Saturday, June 22, 2024

SNXweave Weekly Recap 115

November 15, 2023

The next put up accommodates a recap of stories, initiatives, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.

👉TLDR

  • SIP to deploy V3 on Base is near a Goerli testnet deployment
  • SIP to allow USDC for Andromeda on Base is in draft
  • Buyback and burn proposal dialogue between SC and CCs
  • Audits for 2 key Perps V3 updates are at present in progress, and audit suggestions for L1 Perps is being carried out (SIP coming quickly)
  • Descoped V3 options: Cross-margin might be reside at launch, however multi-collateral portfolio margin won’t be accessible (work continues to be in progress to supply help for extra unstable property — anticipated inside a month). The entire different main options promised in V3 might be going reside with the primary V3 launch.
  • Ahead-looking partnerships and ecosystem alignment dialogue between SC and CCs
  • SIP-345: SNX Buyback and Burn presentation recap
  • SIP-346: Perps V3 Integrator Incentive presentation recap
  • SIP-2035: Listing TIA on Synthetix Perps presentation recap
  • SIP-2039: Listing MEME on Synthetix Perps presentation recap
  • SIP-2040: Listing ANKR, FET, GRT on Synthetix Perps presentation recap
  • Grants Council replace: new bot operating in Discord (ETH / BTC Ratio), GC is proposing a retroactive grant for the Telegram Bot developer, Watcher web page now contains favorites and group is discussing further thrilling social/person options so as to add to the positioning.

Spartan Council and SIP updates

Current on the November 8, 2023 Spartan Council Weekly Venture Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ml_sudo
Core Contributors: Afif, Cavalier, David, joey, jz, KALEB, Leo, Matt, meb, Rafa, Steve, troy

First up, the SIP to deploy V3 on Base is near a Goerli testnet deployment, and the SIP to allow USDC for Andromeda on Base is in draft. The Council additionally had a dialogue in regards to the buyback and burn proposal, with Gene voicing some issues as as to if the proper strategy was chosen. Millie knowledgeable the group that, after some analysis, Yearn seems to have already got a contract written that may execute purchases primarily based on the oracle value of SNX. This SIP was really offered final week, so let’s briefly evaluate that:

SIP-345: SNX Buyback and Burn

  • After paying integrators, this proposes splitting the charges remaining between Base LPs and SNX stakers, the place stakers would obtain the rewards by way of a buyback and burn mechanism
  • Charges could be used to buy SNX on the present market value by way of an already developed Yearn good contract (as talked about beforehand)
  • Burning would occur periodically as a guide course of
  • This was picked because of its low complexity as a take a look at of a possible price sharing mechanism on Base
  • Gene is worried {that a} buyback and burn shouldn’t be probably the most direct method to distribute worth again to stakers
  • Millie chimed in including that that is simply the primary of what could possibly be many deployments to totally different chains and it turns into very technically difficult to deliver all these earnings again to a single chain
  • Kain advised a risk the place the treasury could possibly be the one pockets able to promoting SNX, which might slowly deplete treasury holdings over time and additional decentralization goals
  • There was additionally some dialogue about how this needs to be coordinated with a doable finish to inflationary rewards

Subsequent, audits for 2 key Perps V3 updates are at present in progress, and audit suggestions for L1 Perps is being carried out (the SIP is coming quickly).

In different dialogue, the SC and CCs talked about descoped V3 options. Kain requested for an inventory of any of the promised options in V3 that had been descoped. Cross-margin might be reside at launch, however multi-collateral portfolio margin won’t be accessible, as work continues to be in progress to supply help for extra unstable property (multi-collateral portfolio margin help is predicted inside a month). The code will nonetheless be going reside with the V3 launch, however solely with USDC collateral enabled. The entire different main options promised in V3 might be going reside with the primary V3 launch.

Whereas on the subject of doable future V3 deployments, there was additionally a chat concerning forward-looking partnerships and ecosystem alignment, the place Kain shared some ecosystem developments with the SC. Initially, Optimism deliberate to be a “superchain” L2 that attracted a big portion of the rollup person base. The crypto panorama has modified dramatically, and Optimism has shifted to a technique of getting as many OP stack chains deployed as doable. Nevertheless, this shift in technique has modified the incentives they provide as properly.

Firstly, Synthetix hoped to be the premier Perp product on what was purported to be a preferred L2. Synthetix’s technique now, because it pertains to the Optimism partnership, could should be reconsidered to optimize protocol worth. This may fall to the Treasury Council to barter, however for the reason that Spartan Council guides protocol enchancment, there must be some dialog between the 2 on the longer-term imaginative and prescient.

Lastly, on prime of the buyback and burn presentation, there have been a couple of different SIPs offered final week (all offered by Burt). So let’s evaluate them!

SIP-346: Perps V3 Integrator Incentive

  • This SIP proposes an integrator price share mechanism for Perps V3, the place integrators earn a 20% base price in sUSD from trades executed by way of a Synthetix Perps integration
  • The method is pretty simple — integrators would join a monitoring code to trace the markets they’ve deployed and would obtain their 20% first
  • The hope is that this supplies the perfect resolution to incentivize scaling of Perps markets as a result of they’ll have a vested curiosity in producing extra quantity

SIP-2035: Listing TIA on Synthetix Perps

  • Proposes itemizing TIA on Synthetix Perps
  • Celestia is an upcoming Cosmos cryptocurrency with a deal with knowledge sampling for different blockchains. It launched on October 17, which supplies an early alternative to supply TIA on Synthetix Perps

SIP-2039: Listing MEME on Synthetix Perps

  • Proposes itemizing MEME on Synthetix Perps

SIP-2040: Listing ANKR, FET, GRT on Synthetix Perps

  • Proposes itemizing Ankr Community, Fetch.ai and Graph Protocol on Synthetix Perps

All of those markets have been chosen primarily based on lively quantity on different exchanges and according to Synthetix’s goal of constant to seize buying and selling quantity from new markets. Itemizing for all three of those SIPs would require Pyth and Chainlink feeds.

Grants Council

Current on the November 9, 2023 Grants Council assembly:
Grants Crew: ALEXANDER, CT, MoneyManDoug, sunny, synthquest

In Grants Council updates, in case you missed it, there’s a brand new bot operating within the Synthetix Discord! It’s the ETH / BTC Ratio Monitoring Bot:

Talking of bots, Alex is proposing a retroactive grant for the Telegram Bot developer. We love our bot devs ❤

Additionally, due to the GC, the watcher web page now contains favorites. You’ll be capable to compile all of your favourite merchants in a single place and tag them with identify overrides. Strive it out! The group can also be discussing some further thrilling social/person options so as to add, and are working with devs on many new parts of the Watcher Web site.

In the meantime, Sunny is following up with the “Strong-Perception” AI Help/Data service and reviewing the final piece of performance for the Time beyond regulation V3 venture, and CT is constant to achieve out to different protocols to remind their OGs to return mine the Spartan Synthverse NFTs.


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SIP/SCCP standing tracker:

SIP-336: Deploy V3 Core on Base, Standing: authorized

SIP-348: Allow USDC for Andromeda on Base, Standing: draft

SIP-345: SNX Buyback and Burn, Standing: draft

SIP-346: Perps V3 Integrator Incentive, Standing: draft

SIP-2035: Listing TIA on Synthetix Perps, Standing: draft

SIP-2039: Listing MEME on Synthetix Perps, Standing: draft

SIP-2040: Listing ANKR, FET, GRT on Synthetix Perps, Standing: draft

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