SNXweave Weekly Recap 132

2 weeks ago 41
SNXweave Weekly Recap 132

April 3, 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

  • Discussion regarding the STP to deploy Synthetix Perps connected Solana:
  • Duck questioned whether the SC should person been progressive successful the decision
  • Kain said Synthetix has benefited from the flexibility the CCs person that allows them to experimentation without a batch of bureaucracy, and that these plans are precise rarely, if ever, afloat pre-determined astatine the governance level.
  • Going forward, the CCs volition person to get a fund petition approved quarterly and the SC has eventual veto powerfulness connected immoderate CC inaugural arsenic representatives of stakers
  • SIP-369: Remove Maximum Rewards Distributors Limit presentation recap
  • SIP-2059: Legacy Spot Synth Migration presentation recap
  • SCCP-2093: Update of sETH Exchange Fees presentation recap
  • SCCP-2094: Increase wETH Wrapper maxTokenAmount presentation recap
  • SCCP-2095: Deprecate V2 Legacy Loans/Wrappers presentation recap

Spartan Council and SIP updates

Present astatine the March 27, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, Cavalier, joey, KALEB, Matt, Mike, Nikita, Steve, sunny

The Spartan Council started retired past week discussing the STP to deploy Synthetix Perps connected Solana. Duck voiced enactment for the program but questioned whether the Spartan Council, arsenic approvers of the roadmap, should person been progressive successful the decision. He praised the transparency and inaugural connected the portion of the TC but thought determination should person been immoderate alignment betwixt the SC and TC connected this peculiar strategical objective.

Kain explained that astir of R&D done astatine Synthetix to day has begun astatine the Core Contributor level with an archetypal spark to physique retired much usage cases for the protocol. Synthetix has benefited from the flexibility that a level organizational operation affords CCs by allowing the abstraction to experimentation without a batch of bureaucracy. These plans are precise rarely, if ever, afloat pre-determined astatine the governance level.

Governance simply provides the checks connected those processes: if they are financially inefficient oregon unproductive, the TC volition not money them. Going forward, the CCs volition person to get a fund petition approved quarterly and the SC has eventual veto powerfulness connected immoderate CC inaugural arsenic representatives of stakers.

Kain besides brought up the information that the TC has ever funded initiatives this mode but now, successful effect to the community, they are being much transparent astir these efforts. Duck inactive thought, fixed the $2 cardinal terms tag, that immoderate benignant of coordination betwixt the 2 Councils would person been preferred. Kain advocated for the TC to enactment with afloat discretion to enactment the protocol successful immoderate mode that they spot fit, connected behalf of the token holders.

Specifically, connected the method aspects of the STP:

  • Millie asked however the fund was determined for this project
  • Cav explained that a batch of probe and owed diligence was done to marque definite the teams were disposable to implicit this task astatine the terms elaborate successful the STP
  • Kain added that this is specifically enabled by the redesign of Synthetix (V3) and that a akin task utilizing the V2 codification basal would person been acold much expensive

Next up, determination were respective SIP presentations past week truthful let’s concisely reappraisal them:

SIP-369: Remove Maximum Rewards Distributors Limit

  • Presented by Noah, this SIP proposes removing the maximum rewards distributions bounds successful the rewards manager module, which was primitively implemented with SIP-305
  • Currently, successful effect to audit feedback, a excavation proprietor whitethorn lone registry a maximum of 10 rewards distributors per pool; this SIP would region that check
  • It is expected that this volition beryllium little indispensable successful an situation wherever Synthetix is mostly deployed connected gas-efficient blockchains
  • Pool owners volition request to instrumentality work successful not adding truthful galore distributors that it causes them to acquisition antagonistic state usage consequences

SIP-2059: Legacy Spot Synth Migration

  • This SIP was re-presented by Kaleb
  • Previously, the SIP specified the usage of a rebase mechanics to statesman the upwind down of each non sUSD synths
  • Adam had called retired immoderate issues with the connection related to the curve pools
  • The caller mentation outlines utilizing a redeemer to deprecate spot synths
  • Users would beryllium capable to entree this diagnostic erstwhile they choose, and the terms volition beryllium the Chainlink oracle terms plus a governance-determined multiplier
  • Another alteration from the erstwhile presumption is the inclusion of each debased volume, non-sUSD synths (previously it was conscionable sBTC and sETH) due to the fact that it would marque the implementation easier
  • The superior information down this SIP is to hole the skew

The adjacent 3 SCCP presentations are prerequisites for SIP-2059:

SCCP-2093: Update of sETH Exchange Fees

  • To unwind the wrappers, the Treasury Council volition person to execute a bid of transactions:

 — swap capable sUSD to sETH to unwind the sETH wrapper connected L1

 — unwrap the sETH connected L1 by burning the sETH

 — send the wETH to L2

 — wrap the wETH to mint sETH

 — swap the sETH backmost to sUSD

 — send sUSD backmost to L1 (with a 7-day delay)

  • In bid to trim the cost, and since this is an interior transaction, protocol fees volition beryllium acceptable to zero during that time

SCCP-2094: Increase wETH Wrapper maxTokenAmount

  • In bid to execute the objectives of SCCP-2093, this SCCP volition summation the wrapper capableness connected L2 from 2,000 sETH to 6,000 sETH

SCCP-2095: Deprecate V2 Legacy Loans/Wrappers

  • Lastly, this proposes deprecating loans and wrappers connected the Ethereum network
  • There are a fig of precise old, perchance abandoned loans that are precise over-collateralized and truthful incapable to beryllium liquidated (and besides costing users 30% successful involvement annually)
  • The SCCP would make a module allowing the minimum c-ratio to beryllium accrued to the constituent of liquidation
  • The ETH received from this liquidation would spell to the Treasury Council to clasp until the idiosyncratic claims the funds

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SIP/SCCP status tracker:

SIP-369: Remove Maximum Rewards Distributors Limit, Status: approved

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

SCCP-2093: Update of sETH Exchange Fees, Status: ballot pending

SCCP-2094: Increase wETH Wrapper maxTokenAmount, Status: ballot pending

SCCP-2095: Deprecate V2 Legacy Loans/Wrappers, Status: ballot pending

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