Introduction

The motivation of this proposal is to upgrade the $SYN token to $CX. This will allow for a stronger, more unified protocol for all $SYN holders to benefit from Cortex Protocol. This unifies the focus, liquidity, and ownership among our community, users, and other stakeholders across one token, instead of two separate ones. We are therefore suggesting to upgrade $SYN and give the value of Cortex to $SYN holders.

Proposal Implementation:

• Ratify the medium proposal from Cortex Labs approving the $CX allocation for $SYN holders. Users receive 5.5 $CX for every $SYN.
• Transfer ownership, IP and governance of Cortex Protocol from Labs to the new Cortex DAO for the benefit of $CX holders.
• Merge all existing $SYN utility into $CX resulting in a unified token. Resulting in a unified $CX token and DAO inheriting: a) $CX as the native governance token for all Synapse and Cortex related contracts and protocol operations b) A combined DAO with all assets
• Open a two way token migration portal between $CX and $SYN for the next three months. All major CEXs are in communication and expected to support the token upgrade by this deadline. After this deadline, there will be an additional 9 month grace period where $SYN will be able to migrate to $CX but not the other way around. Afterwards, $SYN will have no utility.
• $CX Transferability and liquidity management: a) Turn on $CX transferability b) Migrate the majority of SYN/ETH protocol owned liquidity to a $CX/SOL pool on Solana, additionally incentivise this pool at a rate to be determined c) Migrate the rest of SYN/ETH protocol owned liquidity to a $CX/ETH pool on Aerodrome

Addendum:

Buyback Re-Up This proposal suggests that an additional $1.5m from the DAO be used to buyback $CX upon transferability, and also enables remaining funds from buyback 1 to be used to buyback $CX.

It's important to note that buying back $SYN and $CX are one in the same, and achieve the goals outlined in the first buyback proposal. Bought back assets will be owned by the newly formed Cortex DAO, and contribute to the decreased effective supply of the $CX token. The newly appropriated funds ($1.5m ) will abide by the same terms and timeline of buyback 1 – meaning that the entire buyback will complete by three months from the initial buyback proposal passing.