February 21, 2024
The next submit 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.
👉TLDR
- SC dialogue about on-chain elections — Noah and Mati are engaged on a roadmap for this SIP.
- We needs to be listening to a extra refined model of what that governance finish state is anticipated to appear to be for the protocol within the subsequent week or so. It’s going to embody the up to date election module, with cannon as a deployment instrument and built-in gnosis safes.
- Deprecation of the pDAO will probably be a giant change on this course of — this implies SC votes will immediately deploy protocol upgrades.
- The plan is to start out small with SCCPs, then ultimately graduate to SIPs being deployed this fashion as effectively.
- Duck introduced up deprecating spot synth choices and urged some choices for unwinding these choices. Kaleb shared his ideas in response (see beneath), and Duck will probably be drafting a SIP so as to add a charge for coming into sBTC and sETH positions and 0% on the way in which out.
- Ambassador Council replace: Matt’s Mission Request proposal was authorised by the OP Token home, Mastermojo printed one other Governance replace on the Ambassadors Twitter — see beneath for extra particulars.
Spartan Council and SIP updates
Current on the February 14, 2024 Spartan Council Weekly Challenge Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, Steve, troy
The Spartan Council had a dialogue concerning the SIP to maneuver elections absolutely on-chain, with Millie highlighting that it is a huge vote of confidence from the CCs that the protocol is keen to take that subsequent step of decentralization. Noah and Mati are main this initiative and dealing on a extra detailed roadmap on this explicit merchandise.
Within the subsequent week or so we needs to be listening to a extra refined model of what that governance finish state is anticipated to appear to be for the protocol. It’s going to embody the up to date election module, with cannon as a deployment instrument and built-in gnosis safes. A giant change on this course of would be the deprecation of the pDAO, which implies Spartan Council votes will immediately deploy protocol upgrades. The plan is to start out small with SCCPs, then ultimately graduate to SIPs being deployed this fashion as effectively.
In different dialogue, Duck introduced up deprecating spot synth choices. At the moment, with 30% lengthy debt skew and a pair of.5% APR, there isn’t any actual incentive for brand new stakers to enter the system. A giant a part of that is the spot synth choices, particularly sBTC and sETH, which account for practically all of that skew however should not productive for the protocol by way of charge technology.
Duck then urged some choices for unwinding these choices by both selecting a distant date the place everybody’s sETH and sBTC are mechanically transformed to sUSD or by including a charge on inbound exchanges (i.e. sUSD for one in every of these synths). There was some consensus that the choice for growing the fee to carry these synths needs to be explored, which might create some strain to unwind.
Kaleb highlighted that there are practically $70 million price of excellent spot sETH and sBTC, and that particular person holders could be sad with this modification. Even deprecating sLINK (with roughly $150,000 in excellent synths) was disruptive for some. Kaleb additionally introduced up the truth that a compelled change like this might probably trigger peg issues if customers had been compelled to exit thousands and thousands of {dollars} of synth positions over a brief time period.
Duck will probably be drafting a SIP so as to add a charge for coming into sBTC and sETH positions and 0% on the way in which out. Kaleb talked about that even this concept may not be a viable answer as it should take away the motivation for arbitragers to maintain the curve swimming pools balanced.
Ambassador Council
Current on the February 13, 2024 Ambassador Council assembly:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie
Subsequent up, in Ambassador updates, the group mentioned how they had been aiding protocols inside the ecosystem with their OP Grant and Mission Request drafts/submissions. Matt’s Mission Request proposal for Greatest in Class perps received authorised by the OP Token home — you’ll be able to see the checklist of authorised missions right here. Mojo additionally not too long ago launched one other Governance replace for the Ambassadors, so remember to test that out on Twitter! The submit talks about:
- Optimism Grants Voting Cycle #19 — it has began!
- OP Token Home name recap:
- Mission Requests voting by OP Token Home — the vote has ended and Matt’s proposal was authorised, as we talked about earlier than. The Ambassadors urge all ecosystem companions, devs, and neighborhood members to take a look at the authorised Mission Request and consider if you wish to apply and contribute.
- Lastly, the submit provides a shout out to everybody who delegated OP to the Council — the Ambassadors carried out their OP Token Home Duties with it, and voted for the entire proposals. Outcomes could be discovered right here:
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SIP/SCCP standing tracker:
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: draft
