December 13, 2023
The next put up comprises a recap of stories, initiatives, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉 TLDR
- Perps V3 audit is full & is simply pending its ultimate report earlier than the vote is opened
- SC and CCs had a dialogue concerning Perps markets and OI scaling on Base
- SIP-2043: Finish SNX Inflation presentation recap
- SIP-351: Implement Cross-Chain SNX Token Transfers on Base by way of Chainlink CCIP presentation recap
- Ambassador Council replace: Spartan House final week with Infinex and Lit Protocol, dialogue of OP votes for 2 new current votes, and dialog about initiatives which might be in RPGF spherical 3. Each challenge within the Synthetix Ecosystem Public Items listing has handed quorum, and the Ambassadors performed a significant position in securing votes and amplifying our ecosystem to different. MasterMojo is planning to launch a brand new Governance twitter put up to summarize the outcomes.
Spartan Council and SIP updates
Current on the December 6, 2023 Spartan Council Weekly Mission Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ML_sudo
Core Contributors: Afif, Bex, Cavalier, joey, jz, KALEB, Matt, meb, Mike, Nikita, Steve, sunny, troy
The Perps V3 audit is completed and is simply pending its ultimate report now earlier than the vote is opened. Kain requested how the CCs noticed Perps markets and OI scaling on Base — Afif responded saying the primary stay exams of V2 highlighted some minor points that wanted to be corrected earlier than OI and markets might scale. The identical preliminary cautious strategy shall be taken with V3 to permit testing in a low threat surroundings. One other prerequisite is preliminary LP TVL — there must be some essential mass of USDC LP exercise on Base earlier than Perps turns into a useful product there.
The technical facets of the discharge must be able to scale up in mid to late January, and the financial facet continues to be an unknown. Afif estimates roughly $50 million USDC to copy V2X performance, however the product might launch with extra restricted caps round $10 million. Kaleb added that arbitragers are an necessary a part of the best way V2X features and there must be incentive for them to take part on Base (the place their participation shall be monitored as a part of the size up).
Markets will rely solely on Pyth oracles on Base and, as a result of their design, they’re accessible on any chain that Synthetix deploys on (as an alternative of getting to deploy new contracts to every chain for push oracles). With V2 presumably reaching a maturity stage by way of the variety of markets it will possibly help, there shall be a chance to launch new markets on Base that shall be unique to that deployment.
There have been additionally a few SIP displays final week so let’s briefly overview them:
SIP-2043: Finish SNX Inflation
- If this SIP is carried out, inflation shall be diminished to zero within the declare week following the vote
- Inflation was launched in 2019 to incentivize staking within the lately deployed Synthetix community, following the pivot from Havven
- It was essential that the staking ratio was excessive within the early interval of the community to scale liquidity
- Kain believes the status of SNX as an inflationary token is harming the protocol
- Even when inflation had been to be diminished to a really low degree, it’s tough to chop via that narrative
- As inflation has modified over the previous couple of years, there was restricted change within the staking ratio, which represents the protocol participation fee for SNX holders. So there isn’t a proof that lowering or eliminating inflation will hurt the SNX staking pool
- It might, nonetheless, make extra individuals prepared to carry the token with out concern of being diluted by inflation
- Kain added that it is a nice time to do it with the launch of Andromeda to maximise the influence of that launch
- Adam mentioned he has spoken with VCs who’re much more dialed in than your common consumer, and nonetheless consider that SNX is hyperinflationary, and have subsequently averted the token because of this
- It’s too difficult to clarify how inflation has dropped vs a easy “inflation is over” rationalization
- This transfer might also release extra sUSD for buying and selling, as stakers wouldn’t need to hoard the stablecoin to handle their c-ratio
- Community well being must be monitored carefully within the early days of this new experiment, however Kain thinks the liquidation penalty is sufficient incentive for LPs to take care of their c-ratio
SIP-351: Implement Cross-Chain SNX Token Transfers on Base by way of Chainlink CCIP
- This SIP proposes enabling CCIP for safe cross-chain SNX token switch between Ethereum and Base
- No modification is required for the prevailing SNX token contract on Ethereum and no modifications are wanted for current V2X contracts
- This bridge would permit customers to keep away from the 7-day lock-in from L2 to L1
- L2 to L2 transfers are additionally potential by way of this bridge, and the Synthetix protocol would keep possession of the token contracts that allow the bridge
- Every token and ‘lane’ (path of journey between networks) could be configured with its personal fee restrict
- CCIP has been developed with safety in thoughts and the aptitude to deal with superior transactions sooner or later
- Execution networks act individually from anomaly detection and threat administration methods, however all three should obtain consensus for any transaction to be executed
- There are at the moment a handful of tokens enabled for CCIP bridge switch together with snxUSD and GHO (AAVE stablecoin)
Ambassador Council
Current on the December 6, 2023 Grants Council assembly:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie
Lastly, the Ambassadors had a Spartan House final week with Infinex and Lit Protocol, with over 55 listeners. And through their assembly final week, they mentioned their OP Votes for the 2 new current votes that ended a couple of days in the past (which could be discovered right here), they usually hashed out some initiatives which might be within the present Optimism RPGFunding spherical. Each challenge within the Synthetix Ecosystem Public Items listing has handed quorum, which is HUGE! The Ambassadors performed a significant position in securing votes and amplifying our ecosystem to different badgeholders. MasterMojo can also be planning to launch a brand new SNX Ambassador Governance twitter put up to summarize all of it as soon as he will get the outcomes again. Their most up-to-date abstract could be discovered right here.
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SIP/SCCP standing tracker:
SIP-337: Perps V3, Standing: vote pending
SIP-2043: Finish SNX Inflation, Standing: carried out
SIP-351: Implement Cross-Chain SNX Token Transfers on Base by way of Chainlink CCIP, Standing: draft
