SIP-412:

SIP-412 proposes to acquire TLX, a Synthetix leverage token protocol, as the foundation for launching an integrated vault strategy. The terms of the transaction are:

• 18 TLX <> 1 SNX, this represents an implied valuation of $4.0m based on a circulating supply of 47m and a 30-day average SNX price of $1.53.
• SNX received from acquired token conversions are subject to a 1 month lock and 4 month linear vest following the lock period. To fund the acquisition, Synthetix would issue just over 2.6m new SNX tokens.