SNXweave Weekly Recap 128

1 month ago 25
SNXweave Weekly Recap 128

March 6, 2024

The pursuing station contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors, arsenic good arsenic the Grants Council and Ambassador Council from past week.

👉TLDR

  • Andromeda volume has picked up, but it’s not yet pushing against the constricted OI caps, truthful incentives volition beryllium added successful the coming weeks for LPs successful mentation for OI increases
  • Asymmetric backing complaint SIP is needed for the unfastened involvement caps, but SIP-354 is being sent backmost to the auditor for changes — likely 2–3 weeks away
  • L1 Perps is expected to decorativeness its 2nd audit arsenic aboriginal arsenic this week. Adam asked for clarification if the collateral would beryllium SNX oregon sUSD, spot beneath for discussion
  • SIP-362: Transaction Costs based Rewards — Perps V3 — Ecotone presentation recap
  • SIP-2057: List STX connected Synthetix Perps presentation recap
  • Synthetix listed 3 caller markets this week: PENDLE, JUP (Jupiter exchange), and CVX (Convex). STRK from StarkWare is coming aboriginal this week 🔜

Spartan Council and SIP updates

Present astatine the February 28, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, cyberduck, Jackson, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Ana, Burt, Cavalier, David, Jade, joey, KALEB, meb, Mike

Getting close into it — Andromeda measurement has picked up, but it’s not yet pushing against the constricted OI caps, truthful incentives volition beryllium added successful the coming weeks for LPs successful mentation for OI increases. SIP-354 (for the Perps V3 asymmetric backing rate) is simply a prerequisite for expanding the unfastened involvement caps, but the implementation of this SIP needs changes and is truthful being sent backmost to the auditor. It’s presently connected testnet, but with the required modifications it volition yet beryllium astir 2–3 weeks distant (and immoderate backend betterment SIPs for integrators volition besides spell retired connected this release).

Next, the connection to motorboat L1 Perps is expected to decorativeness its 2nd audit arsenic aboriginal arsenic this week. Adam asked if the collateral would beryllium SNX oregon sUSD, and Kaleb clarified that determination are 2 types of collateral being discussed: LP collateral, which volition beryllium SNX, and trader “collateral” (or margin), which volition beryllium ETH and wstETH. The c-ratio volition inactive beryllium 500% and it was explained that this volition beryllium a nonstop import of each the V2 mechanics into V3, with the objection of multicollateral perps margin, which volition mitigate the challenges of traders being incapable to get that collateral.

There were besides a mates of SIP presentations past week, truthful let’s concisely reappraisal them:

SIP-362: Transaction Costs based Rewards — Perps V3 — Ecotone

  • Presented by Kaleb, this SIP proposes putting a caller state interest logic successful place, which volition regenerate the 1 presently implemented nether SIP-356
  • The caller implementation would incorporated the indispensable changes successful transaction costs associated with Optimism’s Ecotone upgrade
  • This upgrade is captious to the relation of V3 due to the fact that it straight impacts the halfway system
  • V2 volition proceed to relation without this change, but the keeper interest volition not update truthful it yet needs this upgrade to instrumentality afloat vantage of EIP-4844
  • A halfway quality betwixt this implementation and the V2 implementation is: for V3 it volition automatically observe Ecotone activation and instantly spell into effect.

SIP-2057: List STX connected Synthetix Perps

  • This SIP proposes listing STX connected Synthetix Perps
  • STX is the autochthonal token of Stacks, which is the starring Bitcoin L2
  • Adam again raised a interest astir non-ERC Perps listings and what the program would beryllium if the token ceased to exist
  • Kaleb explained that the aforesaid protections would beryllium successful spot for this listing, including constricted OI caps and the quality to trim those caps to zero successful an emergency
  • Millie highlighted that EOS, which presents galore of the aforesaid concerns, has been listed connected Perps for a portion without immoderate issue

And speaking of caller Perps, Synthetix really listed 3 caller markets this week: PENDLE, JUP (Jupiter exchange), and CVX (Convex). And STRK from StarkWare is coming aboriginal this week! 🔜


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SIP/SCCP status tracker:

SIP-354: Perps V3 Asymmetric Funding, Status: approved

SIP-362: Transaction Costs based Rewards — Perps V3 — Ecotone, Status: ballot pending

SIP-2057: List STX connected Synthetix Perps, Status: ballot pending

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