I am in favor of integrating $SYN into $CX, as it brings numerous benefits to the community and the protocol, including:
Unified liquidity and incentives:
A single token simplifies the ecosystem, deepens liquidity, and ensures that all stakeholders – community, team, and investors – are better aligned.
Direct benefits for holders:
$SYN holders immediately gain access to the new functionalities and vision of the Cortex Protocol without any additional complications.
Leveraging existing CEX listings:
With $SYN already listed on major exchanges like Binance, Coinbase, and others, the new token’s potential can be maximized by building on these established listings.
Why the $3.5M $SYN buyback should remain in place
A few community members has suggested canceling the $SYN buyback and purchasing $CX instead.. I believe this is the wrong approach, and I want to emphasize why the $3.5M $SYN buyback should remain in place:
Stabilizing the $SYN price:
The migration from $SYN to $CX has already led to price volatility, as we’ve seen in the past few days. $SYN has significantly underperformed compared to the market, causing uncertainty. A $3.5M buyback would help stabilize the price and prevent further harm to holders.
Loss of CMC ranking:
$SYN has dropped more than 50 positions on CoinMarketCap recently. This decline is not only detrimental to trust but could also discourage potential investors.
Support for $SYN holders with active positions:
Many $SYN holders actively trade the token and hold positions on exchanges. The buyback is essential for them, as it stabilizes the price and allows them to manage their positions without incurring major losses.
Preventing further loss of trust:
Over the past weeks, there have been multiple changes and uncertainties, leading to a loss of trust among some community members (e.g., Herro). The DAO decided on the buyback, and reversing this decision would further erode trust in the DAO, the team, and the protocol itself.
Such a reversal could trigger additional sell-offs, further damaging the protocol’s reputation and price stability.
The integration of $SYN into $CX is a crucial step to strengthen the protocol and make it future-proof. At the same time, the $SYN buyback is a vital tool to ensure stability during the migration, maintain community trust, and make the transition as smooth as possible.
Canceling the buyback now would be a mistake. Instead, we should focus on implementing both the migration and the buyback to create the best conditions for the long-term success of the protocol.
