Synthetix LTIP Grant Extension Request
AI summary
This proposal requests an 8-week extension for Synthetix's existing Long-Term Incentive Program (LTIP) grant from Arbitrum. The extension, running from September 16th to November 16th, 2024, will allow Synthetix to distribute the remaining 900,000 ARB tokens (worth approximately $783,000 at current market prices) as trading fee rebates. This distribution is timed to coincide with the launch of their new Multi-Collateral Perps feature on Arbitrum, which experienced delays.
If passed, Synthetix will receive an extension to distribute the remaining 900,000 ARB tokens, aiming to boost engagement and trading volume on their new Multi-Collateral Perps feature. Arbitrum benefits from increased activity on its network, while traders using Synthetix Perps will receive rebates. No one directly loses, but the funds are tied up for longer.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Abstract
Synthetix requests an 8-week extension for its LTIP grant to align with the launch of Perps Multi-Collateral and distribute 900k ARB in trading fee rebates. This extension will run from September 16th to November 16th, 2024 (edit: with Snapshot ending dates) aligning the deployment of the remaining grant funds with a major product launch.
Motivation
The Arbitrum community should implement this extension to maximize the impact of the originally approved grant, which targeted LP & stablecoin incentives. By aligning the distribution with the launch of our Arbitrum-exclusive Multi-C…