Project Syndicate: The Flywheel of the Comdex Ecosystem
Project Syndicate is a DAO/Protocol hybrid which incorporates hidden hand and Pirex alternatives to bootstrap users to the Comdex ecosystem via bribes and gauges. (link: https://redacted.finance/)
The IBC has lacked infrastructure for the entirety of the bull run, other than inflationary rewards the IBC has struggled to outperform and have stickiness and lindyness. Project Syndicate aims to solve that problem and help bring the ecosystem as a whole together so we can all work toward a decentralized future.
Here’s the basic idea on how it will work and rollout,
Project Syndicate will have 3 phases,
Phase 1: Expected Launch (Q2 2023) will be building the bribe market on top of the Harbor/Cswap protocol like hidden hand with voting gauges for locked Ve-Harbor and bribing cSwap pools for emissions.
Phase 2 Expected Launch (Q3 2023), will incorporate locked liquid Ve-harbor positions like Pirex’s version of pCVX giving users liquidity on their locked positions.
Phase 3: Expected Launch (Q4 2023 or Q1 2024), will be the launch of Syndicate synthetic assets (sAssets example sHarbor) and the Dao fee sharing model of all Syndicate positions giving shareholders voting rights on potential new fee/revenue generating ideas/projects, and decisions on electing council officials like Synthetix.
What’s Needed from Comdex: We have 3 team members currently and need engineers (front end, backend and designer), we have community manager, and director of operations already covered. As well as access to the engineers within other departments such as Harbor, Cswap, and new Comdex ecosystem projects to be on the same page. Also, in the future we ask for allocation of new builders to help
Deliverables & Timeline- By when Devnet, Mainnet and any other things relevant can be started and deployed. We can provide 1 frontend engineer, 1 backend engineer and 1 designer
The Benefits if Proposal is Approved:
Directly to the ecosystem:
We will bring liquidity, users, and active participation in the Comdex ecosystem, which has been lacking in the past (false accusations of wash trading may have caused this along with market conditions). Our goal is to bring faith back into users and participants and make the experience beneficial to all parties involved. The only losers in this scenario are those who don’t cooperate and have a synergistic vision.
Advantages: Incentivizes users to lock tokens (reduced sell pressure) and charge a small basis point fee of rewards/bribes for the service that is shared to the platform (goes to the protocol & Comdex apps).
Disadvantages: Allows for the dominance of protocols/projects to dominate voting weights, which can be seen as “vote centralization.”
Benefits to users of the systems:
Users will be able to collect weekly rewards for bribes and be incentivized for using the protocol in early stages (testnet).
Users in the future will govern the treasury decisions to finance future ventures and revenues for Syndicate DAO.
Users will be able to swap out of illiquid locked positions in the future which have not been accessible in the past, giving them instant liquidity.
Flywheel effect of all the Comdex apps working together to give users the most complete experience of a working financial ecosystem.
Benefits to Syndicate:
Revenues from the bribes goes to the platform taking a fee (yet to be determined) from the bribes and directly minted into the DAO treasury for later use cases (will be defined in the white paper).
Syndicate DAO will also be a major player in the Comdex and IBC ecosystem not only as a vote broker but also as DAO to be able to shape the future of Comdex applications.
Additionally, the benefit of closely working and advising new projects to incorporate syndicate post or pre-launch so the platform can be built on top of the new system (if applicable)
We will build a following with a long enough runway before anticipated launch in order to build steam behind the project while simultaneously educating the community on why, how, and when they will need our protocol. Providing a usable product to the IBC, where we continue to lack.
We will make use of AMAs, collaborations with IBC influencers/spaces, Discord community with giveaways revolving around engagement farming (strong technique used to market to larger masses of targeted audiences), and develop a strong branding once we nail down naming and logo design. Most communication relating to marketing will take place on Twitter as it is the most used and most useful platform for IBC protocols and community.
Proposed Long-term Compensation (300k CMDX tokens for grants)
15% vested on Testnet
25% vested on Mainnet with 100k bribes + marketing support
60% vested quarterly (i.e.15% each quarter) for 1 year which starts once the 100k bribe milestone is achieved
- Some of the allocation will go into incentivized testnet, as well as using the system when mainnet is launched amounts are not yet determined.
As mentioned above, we have talked with many for plans of future token allocation. We believe that we will ask for 300k in grants to be able to pay an outside developer for his time and effort for the front end. After the grants are sent to the syndicate we will pay the developer for his time and energy and look to build a team that is perpetual and no longer rely on community funding.
So far we have decided that 300k is fair for the product that we are building especially for only Comdex applications and we continue to serve only the Comdex applications until we get the flywheel running.
The grants will be used as followed:
15% will unlock at testnet completion we intend to keep these tokens to incentivise usage of the platform
25%. Will be vested over on mainnet with the completion of 100k bribes we intend to sell some of these tokens around 40% to make the outside builder whole and stake the other 60%.
60% vesting quarterly will either be leveraged or staked and will be tentative either reinvested back into the platform via incentives or will be extracted via money market to access the equity of these tokens without selling.
For operational purposes we are strongly committed to the community and the Comdex ecosystem. All in all, we are excited to get the flywheel running.
FULL DISCLOSURE: THERE WILL NOT BE ANY TOKEN AT LAUNCH UNTIL THE PRODUCT IN V2 IS BUILT. THIS DECISION IS FIRM UNTIL OTHERWISE NOTED.
Reason behind this has been decided due to multiple failed launches of hype instead of fundamentals and a working product (Rebus etc.). The goal is to bring more users to the ecosystem as a whole not for an airdrop or token hype.
Mike & Syndicate Team
Contacts: Twitter: @SyndicateMike , @TheSyndicateHub, @Defijordy
I will try to answer questions and concerns on forums, but twitter is the best way to reach me. I encourage the feedback of the community. Also, please check out my recent tweets in regards to modern form governance and token structure which Syndicate looks to change.