SNXweave Weekly Recap 130

1 month ago 29
SNXweave Weekly Recap 130

March 20, 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

  • SIP-364: Reconfigure Grants Council presentation recap
  • SIP-353: Improve Protocol Coordination presentation recap
  • SIP-367: Synthetix V3 Deployment to Arbitrum presentation recap
  • SIP-2059: Legacy Spot Synth Migration presentation recap
  • SIP-363: List SNX, SOL, and WIF connected Perps V3 connected Base presentation recap
  • SIP-368: Preemptive Approval for Listing W Token connected Perps V3 connected Base presentation recap
  • Grants Council update: Synthquest is moving with a dev to get last comments and issues fixed for the Watcher page. Arbitrage bot dev said the aboriginal numbers are looking truly promising for automated cex/dex arbitrage trades — they are aiming to person a draught of this implicit by the extremity of the governance epoch. A beta mentation of the presumption show was besides finished, which aims to guarantee positions won’t get adjacent liquidation.
  • Ambassador Council update: AC hosted a Spartan Space past week with Pyth, and different Ambassador Governance Update is coming soon connected Twitter.

Spartan Council and SIP updates

Present astatine the March 13, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, Cavalier, David, Jade, joey, jz, KALEB, Matt, meb, Mike, Steve, troy

Last week was a large week for SIP presentations, with 6 being presented to the Spartan Council. Let’s reappraisal each of these proposals:

SIP-364: Reconfigure Grants Council

  • Mike presented this SIP, which proposes reconfiguring the Grants Council truthful that it tin much efficiently service the contiguous and aboriginal needs of the protocol
  • The superior alteration would beryllium to destruct the Grants Council arsenic an elected assemblage and regenerate it with a azygous appointed method pb who volition onboard 2 supporting positions to marque up a 2 of 3 multisig
  • Mike’s rationale for this SIP was that the fig of inbound, high-quality assistance requests is presently insufficient to warrant a Grants Council the mode it is presently acceptable up, and that this reconfiguration would let the caller squad to instrumentality a much proactive relation successful supporting protocol needs
  • Ideally, this presumption would beryllium assigned earlier the extremity of the epoch truthful that they tin coordinate with the outgoing GC connected immoderate ongoing projects
  • Kaleb and Kain commented that the enactment process and criteria should beryllium specified successful the SIP
  • Though this presumption would beryllium taxable to reassignment each epoch, the extremity is to bring much stableness to assistance funding
  • The perfect campaigner would truthful beryllium idiosyncratic who tin instrumentality connected these duties connected a longer-term basis
  • Kaleb commented that compensation should beryllium mentioned successful the SIP arsenic well
  • Adam besides requested that the expected deliverables for this relation beryllium specified
  • After immoderate discussion, determination seemed to beryllium statement that this should beryllium a full-time position

SIP-353: Improve Protocol Coordination

  • This connection aims to amended improvement coordination wrong the Synthetix protocol, ensuring that decentralization does not pb to disorganization
  • Cav explained that this SIP would destruct the Core Contributor Committee, successful its existent configuration arsenic a typical assemblage elected by CCs, and regenerate it with a azygous presumption appointed by the SC
  • The superior nonsubjective is to amended accountability and coordination betwixt governance bodies, who volition find the roadmap (SC), allocate backing (TC), and execute the roadmap (CCs)
  • This presumption volition instrumentality implicit ownership of the protocol roadmap, nether the absorption of the SC
  • This volition apt beryllium a existent CC who is appointed by the SC, alternatively than an outer candidate
  • Duck suggested coordinating with Mike connected adding enactment process/criteria and replacement process connection to the SIP for clarity
  • The presumption would person to beryllium reconfirmed each 6 months

