will be funded with SNX tokens, and all proposals will be made public on the website. Synthetix announced at the end of last year that it will transition the project from a foundation governance model to a DAO governance model. It will start the transition in three aspects: its legal business structure, agreement governance, and product optimization. Finally, it will establish a decentralized SynthextixDAO, and GrantsDAO is the plan First stage.