The Synthetix Ambassadors will soon receive a delegation of 2m OP tokens (Optimism governance power) from the SNX Treasury Council. We would like to ensure that there is advanced notice of this delegation because of anticipated community feedback.
It is important to note that there is a blog post detailing all of this, but I’ll quickly summarize the reasons for doing this in this thread by taking some pts from the blog post
1) OP Delegation Included in original SNX Ambassadors Proposal
If you look at the initial OP distribution that the SNX Ambassadors at the time (Matt, Mojo, Millie) wrote, it makes clear that there was intent (at the time) for this Optimism to be delegated to the Ambassadors.
This delegation was something Synthetix Ambassadors had initially pushed for under its internal proposal and was approved by the Spartan Council at Synthetix. Furthermore, these tokens were directed to be held by the Synthetix Treasury council, as they were deemed the best fit to handle distributions for incentives and so on.
Members of the Optimism community have stated that phase 0 delegations are only acceptable if it is adequately disclosed, and this disclosure was given. While it wasn’t correctly carried over to the Optimism forums, this was because of the lack of contentiousness surrounding this topic at the time because Synthetix’s phase 0 proposal came long before any drama in OP governance (proposal was posted in May)
2) Ecosystem Support - Overtime Markets scare
The Synthetix ecosystem is vast; it is a major part of Optimism and helps to onboard countless users onto Optimism. It is important to support this ecosystem as they request Optimism tokens, and because of the lack of governance power because of the inaccessibility of Ambassador voting power, Synthetix Ambassadors haven’t been able to support its ecosystem properly.
The most notable example is when Overtime Markets requested OP tokens to incentivize users and compete with centralized competitors. They received a NO recommendation for their proposal from Optimism DeFi Committee C. For context, when a committee typically issues a recommendation there has been a 100% chance of losing their upcoming Optimism vote.
We’ve also rallied support in conversations in the Thales Discord, Optimism Forums, on twitter, and are also using our current voting power to support Overtime. As of right now, this support has helped put Overtime on the path of being the first proposal to overcome a NO recommendation.
The Synthetix Ambassadors can’t rely on this sort of outpouring of support each and every-time. Which is why it is essential for this delegation of Optimism to occur, as it will ensure that the Synthetix Ecosystem is properly supported.
3) Inaccessibility of Ambassador Voting Power - Lost committee vote, inability to support ecosystem
Most Optimism governance power held by the SNX Ambassadors is inaccessible for voting. Our original wallet faced multisig issues when being used on L2, which made 1.4m OP tokens inaccessible for voting. We believe that this has created situations where Synthetix Ambassadors have been unable to support the Synthetix communities interests properly.
One of the major situations is when the Synthetix Ambassadors lost their vote to be selected as an official committee in Optimism governance by far less than the 1.5m votes that were inaccessible for voting due to this issue.
Support for the future of Optimism Governance
As Synthetix ambassadors we feel that we are well equipped to contribute to the improvement and maintenance of Optimism via governance, and represent the Synthetix ecosystem in the Optimism ecosystem as well. We are not going away, and we want to see Optimism flourish for many years to come