SIP-367: Synthetix V3 Deployment to Arbitrum

  • Building connected each of the cognition acquired from the deployment to Base, this SIP proposes to proceed expanding the chains that Synthetix is connected by deploying to Arbitrum
  • Rather than waiting to deploy to Arbitrum aft the Base deployment is scaled, this SIP would deploy V3 to Arbitrum ASAP to let for LP collateral to physique organically, and some deployments could past beryllium scaled concurrently
  • The Arbitrum deployment volition experimentation with the usage of further collateral types, including ETH, USDC, DAI, and ARB
  • Part of this effort volition see a assistance exertion to person immoderate archetypal backing from Arbitrum’s Long Term Incentives Pilot (LTIP) program
  • This funding, if awarded, would beryllium utilized to supply LP and trading incentives, arsenic good arsenic enactment the stablecoin (that LPs volition beryllium capable to mint)
  • There were immoderate questions arsenic to whether the stablecoin was indispensable and if it adds immoderate worth to the product. Most of the SC initially voiced enactment for leaving the stablecoin retired of the archetypal deployment, but agreed it mightiness beryllium invaluable to person aft immoderate travel up treatment successful discord aft the call.

SIP-2059: Legacy Spot Synth Migration

  • Presented by Kaleb, this connection volition adhd a rebasing mechanics to equilibrium the indebtedness excavation skew connected L1 and hole for the modulation of spot synths to V3
  • This would beryllium accomplished by levying a backing complaint connected spot synths that way volatile assets
  • It would incentivize holders of volatile spot synths to speech into unchangeable synths that way fiat assets, which would trim indebtedness excavation skew and supply a lever to disincentivize skew successful the future

SIP-363: List SNX, SOL, and WIF connected Perps V3 connected Base

  • This SIP, presented by Burt, proposes listing SNX, SOL, and WIF connected Perps V3 connected Base
  • SOL was chosen due to the fact that it’s the adjacent bluish spot down ETH and BTC
  • WIF was chosen arsenic the hottest caller meme coin
  • SNX was chosen due to the fact that the assemblage has expressed a batch of involvement successful an SNX perps listing, but it was ne'er imaginable successful V2 since it was backing sUSD
  • They each would incentivize users to displacement implicit to Perps V3, peculiarly to marque usage of perp assets not listed connected V2 (SNX and WIF)

SIP-368: Preemptive Approval for Listing W Token connected Perps V3 connected Base

  • Lastly, this SIP seeks preemptive support to database the W token (native token of Wormhole) erstwhile it launches and has Perps listings disposable connected centralized exchanges
  • This token is expected to person monolithic involvement astatine motorboat and by authorizing the listing up of the existent launch, the protocol would beryllium successful a amended presumption to seizure much of the archetypal volume
  • The W token is expected to motorboat by the extremity of March
  • Adam asked Burt to adhd connection specifying that the configuration SCCP beryllium conditional connected the token already being traded

Grants Council

In Grants Council updates, synthquest is moving with a dev to get immoderate last comments and issues fixed for the Watcher page. The different dev who is moving connected the arbitrage bot besides gave the GC an update, saying that the aboriginal numbers are looking truly promising for automated cex/dex arbitrage trades. They are aiming to person a draught of this implicit by the extremity of the governance epoch. Currently, the bot tin unfastened positions connected cex/dex and tally done a batch of checks to guarantee that these are opened correctly. A beta mentation of the presumption show was besides finished, which aims to guarantee positions won’t get adjacent liquidation.

Ambassador Council

Present astatine the March 12, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

And lastly, for a speedy Ambassador update, the squad hosted a Spartan Space past week with Pyth. Click here for a signaling of the call! And beryllium connected the lookout connected Twitter for the Ambassadors’ upcoming Governance update tweet.


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SIP/SCCP status tracker:

SIP-364: Reconfigure Grants Council, Status: draft

SIP-353: Improve Protocol Coordination, Status: draft

SIP-367: Synthetix V3 Deployment to Arbitrum, Status: draft

SIP-2059: Legacy Spot Synth Migration, Status: draft

SIP-363: List SNX, SOL, and WIF connected Perps V3 connected Base, Status: draft

SIP-368: Preemptive Approval for Listing W Token connected Perps V3 connected Base, Status: draft

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