Synthetix 将收购 Kwenta，扭转 2020 年的分离局面

专门从事衍生品的去中心化金融 (DeFi) 协议 Synthetix 宣布计划收购 Kwenta，这是一家于 2020 年从其生态系统中分离出来的交易所。

Decentralized finance (DeFi) derivatives protocol Synthetix has proposed to acquire Kwenta, a decentralized exchange (DEX) that was spun off from the SNX ecosystem in 2020.

去中心化金融（DeFi）衍生品协议 Synthetix 提议收购 Kwenta，这是一家于 2020 年从 SNX 生态系统中剥离出来的去中心化交易所（DEX）。

The acquisition proposal was posted on October 29 on the governance forums of both organizations. If approved, the deal would see Kwenta fully integrated back into the Synthetix platform.

收购提案于 10 月 29 日发布在两个组织的治理论坛上。如果获得批准，该交易将使 Kwenta 完全整合回 Synthetix 平台。

The proposal outlines a plan for Synthetix to acquire the entire circulating supply of Kwenta, which amounts to 532,375 KWENTA tokens. In exchange, Synthetix would issue 9.05 million new SNX tokens specifically for this purpose.

该提案概述了 Synthetix 收购 Kwenta 全部流通供应量的计划，即 532,375 个 KWENTA 代币。作为交换，Synthetix 将专门为此目的发行 905 万个新的 SNX 代币。

The token swap would be valued at around $13.2 million and would result in a 2.8% inflation of the SNX supply. Each KWENTA token would be exchanged for 17 SNX tokens, a 19% discount compared to the 30-day average price between the two cryptocurrencies.

代币互换价值约为 1320 万美元，将导致 SNX 供应量上涨 2.8%。每个 KWENTA 代币可兑换 17 个 SNX 代币，与两种加密货币的 30 天平均价格相比，折扣 19%。

The difference in valuation is due to the disparity in trading volumes — SNX reports a daily trading volume of $20 million on major centralized exchanges, while Kwenta barely reaches $100,000, making it less liquid and offering fewer opportunities for its holders to sell their holdings.

估值差异是由于交易量的差异造成的——SNX 报告称，主要中心化交易所的每日交易量为 2000 万美元，而 Kwenta 几乎达到 10 万美元，这使得其流动性较差，为其持有者提供出售所持股份的机会也较少。

Among the operational changes, Kwenta’s treasury would be integrated into SNX’s, and Kwenta’s governance structure would be dissolved, transferring control to SNX’s Governance Council, known as the Spartan Council.

在运营变化中，Kwenta 的财务部门将并入 SNX 的财务部门，并且 Kwenta 的治理结构将被解散，将控制权移交给 SNX 的治理委员会（称为斯巴达委员会）。

For KWENTA token holders, the acquisition would offer them the возможность to exchange their assets for SNX contracts through a token migration contract. The migration would include a three-month lock-up period followed by a nine-month linear vesting schedule. The migration is intended to help provide greater liquidity to KWENTA holders, who have encountered difficulties attempting to convert their assets without taking substantial losses.

对于 KWENTA 代币持有者来说，此次收购将为他们提供 возможность，通过代币迁移合约将其资产交换为 SNX 合约。迁移将包括三个月的锁定期，随后是九个月的线性兑现时间表。此次迁移旨在帮助为 KWENTA 持有者提供更大的流动性，他们在尝试转换资产而不遭受重大损失时遇到了困难。

The protocol has acknowledged that Kwenta’s spinoff in 2020 was a strategic mistake that distanced the protocol from its user base and created an unsustainable economic model for front-ends. By reintegrating Kwenta, SNX aims to regain direct contact with its users, enabling it to improve its perpetual trading engine and develop more competitive and sophisticated derivative products.

该协议承认，Kwenta 在 2020 年的分拆是一个战略错误，导致该协议与其用户群疏远，并为前端创建了不可持续的经济模式。通过重新整合Kwenta，SNX旨在重新获得与用户的直接联系，使其能够改进其永续交易引擎并开发更具竞争力和更复杂的衍生产品。