Saturday, June 22, 2024

SNXweave Weekly Recap 118

December 6, 2023

The next submit comprises 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

  • Andromeda has been deployed to testnet with the newest model of Perps V3, and is being refined for integrators
  • L1 Perps audit suggestions is sort of achieved being carried out
  • SC/CCs mentioned the brand new dHedge/Toros pool on Base
  • SIP-345: SNX Buyback and Burn presentation recap
  • SIP-350: Implement SNX Token Bridging by way of Wormhole presentation recap
  • SIP-2041: Record PYTH on Synthetix Perps presentation recap
  • SIP-2042: Record BONK on Synthetix Perps presentation recap
  • Grants Council replace: a number of retroactive grants had been paid out (see beneath for specifics), workforce is brainstorming assist with the V3 Base information, extra Watcher Web page updates, and searching for a dev for a SIP automerger and debt migration UI.

Spartan Council and SIP updates

Current on the November 29, 2023 Spartan Council Weekly Mission Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ML_sudo
Core Contributors: Afif, Bex, Cavalier, David, Jade, jz, KALEB, Matt, meb, Mike, Steve, troy

Andromeda has been deployed to testnet with the newest model of Perps V3, and is being refined for integrators. The audit is wrapping up with small enhancements, whereas the L1 Perps audit suggestions is sort of achieved being carried out.

In different dialogue, final week Duck requested concerning the new dHedge/Toros pool on Base. Cav clarified that it is going to be a vault that automates the method for USDC LPs on Base. Total, third get together staking interfaces are a constructive step for the protocol as they assist cut back the overhead for Synthetix deployments to further chains.

Subsequent, there have been a number of SIP shows final week, so let’s briefly evaluation them:

SIP-345: Buyback and Burn SNX on Base

  • As mentioned in earlier recaps, this SIP proposes utilizing 50% of charges earned on Base to buyback and burn SNX — after paying integrators, the remaining charges will probably be cut up between Base LPs and SNX stakers
  • Stakers would obtain the rewards by way of a buyback and burn, and costs could be used to buy SNX on the present value
  • The plan is to make use of a variation of a Yearn contract
  • The charges will accrue and there will probably be a permissionless mechanism to promote SNX into the contract
  • The burning of the charges will probably be a guide course of executed by the Treasury Council
  • Since Andromeda is an remoted deployment, this was picked as essentially the most elegant resolution for returning worth to the broader Synthetix ecosystem
  • Adam requested if the experiment had a specified termination date, and Cav defined {that a} SIP with a greater resolution may at all times supersede this SIP, however it is a very low-overhead option to discover out if such an answer is price dedicating sources to
  • Gene and Duck requested a bit extra element within the SIP concerning the burn course of (particularly, the place the SNX will probably be despatched and a request so as to add the interval at which this can occur). Cav will probably be including these particulars.

SIP-350: Implement SNX Token Bridging by way of Wormhole

  • Introduced by Evan from Wormhole, this SIP proposes using Wormhole’s Wrapped Token Transfers contracts to facilitate the motion of SNX tokens throughout a number of chains
  • This technique would additionally permit customers to withdraw SNX with out going through necessary 7-day lock-in durations
  • Wormhole guardians are capable of assure transaction finality sooner than the optimistic window as a result of they’re every operating full Optimism nodes
  • This mechanism may be used to facilitate buys and burns, or reward distributions to different chains
  • It might additionally extra simply allow growth to different chains sooner or later
  • This could be a permissionless course of and require no code adjustments (i.e. SNX could possibly be transferred wherever inside the wormhole community and customers would obtain a wrapped SNX token on the opposite)
  • Aakash added that the largest benefit with this implementation could be the only interface to assist bridging throughout a number of deployments (slightly than utilizing the person bridge options developed for every chain that SNX is deployed on)
  • ML_sudo requested if governor limits (which restrict the quantity of quantity handed via the bridge over a selected time interval) could possibly be set for particular person tokens:
  • Wormhole at the moment has international limits, and the neighborhood has voted to make the boundaries increased for particular person tokens in a number of instances
  • There has by no means been a request to regulate them decrease, however they are going to be taking this request again to their CCs to see if it’s one thing that could possibly be provided

SIP-2041: Record PYTH on Synthetix Perps

  • SIP proposes itemizing Pyth Community Token on Synthetix Perps

SIP-2042: Record BONK on Synthetix Perps

  • SIP proposes itemizing BONK on Synthetix Perps
  • Adam requested if all of the Perps safety backstops may deal with such a unstable itemizing — Kaleb answered saying there was already an current Perp market on Binance to hedge in opposition to

Grants Council

Current on the November 30, 2023 Grants Council assembly:
Grants Crew: ALEXANDER, CT, MoneyManDoug, synthquest

In Grants Council updates, the workforce has been discussing how they may also help on the V3 Base information. Additionally they paid out a number of retroactive grants final week: some for automated minting work, Telegram Bot updates, and for open sourcing high-level information analytics and python repos. Synthquest additionally introduced some Watcher web page updates to the desk for dialogue, and the Council is engaged on discovering a dev for a SIP automerger and debt migration UI.

Listed below are the precise quantities that had been paid out for the Retroactive Grants:

Automated Minting:

  • donoso_eth — 250 $SNX
  • gunboats — 250 $SNX
  • informal degen — 250 $SNX

New up to date Telegram Bot:

  • nikita ok — 500 $SNX

API work/common Synthetix information:


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SIP/SCCP standing tracker:

SIP-345: Buyback and Burn SNX on Base, Standing: vote pending

SIP-350: Implement SNX Token Bridging by way of Wormhole, Standing: draft

SIP-2041: Record PYTH on Synthetix Perps, Standing: accepted

SIP-2042: Record BONK on Synthetix Perps, Standing: accepted

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