Synth is a decentralized, community-oriented yield farmer. Users can deposit tokens into the Synth Vault smart contract which will be used to contribute to the Synth community funds. The community, made up of the depositors, will regularly decide on the best yield farms to stake the Synth community funds. User voting power will be proportional to the amount of funds the user has deposited to the Synth community funds. The interest earned from the yield farms will be distributed into the users' account balance. Users will be able to withdraw tokens from their vault accounts at anytime.
The Synth Vault smart contract is where users can deposit to, withdraw from, and view their account balance. There will be a specific list of tokens that are allowed to be deposited into the vault that will be determined by the farms Synth is able to interact with at the moment.
Interest will be regularly distributed to all of the account balances in the Synth Vault. The amount of interest distributed into a specific account will be determined by the amount of tokens held in the vault for the complete interest period and the type of account the user has. Along with all interest distributions, users will also be airdropped Synth tokens, which represent voting power on all community farming decisions.
There will be two types of accounts on the Synth Vault. There will be non-leverage and leverage accounts.
The community of Synth users will be able to propose and vote on which yield farms to create positions on with the community fund.
Proposals can only be made by Synth users and cost a certain amount of Synth tokens to publish. Proposals will be represented on-chain by an NFT holds all of the proposal data such as the proposed farm, percentage of community fund to use, expected return for the community, etc. The proposal NFT will also keep track of all the votes, as well as whether or not the proprosal has been accepted or declined by the community at the end of the voting period.
Publishers of accepted proposals will be given an extra portion of the interest earned from the proposed yield as a reward for aiming the community towards a great farm.
All users can use their Synth tokens to vote on existing proposals. Besides accepting and declining proposals, users can also use their Synth tokens to publish a counter proposal that contains slight differences from the parent proposal such as changing the proposed percentage of community fund to use.
As the community grows, the Synth developing team will be working to increase the amount of farms that the community has access to and developing cross chain functionality for Synth.