Friday, April 12, 2024

SNXweave Weekly Recap 114

November 8, 2023

The next publish accommodates a recap of reports, tasks, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.

👉TLDR

  • The SCCP for the Andromeda configuration is in draft — presently specifies no issuance and 125% liquidation ratio
  • SC & CCs mentioned SIP-345 (buyback and burn SNX on Base) — mechanism is a dutch public sale, however an alternative choice is an easy contract that holds USDC and could be referred to as by a keeper to execute market (Cavalier shall be updating the SIP to replicate this)
  • Millie voiced opinions in regards to the dutch public sale mechanism vs. a contract
  • Testnet buying and selling competitors: enhancements that got here from the buying and selling comp have all been recognized. Sunny is updating the SIP with the modifications to be introduced once more subsequent week.
  • Grants Council replace: GC is discussing grant for a “Treasury Transaction blocking governance module” & have organized a “Maya Discord Ticketing System Demo” for CC Matt (who shall be drawing up necessities for the trial interval that the GC will fund). Crew is assembly with the creator of Cryptofees, Notifi is up and working, and the NFTs are being processed to the testnet buying and selling comp winners.

Spartan Council and SIP updates

Current on the November 1, 2023 Spartan Council Weekly Challenge Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie
Core Contributors: Afif, Cavalier, joey, jz, KALEB, Leo, Matt, meb, troy

We’ve obtained a fast replace for you guys this week — the SCCP for the Andromeda configuration is presently in draft, and there was some dialogue final week round getting USDC to Base. Proper now, there’s loads of ETH on Base, however not as a lot USDC. Luckily, Circle affords low-cost bridging by means of CCTP.

The draft SCCP configuration specifies no issuance and 125% liquidation ratio. Duck questioned whether or not this was satisfactory, and Cavalier stated there is no such thing as a borrowing towards USDC, so the one method to get liquidated is that if the debt-pool is constantly shedding towards merchants. Kain recommended a SIP explaining all of those particulars because it’s totally different from what we now have in V2.

Duck questioned whether or not this was satisfactory, and Cavalier stated there is no such thing as a borrowing towards USDC, so the one method to get liquidated is that if the debt-pool is constantly shedding towards merchants. Kain recommended a SIP explaining all of those particulars because it’s totally different from what we now have in V2.

The Council additionally mentioned SIP-345 (buyback and burn SNX on Base), the place the mechanism specified within the proposal is a dutch public sale. An alternative choice is an easy contract that holds USDC and could be referred to as by a keeper to execute market purchases (to keep away from a sophisticated growth) — Cavalier shall be updating the SIP to replicate this.

Millie added {that a} dutch public sale would carry SNX liquidity to Base, whereas a contract to market purchase SNX might not (with no different incentive for SNX to be on Base to start with). He additionally stated there could be some extra out-of-the-box dutch public sale choices that different protocols have used up to now which will work for this objective. Matt chimed in saying that the aerodrome obtained from the Velodrome airdrop shall be used to direct emissions to a Base pool, so there must be sufficient liquidity to accommodate what shall be comparatively small buys. This SIP is being introduced at this time.

As a markets replace, the enhancements that got here from the testnet buying and selling competitors have all been recognized. Sunny continues to be within the means of updating the SIP with the modifications to be introduced once more subsequent week. Millie additionally requested how buying and selling would work on Base. All the stablecoin pairs could be USDC (quite than sUSD), and merchants would carry USDC to Base, then wrap it to commerce on Perps V3. Earnings shall be paid out in USDC as effectively.

Grants Council

Current on the November 2, 2023 Grants Council assembly:
Grants Crew: CT, MoneyManDoug

In Grants Council updates, CT has organized a briefing session for a Grant software that proposes a “Treasury Transaction blocking governance module.” He has additionally organized a “Maya Discord Ticketing System Demo” for CC Matt, who shall be drawing up necessities for the trial interval that the GC will fund.

The crew can also be assembly with the creator of Cryptofees to see whether it is viable for the Grants Council to take over funding the upkeep and development of the positioning, with a concentrate on selling Synthetix. There may be nonetheless some dialogue happening right here, nevertheless it looks as if the associated fee could be too excessive compared to the ROI.

Lastly, don’t neglect to take a look at Notifi, the Grants Council’s latest sponsorship that permits you to obtain instantaneous alerts about your staking positions, protocol updates, and different important reminders. And when you participated within the testnet buying and selling competitors and made it on the leaderboard, the GC is processing the NFT winners now!


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SIP/SCCP standing tracker:

SIP-345: Buyback and burn SNX on Base, Standing: draft

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