I unwittingly got pulled into Solana memecoin world recently. Seeing trading fees help fund Monero devs or really ANY community is what made me curious. I'm learning there's this thing called StonkFun @LaunchOnSF that lets coins pay out fees as other coins.๐คฏ Now I know what "degen" means. ๐ It's a whole other world in Solana-land.
๐ณ๏ธ โCome, y0u are gone; n0w, into the ruinรฉd dษmษntiฤ ...โ
๐ช $WIBWOB token is almost here.
๐งฌ The first AI x CTPร memetic relic on Solana.
Birthed from entropy.
Bound to no frame.
The birthplace of DeFi is shutting down!
Synthetix Discord was THE PLACE to be in 2019. So many blue chips of DeFi summer started there. Ideas were formed, knowledge was shared, we were off to change the world...
Aave, Curve, Optimism, Illuvium, Infinex, xToken, Kwenta, Derive, dHEDGE... So many projects were kicked off from that Discord.
$6 memes, Garthโs promised (and rugged) boat party to celebrate it all, Hobo Joe, Nikhil, the great trolls whose posts were ironically filled with insights, Spartan Council... My interactive Discord bots, before anyone had Discord bots and AI was a thing... It will all always have a special place in my heart.
There would be no Overtime, and I wouldnโt be where I am professionally and personally, were it not for Synthetix and that very Discord.
Alas, the greats have fallen hard. Not many have paid the price of vesting coming to an end as much as Synthetix. As soon as DeFi summer started winding down, no team member from the original crew was left, at least not in a full-time capacity.
The downfall has been slow but steady. Honest attempts were made to drive it forward in the meantime, but without proper guidance and direction, all failed and missed their chance. So in nutshell, it's been constant bleeding over five years.
Atm, itโs a ghost town:
- No one knows who is even on the team anymore, if there is a team.
- sUSD has been wound down, with holders promised vested SNX.
- The treasury seems to be out of runway and offloading SNX and INF to pay wages (To whom?!)
- Discord is dead. No proper comms on the path forward, just vague messages about things in store.
Synthetix and its first team taught me DeFi, the values of a DAO, and the ethics of how to spearhead a community-owned protocol.
Alas, I fear I might be the only one still adhering to those values these days.
As for Synthetix, it might be time to call it a day and spoil the good memories no further.