March 13, 2024
The next publish accommodates a recap of stories, tasks, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
- V3 itemizing grocery store dialogue: Burt requested which property are applicable for itemizing inside supermarkets vs. which property needs to be listed out of the supermarkets & questioned if it could be complicated to maintain monitor of a number of cross-margin accounts throughout a number of supermarkets ⬇️
- It was clarified that there could be only one grocery store in the primary SC pool the place cross-margin could be allowed, and different listings could possibly be added to the SC pool outdoors of that grocery store, so they’d commerce as utterly remoted markets backed by the SC pool (this may match centralized alternate UX).
- Afif cautioned towards including riskier property to the grocery store and prompt a periodic liquidity evaluate to find out whether or not any listings within the grocery store needs to be switched to remoted markets
- Kain additionally introduced up the potential for making a liquidity-monitoring dashboard that will enable the SC to remain up-to-date available on the market circumstances
- SIP-365: Take away Core Price Swap presentation recap
- SIP-366: Asynchronous Delegation presentation recap
- SIP-360: Synthetix V3 Cross-chain Elections System presentation recap
- SIP-341: Add Configurer Deal with presentation recap
- SIP-361: Perps V3 — Integrator & CC Requests presentation recap
Spartan Council and SIP updates
Current on the March 6, 2024 Spartan Council Weekly Mission Sync:
Spartan Council: bilby, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Ana, Burt, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, noah, Steve, sunny, troy
Burt began off the dialogue final week by asking how the Spartan Council intends to strategy listings in V3 primarily based on the brand new “grocery store” mechanism (i.e. which property are applicable for itemizing inside supermarkets vs. which property needs to be listed out of the supermarkets).
Burt talked about that, from a person perspective, it would develop into complicated to maintain monitor of a number of cross-margin accounts throughout a number of supermarkets, every with their very own set of property. It was clarified that there could be only one grocery store in the primary SC pool the place cross-margin could be allowed, and different listings could possibly be added to the SC pool outdoors of that grocery store, so they’d commerce as utterly remoted markets backed by the SC pool (this may match centralized alternate UX). Later, a very separate grocery store outdoors of the SC pool could possibly be added for extra aggressive long-tail asset listings.
Afif additionally cautioned towards including riskier property to the grocery store and prompt a periodic liquidity evaluate to find out whether or not any listings within the grocery store needs to be switched to remoted markets. This change would entail opening a brand new remoted market and setting the marketplace for that itemizing throughout the grocery store to close-only. It was prompt {that a} quantitative record of standards be formulated in a SIP to find out what property are eligible for grocery store itemizing. Kain additionally introduced up the potential for making a liquidity-monitoring dashboard that will enable the SC to remain up-to-date available on the market circumstances.
Subsequent up, there have been a number of SIP displays final week, so let’s briefly evaluate every of them:
SIP-365: Take away Core Price Swap
- Offered by Noah, this SIP proposes eradicating the core payment seize mechanism that was applied in SIP-319 in favor of market-level payment seize
- The prevailing mechanism works nicely for spot markets, however is much less appropriate for Perps markets since it could assess charges on the deposit and withdrawal of margin
- Because the payment seize happens on the market implementation, this SIP proposes eradicating the core payment reasonably than including governance configuration variables
SIP-366: Asynchronous Delegation
- This SIP is an enchancment on SIP-320 and seeks to get rid of the doable LP assault vectors
- SIP-320 proposed a minimal delegation length, however even with that mechanism it was nonetheless doable to learn from well timed delegation/undelegation of collateral
- This SIP proposes including a market-determined delay on both course relying on whether or not the delegated collateral is growing or reducing to make the delegation asynchronous
- That is much like the order settlement asynchrony that was added to get rid of frontrunning assault vectors
- This can be a change that may be turned on or off on a per market foundation relying on whether or not adversarial LP dynamics are a priority
SIP-360: Synthetix V3 Cross-chain Elections System
- This SIP proposes a brand new system for facilitating on-chain elections
- Higher cross-chain expertise has been launched because the authentic design and launch of the V3 governance module, so this proposes incorporating a few of this new tech to scale back reliance on Merkle timber and create a extra modular election system
- Critically, it’ll add flexibility to calculate voting energy from V2 and V3
SIP-341: Add Configurer Deal with
- This proposes including a configurer tackle that will have the ability to execute SCCPs, which is a primary step in the direction of the aim of on-chain governance
- The NFTs issued by the governance module following elections would plug into this tackle, reasonably than the proprietor tackle, to scale back protocol threat
SIP-361: Perps V3 — Integrator & CC Requests
- Kaleb introduced this final SIP, which proposes a lot of high quality enhancements prompt by CCs and integrators
These enhancements embody:
- Drop the getReportedDebt from the occasion emitted upon withdrawing sUSD from a given perp market (this can scale back value for customers)
- Incorporate a getOpenPositionSize that returns the scale of an open place when given a market ID and account quantity as enter
- Emit an occasion when an account is flagged for liquidation (requested by Kwenta in order that they have documentation of when customers are liquidated)
- Incorporate a view operate that returns the settlement holding prices plus the settlement reward (requested by Polynomial for reporting of their UI)
- Require a strict staleness tolerance on margin withdrawal (worth freshness required for withdrawal — 30 seconds)
- Incorporate a required margin for order when given an execution worth (required for restrict orders & requested by Kwenta)
- Incorporate a secondary cap on open curiosity denominated in USD (obligatory to keep up OI caps throughout speedy worth will increase to guard the protocol)
- Take away the minimal holding charges from getRequiredAccountMargins operate (it is a bug repair)
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SIP/SCCP standing tracker:
SIP-365: Take away Core Price Swap, Standing: permitted
SIP-366: Asynchronous Delegation, Standing: permitted
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: permitted
SIP-341: Add Configurer Deal with, Standing: draft
SIP-361: Perps V3 — Integrator & CC Requests, Standing: permitted
