The Synapse DAO has successfully completed a $5 million buyback of SYN tokens, removing a total of 9,787,584.27 SYN from circulation. This initiative completes the community-approved Treasury Optimization proposal by the Synapse DAO a few months back, highlighting the DAO’s commitment to treasury management and alignment with token holders.
The buyback was carefully executed using Time-Weighted Average Price (TWAP) orders as outlined and approved by DAO governance, with the goal of achieving optimal execution prices close to the market's Volume-Weighted Average Price (VWAP).
Specifically, the buyback operation successfully surpassed the market VWAP benchmark ($0.514) over the same three-month period.
On Thursday March 13th, the corresponding amount in CX (9,787,584.27 * 5.5) was delivered to the Cortex (Synapse) Treasury wallet here.
By removing approximately 9.8 million SYN tokens – representing a substantial reduction in the circulating supply – the protocol has significantly enhanced SYN’s scarcity, effectively returning value to token holders and aligning interests with the community.
This was strategically done by the DAO to reduce the SYN circulating supply and optimize the treasury’s assets. We believe it demonstrates strong confidence in the future of the protocol, highlighting our overall commitment to proactive treasury management and long-term growth, regardless of short-term market conditions.
The community's ongoing support and involvement in the protocol is incredibly appreciated. We at Labs remain fully focused on building the best products, strategic execution, and driving long-term ecosystem growth.
