SNXweave Weekly Recap 131

1 month ago 45

March 27, 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

SNX migration plan:
The V2X information has been audited and released connected L1 and the V3 information was audited arsenic well
This is successful its investigating phase; the adjacent measurement is to merchandise the V3 upgrade connected L1
How it volition work:
Upon migration, the bequest marketplace declaration volition contented a V3 relationship with the users’ migrated indebtedness shares and collateral, which volition see their locked vesting entries (similar to L1 to L2 indebtedness migration connected V2X).
Accounts beneath the destination, V3, liquidation ratio would beryllium liquidated during the migrations and socialized amongst V3 accounts.
Users with V2X sUSD volition besides beryllium capable to pain and mint V3 sUSD, and L1 and L2 indebtedness pools connected V3 are autarkic truthful they volition not interaction V2X indebtedness oracle reporting.
SIP-2058: List Axelar Token (AXL) connected Synthetix Perps presentation recap
Ambassador Council updates:
Most caller Ambassador governance update posted connected Twitter
Results from Round 1 of Optimism Grants Cycle 19 are successful the update. See notable winners from the Synthetix Ecosystem below
Current Optimism Grants deadline is today
Pyth Spartan Space notes below

Spartan Council and SIP updates

Present astatine the March 20, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Ana, Burt, Cavalier, Jade, jz, KALEB, Matt, meb, Mike, Nikita, Steve, troy

First let’s sermon the SNX migration plan — the V2X information has been audited and released connected L1 and the V3 information was audited arsenic well. This is presently successful the adust tally deployment and investigating phase, and the adjacent measurement is to merchandise the V3 upgrade connected L1. At this point, the migration model volition beryllium afloat functional and users tin statesman voluntarily migrating — this volition beryllium one-click for users. At immoderate aboriginal governance-determined date, determination volition beryllium a forced migration to V3.

ML_sudo asked if determination person been immoderate forced migrations successful the past. Kaleb responded saying determination whitethorn person been 1 smaller migration owed to a bug successful the aboriginal indebtedness products. He went connected to adhd that, successful this case, it is much of an exigency measurement for accounts with mislaid keys, etc. Cav added that erstwhile the voluntary migration signifier is reached, each of the incentives volition beryllium directing users towards that precise elemental (one-click) migration process.

Now let’s get into however this volition work! Upon migration, the bequest marketplace declaration volition contented a V3 relationship with the users’ migrated indebtedness shares and collateral, which volition see their locked vesting entries (similar to L1 to L2 indebtedness migration connected V2X).

Accounts beneath the destination, V3, liquidation ratio would beryllium liquidated during the migrations and socialized amongst V3 accounts. Duck asked if this meant that anyone who had not yet migrated to V3 would beryllium ineligible to person liquidation rewards. Meb clarified that yes, unless you person already migrated to V3 you volition not person those rewards. Currently, nary users are astatine hazard of being liquidated during migration, truthful this shouldn’t beryllium a immense concern.

Users with V2X sUSD volition besides beryllium capable to pain and mint V3 sUSD, and L1 and L2 indebtedness pools connected V3 are autarkic truthful they volition not interaction V2X indebtedness oracle reporting. V2X wrappers, loans, and spot synths volition besides stay connected V2 for now, and determination volition beryllium a abstracted migration program for these products later.

There was besides 1 SIP presumption past week, to database Axelar connected Synthetix Perps, truthful let’s reappraisal that:

SIP-2058: List Axelar Token (AXL) connected Synthetix Perps

This SIP was presented by Jason from Axelar, who explained that this is 1 of the starring interoperability solutions known for being afloat decentralized
AXL was precocious listed connected Binance spot and Futures markets and has regularly generated $100 cardinal successful regular volume
It was besides listed connected dYdX successful the past mates of weeks, and is successful the process of being listed connected Hyperliquid
The connection was written for listing connected Optimism, but Burt and Duck recommended listing connected V3 (Base)

Ambassador Council

Present astatine the March 19, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

In Ambassador Council updates, the squad released their astir caller Ambassador governance update connected Twitter! The Tweet has a link to Optimism’s governance calendar, arsenic good arsenic results from the astir caller connection votes wherever the Ambassadors performed their OP Token House duties:

They besides shared resources for however to apply for an Optimism Grant — the existent deadline for submissions is today, March 27th, astatine 7pm GMT! And connected the enactment of Optimism Grants, the results from Round 1 of Cycle 19 tin beryllium recovered successful the update. Some notable winners from the Synthetix Ecosystem include:

1. Synthetix for a Mission Request for Best successful Class Perps DEX: This assistance volition enactment the gathering of an orderbook Perps DEX connected Synthetix Perps, featuring an precocious orderbook, aggregate bid types (e.g., instrumentality profit, halt loss), an open-source relayer, and the infrastructure to enforce these trading rules

2. Thales for a Growth Grant

3. Synthetix for a Growth Grant: Boost sUSD liquidity and enactment Perps trading competitions

4. ERC-7412 Tooling + Education for a Builders Grant

There’s adjacent much contented successful the governance tweet, truthful beryllium definite to cheque it retired connected Twitter!

The Ambassadors besides released notes from their Spartan Space with Pyth, with a TLDR of:

Jayant from Douro Labs discussed Pyth Network arsenic an oracle supplier with high-frequency, low-latency oracles
Pyth provides marketplace information from 1st enactment information providers and operates crossed 50+ blockchains, updating each 400mm
It uses a pull-based exemplary for reduced latency and enhanced security, with implicit 100 high-quality information providers to guarantee robust and close data
Pyth’s governance exemplary is inspired by Synthetix, with typical councils (Pythian and Price Feed) that absorption connected assemblage engagement and semipermanent sustainability
Synthetix Perps V2, powered by Pyth low-latency oracles, has driven implicit $50 cardinal successful trading volume