Synthetix agrees to add an asset offering blockchain links to Tesla Shares

Synthetix’s new governance proposal has been successfully adopted, with the same approval for the development of sTSLA – a synthetic asset that will provide on-chain exposure to Tesla’s shares. The proposal to incorporate STSLA, or SIP110, was put into motion on 10 February and the proposal was successfully adopted by the Spartan Council of Synthetix after a unanimous vote.

The Spartan Council is a delegated management board of the Synthetix Protocol composed of eight members who vote on behalf of the group.

On the Discord Channel protocol, Synthetix Creator Kain Warwick announced that, in the light of the unanimous vote, the Council directed the pDAO to introduce this change in the first available window. In fact, this could have been released as early as today, with Warwick going on to say,

“The pDAO has confirmed that as this release requires no downtime this will be implemented today.”

Warwick also told the group that further information will be made available as soon as the release is being coordinated.

Synthetix uses Chainlink’s decentralised price feed to monitor the price of $TSLA/USD. Chainlink’s TSLA/USD price feeds went live on the Ethereum mainnet on 9 February.

Chainlink reportedly developed this price feed as a direct result of user demand from Synthetix. However, the same feeds can be used by other DeFi protocols that can also be used for this purpose.

For example, Mirror Protocol recently launched its own synthetic version of Tesla called mTSLA. MTSLA was provided via the ‘Original Twitter Offering’ (ITO) through the Twitter Mask Network. Unlike sTSLA, mTSLA uses Band Protocol as its oracle solution for its TSLA/USD price feeds.

This synthetic asset is expected to see some momentum in the days following Tesla’s recent $1.5 billion purchase of Bitcoin. This was a feeling shared by many in the community, with one user going to say,

“I think this is a lot bigger than people immediately think it is.”

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