Friday, July 19, 2024

SNXweave Weekly Recap 117

November 29, 2023

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


  • SIP-337: Perps V3 presentation recap
  • SIP-348: Allow USDC for Andromeda on Base presentation recap
  • Explainer weblog put up for the Andromeda launch was printed yesterday
  • Ambassador Council replace: Crew mentioned potential future integrations/builders, easy methods to help present integrators, and a framework to verify all initiatives within the ecosystem find out about Optimism Grants/Retroactive funding. Ambassadors additionally created a Synthetix Ecosystem Public Items listing for Optimism’s RPGF Spherical 3 the place different badgeholders can vote, and are engaged on an article on how new protocols can leverage V3.

Whereas a few of the Councils postponed their conferences final week for Thanksgiving within the US, we nonetheless have a fast replace for you guys this week on final week’s SIP shows and Ambassador updates! So let’s get into it:

SIP updates

Members on the November 21, 2023 SIP presentation:
Spartan Council: Adam, Burt, cyberduck, Kain, Millie, ml_sudo
Core Contributors: Afif, Cavalier, joey, KALEB, Matt, sunny

SIP-337: Perps V3

  • As mentioned in earlier weblog posts, this SIP proposes deploying Perps V2 to Synthetix V3 with quite a few function upgrades and enhancements
  • Upgrades embrace native cross-margining of positions, multi-collateral margin help, revamped liquidations, and improved deterministic settlement. Let’s assessment what a few of these upgrades will entail:

1. Multi-collateral help

  • In Perps V3, all synths that the spot market creates will ultimately be enabled as collateral
  • That is completed in order that it’s straightforward for the perps market to have liquidity to promote synths when required, and permits it to simply get quotes to find out margin worth

2. Liquidations

  • Giant positions can be progressively liquidated, one non-sandwichable portion at a time, with a configurable delay between partial liquidations
  • This eliminates the MEV sandwich assault vector, conserving that worth with the protocol

3. Improved deterministic settlements

  • Delayed orders in Perps V2 have confirmed extraordinarily efficient in minimizing poisonous movement, nonetheless the small print of the implementation might be improved to supply a extra resilient settlement movement
  • In Perps V3, the settlement course of ensures that the execution value is the worth at dedication time and is executed within the accessible window

4. Market construction

  • Quite a few particular person Perps markets can be grouped collectively into a bigger “grocery store”
  • That is to make sure all the danger from every market or collateral sort is appropriately distributed for LPs backing the grocery store
  • The grocery store may have variables that may be particularly configured for that market
  • This may occasionally permit markets to be cut up up sooner or later primarily based on threat profile and liquidity

5. Staleness tolerance

  • As we already know, every perps market requires value info
  • From the buying and selling competitors, it grew to become clear that the price of pushing that knowledge on-chain was very excessive
  • Optionality was added in order that value staleness may very well be made strict for liquidations, for instance, and fewer strict for different transactions
  • It will cut back transaction prices total by lowering the quantity of information being pushed on-chain

SIP-348: Allow USDC for Andromeda on Base

  • This SIP proposes utilizing the V3 spot and wrapper performance to permit customers to deposit USDC for a wrapped model for use as LP collateral or margin for buying and selling
  • The proposal particulars the entire V3 configurables for the Perps V3 deployment to Base, together with the enabling of USDC as LP collateral
  • The deployment to Base can be a brand new market with, probably, a brand new set of customers, so it made sense to launch with USDC help (some of the extensively used stablecoins in DeFi). Deciding on a single collateral sort additionally reduces the complexity of the deployment
  • The max market measurement can be roughly $1 million every for BTC and ETH (a conservative cap to start out with, just like the launch of Perps V2)
  • ML_sudo requested what the method can be for including new markets — Afif stated the technique would possible be just like the V2 rollout (begin with most liquid buying and selling pairs and low OI caps earlier than progressively including new markets and rising caps). He additionally pressured the significance of continuous to construct on the constructive repute that the protocol has developed over the previous 12 months for the reason that introduction of Perps
  • There was some common confusion on the council that the SIP gave the impression to be lacking key particulars concerning the deployment that had been mentioned beforehand (specifically the charge sharing)
  • Cav clarified that there are a selection of SIPs that can be a part of the Andromeda deployment (SIP-345: SNX buyback and burn and SIP-346: Integrator Price share included)
  • Kain prompt itemizing these as dependencies on this SIP, so Cav is updating it to replicate all dependencies

Matt additionally simply introduced an explainer weblog put up for the Andromeda launch yesterday, which might be discovered right here. The put up discusses some background on Perps V2, what upgrades Perps V3 will carry, the essence of testing in Andromeda, isolation of the Andromeda launch on Base, how success can be measured, what to anticipate for the preliminary rollout, the Andromeda expertise from an LP vs. dealer perspective, and the way forward for Synthetix with Andromeda. Be sure you give the put up a learn!

Ambassador Council

Current on the November 21, 2023 Ambassador Council assembly:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, for a fast Ambassador Council replace, the workforce mentioned potential future integrations and builders, in addition to methods to have interaction and help present integrators. They then mentioned a framework to verify all initiatives within the ecosystem find out about Optimism Grants/Retroactive funding.

The Ambassadors are additionally within the technique of brainstorming an article on how new protocols can leverage V3, in addition to planning out future Spartan Areas. Lastly, the Council created a Synthetix Ecosystem Public Items listing for Optimism’s RPGF Spherical 3 the place different badgeholders can vote. The initiatives on their listing have put constructing first and have considerably contributed to the expansion of the ecosystem by onboarding builders, initiatives, LPs, and merchants.

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SIP/SCCP standing tracker:

SIP-337: Perps V3, Standing: draft

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

SIP-345: SNX buyback and burn, Standing: draft

SIP-346: Integrator Price share, Standing: authorised

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