June 5, 2024
The next submit comprises a recap of reports, initiatives, and vital updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.
👉TLDR
- Base replace: Presently ~$25 million in every day perps quantity and $1.45 billion in cumulative quantity. The BTC and ETH OI caps stay at $15 million, with 61,000 SNX in cumulative burn. Kwenta has built-in Perps buying and selling on Base right into a single entrance finish, the place customers have the choice to commerce on Base or Optimism.
- Migration from L1 SNX to V3: The Synthetix Treasury is anticipated to start migrating within the coming weeks as soon as the Legacy market is launched and the interface is out there. Synth deprecation has reached a gentle state, with almost 50% of the synths excellent having been redeemed thus far.
- Launch and scale of L1 Perps: On testnet, and the CCs are at present processing audit suggestions. Documentation is being despatched to potential integrators, and the collateral help might be in place to launch L1 Perps together with the Treasury’s plans emigrate this week.
- Launch and scale on Arbitrum: The LP deposits and incentives are starting this week.
- SIP to deliver elections on chain: The testing section for the implementation is beginning this week, the place the CCs are engaged on crosschain messages utilizing Wormhole. The elections for the following epoch will use V3 voting energy because of SIP-360.
- Payment Rebate Program: ICYMI — 500,000 SNX has been allotted in complete, with as much as 50,000 SNX out there weekly. The primary epoch has concluded and rewards have been distributed for Synthetix Perps merchants on Base!
- SIP-385: Arbitrum perps V3 charge mannequin presentation recap (see under)
- SIP-386: Deliver perps V3 markets to parity with perps V2 presentation recap (see under)
Spartan Council and SIP updates
Current on the Might 22, 2024 Spartan Council Weekly Mission Sync:
Spartan Council: Cavalier, cyberduck, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalists
Core Contributors: Ana, Kaleb, jz, Matt, meb, Steve, troy
To start out with a Base replace, there’s at present about $25 million in every day perps quantity and $1.45 billion in cumulative quantity. Kwenta has now built-in Perps buying and selling on Base right into a single entrance finish, the place customers have the choice to commerce on Base or Optimism utilizing the acquainted Kwenta UI. The BTC and ETH OI caps stay at $15 million, with 61,000 SNX in cumulative burn.
For the migration from L1 SNX to V3, the Synthetix Treasury is anticipated to start migrating within the coming weeks as soon as the Legacy market is launched and the interface is out there. Additionally, synth deprecation has reached a gentle state, with almost 50% of the synths excellent having been redeemed thus far.
The launch and scale of L1 Perps is on testnet, and the CCs are at present processing audit suggestions. Documentation is being despatched to potential integrators, and the collateral help might be in place to launch L1 Perps together with the Treasury’s plans emigrate this week.
As for the launch and scale on Arbitrum, the LP deposits and incentives are starting this week.
Subsequent, the testing section for the implementation of the SIP to deliver governance on chain is beginning this week, the place the CCs are engaged on crosschain messages utilizing Wormhole. The elections for the following epoch will use V3 voting energy because of SIP-360.
And ICYMI, Synthetix is working a Payment Rebate Program, with 500,000 SNX allotted in complete and as much as 50,000 SNX out there weekly. The primary epoch has concluded and rewards have been distributed for Synthetix Perps merchants on Base! So any merchants who used Kwenta to commerce Synthetix Perps on Base between Might twenty second and Might twenty ninth have already obtained their share of roughly 22,000 SNX in buying and selling charge rebates. Epoch 2 for this program has already begun — so you should definitely commerce Synthetix Perps on Base to obtain rebates equal to 90% of buying and selling charges.
There have been additionally a few SIP shows final week, so let’s briefly go over them:
SIP-385: Arbitrum perps V3 charge mannequin
- Introduced by cyberduck, this SIP introduces a fee-sharing mechanism for Perps V3 deployment on Arbitrum, the place liquidity suppliers earn 40%, the protocol’s treasury earns 40%, and integrators earn 20% of the bottom charge in Synthetix’s native Arbitrum stablecoin
- This is identical charge sharing proposal that’s at present energetic on Base
- The proposal suggests bridging the charges earmarked for burning to the contract that already exists on Base
- Millie instructed establishing the identical burn contract that exists on Base on Arbitrum as properly
- The first profit with this method is that it might help promote aspect liquidity on Arbitrum
- Cav voiced help for this method despite the fact that it might require a bit extra upfront admin
- Kaleb requested that the precise tackle be added to the SIP for readability
SIP-386: Deliver perps V3 markets to parity with perps V2
- Introduced by Millie, this SIP proposes including all the markets at present on V2, however not out there on Base, to Perps V3 on Base
- This is able to not embrace the choose markets already within the means of being wound down
Each of those SIPs are nonetheless in draft.
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SIP/SCCP standing tracker:
SIP-306: V3 Migration, Standing: authorised
SIP-367: Synthetix V3 Deployment to Arbitrum, Standing: authorised
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: authorised
SIP-385: Arbitrum perps V3 charge mannequin, Standing: draft
SIP-386: Deliver perps V3 markets to parity with perps V2, Standing: draft
