SNXweave Weekly Recap 127

2 months ago 36

February 28, 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

V3 is inactive successful its “soft launch” signifier investigating retired constricted OI caps
Asymmetric backing complaint SIP is successful the process of being deployed to testnet for integrators. Expected to beryllium connected Mainnet successful the adjacent 2-3 weeks, and Kwenta is apt to motorboat the nationalist alpha earlier this diagnostic is afloat integrated
Multi-collateral liquidations: nether improvement and being prepared for audit
Improved lawsuit room for ERC-7412: aiming to streamline improvement for integrators
React hooks library: being worked connected to enactment integrators with a absorption connected being capable to easy make caller LP apps for liquidity providers
Reference app for LPs: this volition beryllium for Andromeda connected Base arsenic good arsenic ETH/OP mainnets, and apt L1 Perps
L1 SNX to V3 Migration: CCs are processing audit feedback and conducting tests to let SNX stakers connected V2X to seamlessly migrate their positions to the V3 strategy truthful they tin backmost L1 Perps and V2 synths/perps
Spartan Council treatment astir launching connected Arbitrum: they signaled a mostly neutral stance
Fully on-chain governance: SIP-360 draught is acceptable for a presumption and whitethorn beryllium acceptable for implementation by the extremity of the next
SIP-2055: Dynamic Gas Fee Module – Ecotone presentation recap
SIP-2056: List STRK connected SNX Perps V2 presentation recap
Grants Council update: ongoing initiatives see ARB bot, integrator interest exemplary (grant petition was conscionable precocious approved), bot maintenance, and QA/QC connected ongoing watcher improvements.
Ambassador Council update: squad has been going implicit the submitted OP grants and providing feedback, and had a Spartan Space past week with Polynomial.

Spartan Council and SIP updates

Present astatine the February 14, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, David, Jade, joey, jz, KALEB, Mati, meb, Mike, Nikita, troy

Starting with Andromeda, V3 is inactive successful its “soft launch” signifier investigating retired constricted OI caps and determination haven’t been immoderate large selling pushes to get users to V3. Burt is looking for much marketplace availability earlier they statesman actively pushing much users towards the caller system. Currently, successful its throttled phase, V3 is conscionable little appealing from a trader’s position than V2, truthful determination isn’t truly a compelling crushed for traders to enactment connected V3 (though determination are immoderate traders actively investigating the strategy and reporting bugs). There was, however, immoderate enactment to database an SNX perp arsenic an archetypal breathtaking offering to get traders to commencement utilizing the V3 markets.

As for the asymmetric funding rate, the squad is presently successful the process of deploying this SIP to testnet for integrators. This is expected to beryllium connected Mainnet successful the adjacent 2-3 weeks, and Kwenta is apt to motorboat the nationalist alpha earlier this diagnostic is afloat integrated.

Other initiatives that are presently successful advancement for the CCs are:

Multi-collateral liquidations: nether improvement and being prepared for audit
Improved lawsuit room for ERC-7412: aiming to streamline improvement for integrators
React hooks library: being worked connected to enactment integrators with a absorption connected being capable to easy make caller LP apps for liquidity providers
Reference app for LPs: this volition beryllium for Andromeda connected Base arsenic good arsenic ETH/OP mainnets, and apt L1 Perps

Next, for the SIP to migrate L1 SNX to V3 utilizing the V3 legacy market, the CCs are processing audit feedback and conducting further tests to let SNX stakers connected V2X to seamlessly migrate their positions to the V3 strategy specified that they tin backmost L1 Perps and V2 synths/perps. The main operator down this is to beryllium capable to person disposable collateral to backmost L1 Perps. The bequest marketplace should beryllium acceptable to beryllium deployed to V2X wrong a week, past to V3 a mates weeks aft that, pending audit feedback.

The Spartan Council besides discussed launching connected a caller chain, wherever they signaled a mostly neutral stance for deploying to Arbitrum. Meb explained that it’s not arsenic overmuch of a method hurdle successful V3, though it would inactive concisely strain developer resources during the investigating phase. From an integrator perspective, Polynomial and Rage commercialized person expressed involvement successful the deployment, but Burt mentioned that from Kwenta’s position they haven’t truly fleshed retired however they would work a 2nd V3 deployment. Millie added that the merchandise should beryllium acceptable to rapidly standard earlier it’s deployed to Arbitrum.

Lastly earlier the SIP presentations, determination was immoderate treatment again regarding afloat on-chain governance. The main connection for this, SIP-360, is acceptable for a presumption and whitethorn beryllium acceptable for implementation by the extremity of the adjacent epoch (the existent absorption remains connected scaling Andromeda connected Base). SIP-341 volition past adhd code permissions lone to execute SCCPs for the archetypal integration with the predetermination system. Then determination volition beryllium a 3rd SIP, that has not been assigned a fig yet, for a Safe module that integrates elections strategy NFTs, for usage with a ‘configurer’ Safe.

Next up are the SIP presentations from past week, truthful let’s concisely reappraisal those:

SIP-2055: Dynamic Gas Fee Module — Ecotone

Presented by Kaleb, this SIP proposes putting successful spot a caller dynamic state interest module to regenerate the 1 presently implemented nether SIP-2013
Ecotone is an Optimism upgrade that volition spell unrecorded connected March 14th to instrumentality EIP-4844 and is expected to importantly trim fees
The main information present is to proceed to incentivize the decentralized assemblage keepers to execute perps V2 colony & liquidation transactions by covering the outgo of execution
Settlement state prices for Synthetix users are expected to driblet astir 50% yet arsenic a effect of this upgrade
This SIP volition update V2X to bespeak this alteration and determination volition beryllium different SIP for V3

SIP-2056: List STRK connected SNX Perps V2

This SIP proposes listing Starknet to Perps V2
Starknet is astatine the halfway of the zk rollup communicative that utilizes STARKs to guarantee computational integrity, aiding successful overcoming Ethereum’s scaling limitations
Burt explained that the airdrop happened connected February 20th truthful determination is expected to beryllium a batch of trading interest, and the lone different Perps offering for STRK perps is connected AEVO which is lone offering 2x leverage

Grants Council

Present astatine the February 15, 2024 Grants Council meeting:
Grants Team: ALEXANDER, es MC, Mike, MoneyManDoug, Synthquest

In Grants Council updates, the team’s astir caller gathering revolved astir their existent ongoing projects, including: the ARB bot, integrator interest model, bot maintenance, and QA/QC connected ongoing watcher improvements.

As a refresher for the ARB bot initiative, the GC is backing an enlargement connected the existing Synthetix V3 SDK, which volition see a template CEX/DEX arbitrage bot. They recognized a increasing request for arbs connected V3 and are excited to physique elemental tooling that allows anyone to acceptable up an arbitrage bot by moving a fewer lines of code.

And, successful breathtaking news, the integrator interest exemplary task was conscionable precocious approved by them! You tin work the assistance here.

Ambassador Council

Present astatine the February 20, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, successful Ambassador updates, the Council has been focused connected their Optimism responsibilities, dutifully going implicit the OP grants and providing feedback for those who submitted a grant. They besides prepared for their Spartan Space past week with Polynomial, wherever Mastermojo and Westie hosted.