March 6, 2024
The next submit accommodates a recap of reports, 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 quantity has picked up, nevertheless it’s not but pushing in opposition to the restricted OI caps, so incentives might be added within the coming weeks for LPs in preparation for OI will increase
- Uneven funding fee SIP is required for the open curiosity caps, however SIP-354 is being despatched again to the auditor for modifications — doubtless 2–3 weeks away
- L1 Perps is anticipated to complete its second audit as early as this week. Adam requested for clarification if the collateral can be SNX or sUSD, see under for dialogue
- SIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone presentation recap
- SIP-2057: Listing STX on Synthetix Perps presentation recap
- Synthetix listed 3 new markets this week: PENDLE, JUP (Jupiter trade), and CVX (Convex). STRK from StarkWare is coming later this week 🔜
Spartan Council and SIP updates
Current on the February 14, 2024 Spartan Council Weekly Challenge Sync:
Spartan Council: Adam, cyberduck, Jackson, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Ana, Burt, Cavalier, David, Jade, joey, KALEB, meb, Mike
Getting proper into it — Andromeda quantity has picked up, nevertheless it’s not but pushing in opposition to the restricted OI caps, so incentives might be added within the coming weeks for LPs in preparation for OI will increase. SIP-354 (for the Perps V3 uneven funding fee) is a prerequisite for rising the open curiosity caps, however the implementation of this SIP wants modifications and is due to this fact being despatched again to the auditor. It’s presently on testnet, however with the required modifications it can finally be about 2–3 weeks away (and a few backend enchancment SIPs for integrators will even exit on this launch).
Subsequent, the proposal to launch L1 Perps is anticipated to complete its second audit as early as this week. Adam requested if the collateral can be SNX or sUSD, and Kaleb clarified that there are two varieties of collateral being mentioned: LP collateral, which might be SNX, and dealer “collateral” (or margin), which might be ETH and wstETH. The c-ratio will nonetheless be 500% and it was defined that this might be a direct import of all of the V2 mechanics into V3, excluding multicollateral perps margin, which can mitigate the challenges of merchants being unable to get that collateral.
There have been additionally a few SIP shows final week, so let’s briefly overview them:
SIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone
- Introduced by Kaleb, this SIP proposes placing a brand new gasoline price logic in place, which can substitute the one presently applied beneath SIP-356
- The brand new implementation would incorporate the required modifications in transaction prices related to Optimism’s Ecotone improve
- This improve is important to the operate of V3 as a result of it instantly impacts the core system
- V2 will proceed to operate with out this alteration, however the keeper price is not going to replace so it will definitely wants this improve to take full benefit of EIP-4844
- A core distinction between this implementation and the V2 implementation is: for V3 it can mechanically detect Ecotone activation and instantly go into impact.
SIP-2057: Listing STX on Synthetix Perps
- This SIP proposes itemizing STX on Synthetix Perps
- STX is the native token of Stacks, which is the main Bitcoin L2
- Adam once more raised a priority about non-ERC Perps listings and what the plan can be if the token ceased to exist
- Kaleb defined that the identical protections can be in place for this itemizing, together with restricted OI caps and the power to scale back these caps to zero in an emergency
- Millie highlighted that EOS, which presents lots of the identical considerations, has been listed on Perps for some time with none subject
And talking of recent Perps, Synthetix really listed three new markets this week: PENDLE, JUP (Jupiter trade), and CVX (Convex). And STRK from StarkWare is coming later this week! 🔜
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SIP/SCCP standing tracker:
SIP-354: Perps V3 Uneven Funding, Standing: authorised
SIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone, Standing: vote pending
SIP-2057: Listing STX on Synthetix Perps, Standing: vote pending
