April 10, 2024
The next put up incorporates a recap of stories, tasks, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
- V3 LP app is now public and stay on Base!
- Andromeda: Presently ~ $20 million in each day perps quantity, over $400 million in cumulative quantity, and over $10 million in LP-backed collateral. OI caps are being raised now.
- Migration of L1 SNX to V3 utilizing the V3 legacy market is predicted to be prepared this month
- L1 Perps third audit is underway and anticipated to be full this month
- Synthetix deployment to Arbitrum has been deployed and has preliminary deposits
- UX problem when bridging to Optimism dialogue, see beneath for particulars
- SIP-371: Add sUSDe LP collateral help to Synthetix V3 on Arbitrum presentation recap
Spartan Council and SIP updates
Current on the April 3, 2024 Spartan Council Weekly Mission Sync:
Spartan Council: Adam, bilby, cyberduck, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, Cavalier, David, Jade, jz, KALEB, Matt, meb, Mike, noah, Steve, troy
First, in thrilling information, the V3 LP app is now public and stay on Base! Customers can now take part as liquidity suppliers by supplying USDC collateral to the Spartan Council Pool. In return, you’ll earn a share of Perps buying and selling charges and be eligible for USDC LP incentives supplied by the Synthetix Treasury Council. As liquidity grows, Synthetix V3 on Base will have the ability to help elevated open curiosity (OI) and introduce new markets.
To get began as an LP and be taught extra concerning the incentive packages, comply with the directions in this weblog.
Whereas we’re on the subject of Andromeda, let’s do a fast replace on the scaling of markets on Base. There’s about $20 million in each day perps quantity, over $400 million in cumulative quantity, and over $10 million in LP-backed collateral. Now that LP-backed collateral has surpassed $5 million, the OI caps are being raised.
And since growing the OI caps is a prerequisite for brand spanking new market listings already authorized by governance, these can now transfer ahead. That is excellent timing to seize the latest exercise surge on Base (TVL has practically doubled over the previous month with constant each day quantity over $500 million).
Subsequent, the migration of L1 SNX to V3 utilizing the V3 legacy market is predicted to be prepared this month. The UI is being ready for this SIP, and fork assessments are being simulated for the migration. This can mark a serious milestone, as it will give giant L1 stakers the power to seamlessly migrate to V3. That is additionally a pre-requisite for scaling L1 Perps.
And talking of L1 Perps, the third audit is underway and anticipated to be full this month. The Synthetix deployment to Arbitrum has additionally been deployed and has preliminary deposits.
The SC additionally mentioned totally on-chain governance final week. SIP-360, for the modular cross-chain election system, and SIP-341, so as to add a configure handle to execute SCCPs, are each able to be introduced. Any group suggestions is welcomed forward of those shows.
In different dialogue, Millie introduced up a bridging problem that a number of group members have delivered to his consideration. There’s at the moment a UX problem when bridging to Optimism the place the estimated fuel is far increased than it ought to be. When Optimism upgraded to Bedrock, there was a compatibility problem with the previous bridging contracts, and the non permanent answer is to show increased estimates. They’re at the moment engaged on it, however the precise fuel finally ends up being about 10x decrease than the estimate.
Lastly, SIP-371 was introduced final week. So let’s briefly evaluation that:
SIP-371: Add sUSDe LP collateral help to Synthetix V3 on Arbitrum
- Introduced by Afif, this SIP proposes including Ethena’s sUSDe as LP collateral to Synthetix V3 on Arbitrum
- The Arbitrum deployment continues to be paused, however this SIP is looking for pre-approval so as to add the asset as an LP collateral as soon as all the different governance processes approve the launch
- This addition will assist scale the Arbitrum deployment by bringing liquidity to Arbitrum quicker
- The proposal specifies a $50 million cap with minting at 125% c-ratio and 105% liquidation ratio
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SIP/SCCP standing tracker:
SIP-306: V3 Migration, Standing: authorized
SIP-367: Synthetix V3 Deployment to Arbitrum, Standing: authorized
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: authorized
SIP-341: Add Configurer Handle, Standing: authorized
SIP-371: Add sUSDe LP collateral help to Synthetix V3 on Arbitrum, Standing: draft
