TechFlow News — The Synthetix v3 proposal, which involves a redesign of the Synthetix protocol, has been approved by the Synthetix governance body, the Spartan Council. The new design will feature a more modular underlying architecture, supporting multi-collateral staking, customizable debt positions, and permissionless synthetic assets. It will also be deployed on a new framework that minimizes complexity and introduces a novel approach to overcoming EVM smart contract size limitations.
The proposal includes splitting the debt pool into isolated markets that facilitate the exchange and minting/burning of snxUSD, with net debt attributed to the respective underwriting stakers. The new framework will allow underwriters to selectively participate in specific markets and manage their market risk exposure, enabling customized and efficient debt management.
Synthetix operates under a council-based governance model, with the Spartan Council serving as the central decision-making body responsible for voting on major improvement proposals. The council consists of eight members, all of whom voted in favor of the Synthetix v3 proposal.Original link
