Introduction
The Syndicate Hub is a hybrid protocol that incorporates and expands upon Redacted Cartels’ hidden hand marketplace for bribing liquidity. It aims to create an environment where users and protocols can interact indirectly, driving liquidity and routing users through IBC channels to Comdex and its applications. Syndicate intends to become a significant player in the Comdex and IBC ecosystems, potentially partnering with new projects to integrate its platform into their systems.
Features
- Syndicate Marketplace: A permissionless hub allowing buyers and sellers to exchange votes for bribes by delegating their voting power to Syndicate, which maximizes bribes on behalf of users.
- (s)Assets: The first iteration of synthetic assets representing liquid locked positions, providing liquidity options for users’ locked positions and opportunities to boost liquidity pool/vault positions through the Harbor Platform.
- DAO: The Syndicate DAO is governed by councils and leaders from the IBC and Comdex, who act as fiduciaries for users and vote in the best interest of the protocol and its investors.
Version 1.0
The expected launch of Project Syndicate V1 in Q2 2023 will build the bribe market on top of the Harbor/cSwap protocol, with voting gauges for locked Ve-Harbor and bribing cSwap pools for emissions. Features include:
- Syndicate Marketplace 1.0: Based on Redacted Cartels’ Hidden Hand, it maximizes users’ non-monetary voting power by facilitating bribery between protocol and user.
- Shadow: A Syndicate subsidiary that allows users to directly select the rewards they want from each offered bribe.
Syndicate Marketplace
The Syndicate Marketplace offers a smooth platform for maximizing returns during voting periods, enabling users and protocols to use it on a permissionless basis. They can collect bribes of their choice and post any bribe on any asset, with Syndicate voting for the highest bid.
Fee Structure
Syndicate operates with the following fee structure:
- Service fees: Syndicate charges a 0.5% fee from bribes collected, which will be removed once the 100k bribe mark is reached.
- Protocol fees: A 5% fee is taken from the bribe at the protocol end.
Ethical Concerns
While the Syndicate Hub offers the potential to revolutionize DeFi governance by incentivizing voter participation, it raises ethical concerns regarding the impact of bribes on governance processes. Users and protocols should carefully consider the implications of using the Syndicate Marketplace, balancing potential benefits against potential risks.
Future Development
As the Syndicate Hub continues to evolve and grow, it has the potential to significantly impact the DeFi space, providing a comprehensive infrastructure for governance and incentivizing voter participation. With ongoing development and collaboration with other projects, the Syndicate Hub aims to reshape the landscape of decentralized finance.
