The Synthetix Foundation announced its formal withdrawal from management, and the agreement is currently controlled by three DAOs

Synthetic Assets Agreement Synthetix announced that the Synthetix Foundation has officially withdrawn from management. As of today, the Synthetix protocol is controlled by three decentralized autonomous organizations (DAOs), namely protocolDAO, which is used to control protocol upgrades and variable configuration, GrantsDAO, which accepts community donations and allocates funds, and manages and deploys funds to respond to donors and SynthetixDAO for other project requirements. This means that Synthetix has transitioned from the foundation governance model to the DAO governance model. Chain News previously reported that Synthetix plans to transition from the foundation governance model to the DAO governance model in 2020. In February this year, it established GrantsDAO, a decentralized autonomous organization composed of five members, and began accepting project proposals. GrantsDAO will be responsible for reviewing project proposals that contribute to the Synthetix ecosystem. After approval, they will be funded with SNX tokens. All proposals will be published on the website.