SynLev Project Update: Improve, Decentralize, and Burn

The first SynLev asset was planned to launch the this week, however after some 3rd party consultation and review of the project we have decided to enact a short delay to make some changes. In abbreviated terms we are improving some very minor bugs found in the vault contract and handling of how proxy contracts work. These changes will require us to migrate to new versions of a majority of the contracts currently on the mainnet. Everyone who has provided liquidity to the SynLev Exchange does not need to take any action and the moment and will continue to earn LP rewards. See below for details of the changes being made.

The launch schedule has not changed. We are currently working on a migration strategy and we will be able to produce a hard launch date very shortly. Thanks everyone for your patience and support.

Additionally as the title suggest we will be burning 17 million SYN tomorrow and only conducting 1 token sale.

Burn

Status and strategy of tokens sales have been frequently questioned by the community. I have listened to what many community members have voiced and we are updating our strategy. We will still be conducting the 10 million SYN tokens sale as described in our launch update. This token sale will provide much needed initial funds to the project. However this will be our only public token sale.

10 million SYN set aside for token sales will be burned along with 7 million SYN from the dev fund (keeping dev fund at approx 40%). The goal of the dev fund is to fund the project by earning staking rewards. The funding of the project will follow it’s success and this keeps our interests aligned with the community interests. The remaining 5 million SYN will be allocated to reward programs designed to bootstrap liquidity of SynLev assets and/or SynLev assets on Uniswap and other similar DEX.

Mitigation of Contract Owner Powers over Proxy Contracts

Proxy contracts are commonly used to allow project owners to update their project without the pain of migration. Our goal is to balance the ability for us at SynLev to update and improve how our assets function meanwhile minimizing potential for abuse by contract owners. Anyone familiar with the DeFi space knows this is a major issue that often goes unnoticed. Our strategy to address this is twofold.

First, We will be implementing time locks to all proxy contracts. Meaning that if we need to update any contracts in the SynLev system there will be a mandatory waiting period to implement the contract once it is proposed. To allow both the community and 3rd parties to review proposed contract upgrades.

Second, the contract owners will be migrated from a single address to a multisig contract. Further reducing the ability of a single address to control aspects of the project. This will be a to do of the project as we first need to establish trusted 3rd parties and/or implement a DAO like system to transfer some of that responsibility to SYN holders.

Improved Handling Vault State

This is a minor issue and more technical that was brought to our attention. In certain edge cases in which the SynLev Vault contract would be effectively paused (e.g. there are 0 BEAR tokens and therefore price does not need to be updated). Resuming the vault would potentially resulted in failed transactions and a semi soft locked state. While this state could be exited it was not automatic and required intervention. This is a minor bug and removing it while we have the chance will be a good quality of life improvement.

Again big thanks to the community and everyone who has supported the project. Follow us on twitter @SynLevDefi and join our telegram group t.me/synlev for the latest updates.

Defi Synthetic Leveraged token ecosystem built on Ethereum and Chainlink oracles