January 31, 2024
The next publish comprises a recap of reports, tasks, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
- Key milestones from 2024 draft roadmap:
1. Scaling base quantity to $20 million/day
2. Deciding on a brand new chain to deploy V3 and Perps to
3. Changing governance to be totally on-chain
4. Releasing L1 Perps
5. Starting the migration of SNX from V2X
- Spartan Council bridging dialogue
- SIP-355: Add additional views to Spot Markets presentation recap
- SIP-2052: Checklist CVX on SNX Perps V2 presentation recap
- SIP-2050: Deprecate sINR Synth presentation recap
- SIP-2051: Deprecate Perp Markets with 0 Max Market Worth presentation recap
- SCCP-2077: Activate the MMV Threat Management Module presentation recap
Spartan Council and SIP updates
Current on the January 24, 2024 Spartan Council Weekly Venture Sync:
Spartan Council: bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Ana, Cavalier, David, KALEB, Leo, Matt, meb, Mike, Regina, Steve, troy
First up, a draft roadmap for the 12 months was launched, and the important thing milestones embody:
- Scaling base quantity to $20 million/day
- Deciding on a brand new chain to deploy V3 and Perps to
- Changing governance to be totally on-chain:
Jackson requested if this was actually a precedence provided that it doesn’t transfer the dial a lot for the top consumer (merchants) of the Synthetix product (Perps). Cav replied saying the additional decentralization of governance is one thing that the protocol has been working in direction of for some time, and persevering with to construct on that is a crucial a part of the protocol.
This has been in progress for some time, and has already been by way of one audit and is preparing for a second. This will likely be a V3 launch, which implies there’ll should be enough collateral on V3 on L1, which can require some incentives. The goal proper now’s roughly $100 million of SNX collateral to make this a purposeful product for the anticipated consumer base — which is roughly 20% of the SNX within the V2 system. Releasing Perps on L1 would additionally require approving wstETH as margin, which has been requested by potential integrators like Ethena.
- Starting the migration of SNX from V2X:
The most important dependency for V2X to V3 migration is the vacation spot chain.
Cav has a SIP in progress to stipulate who owns every a part of the roadmap and the right way to correctly allocate sources to every piece. There was some concern that the CCs can be stretched even thinner with a number of deployments, however Cav thinks the Treasury Council (TC) might help remedy a few of these points. A part of the motivation behind releasing this roadmap was to make extra clear precisely what the protocol intends to perform over the following 12 months, then put the sources in place to verify it might get completed.
After reviewing the roadmap, the SC mentioned bridging. Millie voiced assist for potential future remoted deployments, however mentioned he would vote no on any bridging integrations. ML_sudo is in favor of interoperability, however is anxious about safety. Jackson thinks the rationale that Synthetix is hesitant about bridging is as a result of that’s not an space of experience for the protocol, so the choice ought to be to work with suppliers who’re specialists.
Subsequent up, there have been a number of SIP shows final week so let’s briefly assessment every of them:
SIP-355: Add additional views to Spot Markets
- Proposed by Leo, this SIP will reply integrator and developer wants for information entry by including view capabilities for configurations and inside calculations
- The brand new views add value information, wrapper information, market proprietor and market skew
SIP-2052: Checklist CVX on SNX Perps V2
- This SIP proposes itemizing Convex Finance (CVX) on Synthetix Perps
- Burt defined that CVX particularly reached out in assist of itemizing this asset, and the CVX group has a variety of lively Kwenta customers
SIP-2050: Deprecate sINR Synth
- Kaleb offered the previous couple of SIPs, beginning with this one to deprecate the sINR synth, which has little or no open curiosity (140 sUSD price)
- Like different deprecated synths, the value can be frozen on the time of implementation and anybody holding the asset would have the ability to redeem sUSD on the frozen value
SIP-2051: Deprecate Perp Markets with 0 Max Market Worth
- This SIP proposes deprecating 15 perps markets (voted on for delisting in SIP-2047) in 6 months on July thirty first, 2024
- This is able to take away them from the futures market supervisor and permit for the oracle to be deprecated
- Kaleb defined that the 6-month grace interval would permit customers ample time to shut any positions they’ve open
SCCP-2077: Activate the MMV Threat Management Module
- This proposes activating the chance management module, which might permit for the discount of OI to zero for a predetermined listing of markets (outlined within the SCCP)
- This SCCP is the following step for SIP-2048, which proposed the introduction of this mechanism and was permitted with 7 votes in favor
- This mechanism is for emergency use solely in periods of surprising market exercise that forestall arbitragers from collaborating
- The module will likely be managed by a gnosis protected, and the endorsed account is a 3 of n multisig together with the deployer and the pDAO (which successfully means will probably be managed by pDAO however directed by the interim threat council)
- It will ultimately be the total duty of the chance committee however till the chance committee is fashioned, this course of creates a test between the SC (by way of the interim threat council) and the pDAO
- Each new market added will want an extra parameter within the configuration SCCP specifying whether or not or not it’s coated beneath this module
- Kain requested concerning the course of on how this is able to be activated
— Kaleb defined that there are off-chain monitoring programs that might alert the chance council of any points
— The deployer would then put together the transaction to carry the OI on the issue market to zero
— The chance council would assess the validity of this challenge, then authorize the pDAO to execute the transaction
— The interim threat council would then temporary the SC on what occurred and what motion was taken
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SIP/SCCP standing tracker:
SIP-355: Add additional views to Spot Markets, Standing: permitted
SIP-2052: Checklist CVX on SNX Perps V2, Standing: permitted
SIP-2050: Deprecate sINR Synth, Standing: carried out
SIP-2051: Deprecate Perp Markets with 0 Max Market Worth, Standing: permitted
SCCP-2077: Activate the MMV Threat Management Module, Standing: permitted
