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In early October, Synthetix authorized an bold board proposal to restart all the mission. Main proposed modifications included revamping SNX tokenomics, introducing an SNX-backed stablecoin, launching on Ethereum mainnet and Solana, and redesigning the Synthetix frontend.
As a part of that overhaul, SIP-411, which handed yesterday with a 6/6 vote from Synthetix council members, is reacquiring Kwenta as a frontend and bringing it again as a part of the Synthetix relaunch.
Kwenta was as soon as a Synthetix mission. It was developed in 2021 as a devoted frontend for Synthetix to function independently below SIP-179 and has now been known as “unequivocally a horrible thought” by Synthetix co-founder Kain Warwick.
Benjamin Celermajer, Synthetix’s strategic workplace, mentioned of the acquisition: “Bringing Kwenta again into Synthetix will unify the imaginative and prescient, roadmap and strategic priorities of each protocols. It will assist Synthetix present the very best person expertise to its group of merchants and a seamless integration expertise with the varied protocols that leverage Synthetix liquidity.”
As a part of SIP-411, KWENTA token holders can trade their KWENTA to SNX at a price of 1:17. SNX will then be topic to a three-month lock-up beginning November 15, adopted by a nine-month linear vesting interval. The KWENTA token will then be terminated.