Background:
SYNAPSE is going through hard times, recent events (NIMA and price declines in the market)
significantly reduced both the Syn price and the TVL amount in the project.
As the SYN price decreases, less liquidity, less TVL, less bridge fee, IN SHORT, A DEATH SPIRAL
PROPOSAL
Purchase 1 million dollars of SYN tokens from the treasury with a limit order at a price of 0.3
Purchased SYN tokens will be transferred to Synapse treasury
Motivation:
This step both provides value to the syn token and gives confidence to the market.
Purchased SYN tokens can be used both for future SYNCHAIN and for incentives to developers.
Even when a $1 million purchase is made, there will be enough money left in the treasury to cover at least one year's expenses and protocol will continue to make money.
Conclusion:
1 Million USDC will be converted into SYN token with 0.3 limit order
1inch and Cowswap can be used for limit order
Limit order duration is minimum 1 month from the day the developers set the order.
Maximum 3 months, remaining USDC tokens will be transferred back to the treasury
