July 28, 2020 Synthetix transitions to DAO-based governance model.

In a blog post published this morning, the Synthetix team announced that the project is now being governed by three decentralized autonomous organizations (DAOs). The protocolDAO facilitates community participation in system updates; the synthetixDAO allocates funds to development efforts; and the grantsDAO funds public goods in the Synthetix ecosystem. The move is part of an effort to reduce oversight from the Synthetix Foundation, outlined late last year.