The announcement during the July 27th/28th Governance Call that the name “Kwenta” is a candidate for the yet to be renamed synthetix.exchange has been met by some community dissent. I have created this thread as a means of seriously discussing the merits/demerits of the name, as well as to provide a forum where other possible options can be discussed along with more general opposition to the idea of renaming.
Here’s a few of the reasons that lead me to be personally opposed to the name Kwenta:
- It is not in of itself or referential of a commonly understood word in the English language. This means it conveys nothing of its use or function to the uninitiated and is likely to prompt some confusion from the vast majority people encountering it for the first time.
- The letter combination of “kw” is pretty uncommon in the English language, occurring predominantly in words that are themselves combinations of two others (walkway, backwash, etc.). The only exceptions to this that jump to mind are Kwanzaa and awkward, both of which have not particularly great connotations. This rarity strikes me more as being odd than original.
- The name Kwenta doesn’t maintain any continuity with preexisting Synthetix products. There is no reason one would intuitively associate Kwenta and Synthetix and this discontinuity could lead to confusion about their relationship.
Some more background on the process and journey with Kwenta
The aim of rebranding synthetix.exchange is to more clearly separate it from Synthetix the protocol, while also capturing a memorable and ownable name.
The protocol and exchange are conflated at times and confuse users as to what Stakers do versus what the exchange is designed for. Medium to long term they will be very different audiences.
Rebrand also leans into our approach to focus on the protocol (providing derivatives liquidity) and encouraging other teams/individuals to build interfaces for Synth exchanges, binary options etc. Kwenta will be one of many brands in the market allowing Synth exchanges
We wanted to stay away from DEX within the name as this has been overdone and is unoriginal
Brand names with two syllables have stronger recall- Binance, Kyber, Kraken, AAVE, Coinbase etc
Kwenta means 'a sum or ‘to count’ which aligns well in terms of meaning to the function of an exchange- https://en.wiktionary.org/wiki/kwenta
One of the guardians proposed the name, considering all the above elements
Brand names are very personal and ultimately come down to taste, which is why it’s difficult to have everyone agree. The above is to illustrate that lots of thought and MANY other options were considered during the process
Is the name subject to an SIP vote, if not can it be with options proposed by the community?
Seems a lot of opposition to this name in particular, haven’t heard a lot of community members, stand up and say yes to the “kwenta” .
I would like to see some other options indeed. Not opposed to Kwenta, easy to say & relativly easy to write. However would be great to have other options to vote on before desicion is made. Thanks.
Just throwing it out there: Watt & Penny (sry I suck at this yes)
I believe a rebranding to seperate the exchange from the protocol is necessary and Kwenta sounds good to me.
Perhaps we can move on to making suggestions for possible alternatives. I suggest this not to stifle discussion but because it’s happening now on Discord and also in order to spend as little time on back on forth when it might just become evident that nothing is going to satisfy everyone’s tastes any more than Kwenta.
So, with that in mind, I’m making my suggestion with the following format:
Reasoning: This name retains a reference to synths through the use of “syn” and adds a reference to liquidity through “pool.” It is also reminiscent of the word “simple” and therefore evokes a layer of simplicity on an otherwise complicated system.
Availability: I bought the domain to prevent it being sniped and am happy to turn it over for the amount paid as an SNX tip.
I’d suggest that rather than critiquing other suggestions and thereby crowding the thread, we stick to just making one or maybe two at a maximum suggestions per person and then ascertain some initial consensus through voting.
Someone mentioned synthswap in the discord. I like the simplicity of it and the fact that the product and value proposition are immediately clear. It also invokes just enough association with Uniswap so that traders pick up on the trading aspect and just enough of Synth/Synthetix so that traders pick up on the synthetic assets element.
Not saying Kwenta won’t work, but I think the community education it will require will be a constant struggle
design work is fire tho
My proposal is: Deridex
Its simple and has a ring to it. It stands for derivatives and decentralised exchange which is what synthetix exchange is all about.
“In finance, a derivative is a contract that derives its value from the performance of an underlying entity.”
I would definitely consider voting for this one
What about Quenta? For the Tolkien fans: http://tolkiengateway.net/wiki/Quenta#:~:text=quenta%20is%20a%20Quenya%20word,account%2C%20narrative%2C%20story"
Note, this was not my idea, it was one of the other guardians;) But I just can’t remember which one!!
Kwenta is a terrible name. What’s wrong with Synthetix.exchange? If we have to change it, then I’d go with Synthswap.
Please use information-rich responses in the future or your post will be deleted. Short answers with limited contribution to the conversation will be removed by a moderator.
Quenta was my original idea, but after digging a little deeper, Kwenta emerged, which looked more exotic, unique and stronger to me, although it is pronounced the same. I understand that rebranding is always tough and I’m sure community was shocked about it, especially because such an unusual name was chosen, but I still find Kwenta really cool word. In the end, Tolkien chose that word for story/tale, which he liked above anything else, and he was definitely someone who had good taste for words. Imo it looks and sounds much better than Kyber, Aave, Binance, and I don’t know what those names actually mean except they have made great products.
As for SynthSwap, I think it’s cool name for alternative uniswap like synth only exchange front end, but definitely not for the main thing where we are also going to have options, limit orders, futures and hopefully, much more currently unknown products. We just don’t know how that story would end.
I’d like to suggest running a poll here with the following options in order to assess whether reconsideration of Kwenta has sufficient community support to warrant further discussion. I think posing the following question would be suitable and seeing if it receives 30 votes in the affirmative:
Should the new name of synthetix.exchange, “Kwenta” be reconsidered?
If less than 30 votes in the negative are received in the 48 hours following its creation, I will personally move on to other things. I have chosen that number as it sets a high bar for forum registrations needed to carry it through but would not be an unattainable number when compared to governance votes on Discord.
First opposed the idea for naming it Kwenta. But after reading through the thread. And looking up it’s meaning. I support it now. I think Kwenta is a cool name for the exchange.
Agreed Kwenta didn’t hit right. A community-consulted approach would be welcomed, especially for a tool as democratic as a DEX.
I’d like to throw ‘Trantor’ into the ring. She was, after all, the centre of the universe.
Adding some suggestions that was on Discord that I liked.
Brendan suggested to call the exchange Mizu a Japanese word for water, symbolism for liquidity.