March 20, 2024
The next put up incorporates 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
- SIP-364: Reconfigure Grants Council presentation recap
- SIP-353: Enhance Protocol Coordination presentation recap
- SIP-367: Synthetix V3 Deployment to Arbitrum presentation recap
- SIP-2059: Legacy Spot Synth Migration presentation recap
- SIP-363: Listing SNX, SOL, and WIF on Perps V3 on Base presentation recap
- SIP-368: Preemptive Approval for Itemizing W Token on Perps V3 on Base presentation recap
- Grants Council replace: Synthquest is working with a dev to get last feedback and points mounted for the Watcher web page. Arbitrage bot dev mentioned the early numbers are trying actually promising for automated cex/dex arbitrage trades — they’re aiming to have a draft of this entire by the top of the governance epoch. A beta model of the place monitor was additionally completed, which goals to make sure positions gained’t get close to liquidation.
- Ambassador Council replace: AC hosted a Spartan House final week with Pyth, and one other Ambassador Governance Replace is coming quickly on Twitter.
Spartan Council and SIP updates
Current on the March 13, 2024 Spartan Council Weekly Mission Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, Cavalier, David, Jade, joey, jz, KALEB, Matt, meb, Mike, Steve, troy
Final week was a giant week for SIP shows, with 6 being introduced to the Spartan Council. Let’s evaluation every of those proposals:
SIP-364: Reconfigure Grants Council
- Mike introduced this SIP, which proposes reconfiguring the Grants Council in order that it will possibly extra effectively serve the current and future wants of the protocol
- The first change could be to eradicate the Grants Council as an elected physique and exchange it with a single appointed technical lead who will onboard 2 supporting positions to make up a 2 of three multisig
- Mike’s rationale for this SIP was that the variety of inbound, high-quality grant requests is at present inadequate to justify a Grants Council the best way it’s at present arrange, and that this reconfiguration would permit the brand new crew to take a extra proactive function in supporting protocol wants
- Ideally, this place could be assigned earlier than the top of the epoch in order that they’ll coordinate with the outgoing GC on any ongoing initiatives
- Kaleb and Kain commented that the choice course of and standards ought to be specified within the SIP
- Although this place could be topic to reassignment each epoch, the objective is to convey extra stability to grant funding
- The best candidate would due to this fact be somebody who can tackle these duties on a longer-term foundation
- Kaleb commented that compensation ought to be talked about within the SIP as nicely
- Adam additionally requested that the anticipated deliverables for this function be specified
- After some dialogue, there gave the impression to be consensus that this ought to be a full-time place
SIP-353: Enhance Protocol Coordination
- This proposal goals to enhance growth coordination inside the Synthetix protocol, guaranteeing that decentralization doesn’t result in disorganization
- Cav defined that this SIP would eradicate the Core Contributor Committee, in its present configuration as a consultant physique elected by CCs, and exchange it with a single place appointed by the SC
- The first goal is to enhance accountability and coordination between governance our bodies, who will decide the roadmap (SC), allocate funding (TC), and execute the roadmap (CCs)
- This place will take full possession of the protocol roadmap, below the route of the SC
- It will possible be a present CC who’s appointed by the SC, reasonably than an exterior candidate
- Duck instructed coordinating with Mike on including choice course of/standards and alternative course of language to the SIP for readability
- The place must be reconfirmed each 6 months
SIP-367: Synthetix V3 Deployment to Arbitrum
- Constructing on all the data acquired from the deployment to Base, this SIP proposes to proceed increasing the chains that Synthetix is on by deploying to Arbitrum
- Slightly than ready to deploy to Arbitrum after the Base deployment is scaled, this SIP would deploy V3 to Arbitrum ASAP to permit for LP collateral to construct organically, and each deployments may then be scaled concurrently
- The Arbitrum deployment will experiment with the utilization of further collateral varieties, together with ETH, USDC, DAI, and ARB
- A part of this effort will embrace a grant software to obtain some preliminary funding from Arbitrum’s Lengthy Time period Incentives Pilot (LTIP) program
- This funding, if awarded, could be used to supply LP and buying and selling incentives, in addition to help the stablecoin (that LPs will have the ability to mint)
- There have been some questions as as to whether the stablecoin was mandatory and if it provides any worth to the product. Many of the SC initially voiced help for leaving the stablecoin out of the preliminary deployment, however agreed it could be priceless to have after some observe up dialogue in discord after the decision.
SIP-2059: Legacy Spot Synth Migration
- Offered by Kaleb, this proposal will add a rebasing mechanism to steadiness the debt pool skew on L1 and put together for the transition of spot synths to V3
- This might be completed by levying a funding price on spot synths that monitor unstable belongings
- It will incentivize holders of unstable spot synths to trade into secure synths that monitor fiat belongings, which would cut back debt pool skew and supply a lever to disincentivize skew sooner or later
SIP-363: Listing SNX, SOL, and WIF on Perps V3 on Base
- This SIP, introduced by Burt, proposes itemizing SNX, SOL, and WIF on Perps V3 on Base
- SOL was chosen as a result of it’s the subsequent blue chip behind ETH and BTC
- WIF was chosen as the most popular new meme coin
- SNX was chosen as a result of the neighborhood has expressed lots of curiosity in an SNX perps itemizing, but it surely was by no means doable in V2 because it was backing sUSD
- All of them would incentivize customers to shift over to Perps V3, notably to utilize perp belongings not listed on V2 (SNX and WIF)
SIP-368: Preemptive Approval for Itemizing W Token on Perps V3 on Base
- Lastly, this SIP seeks preemptive approval to record the W token (native token of Wormhole) as soon as it launches and has Perps listings accessible on centralized exchanges
- This token is predicted to have huge curiosity at launch and by authorizing the itemizing forward of the particular launch, the protocol could be in a greater place to seize extra of the preliminary quantity
- The W token is predicted to launch by the top of March
- Adam requested Burt so as to add language specifying that the configuration SCCP be conditional on the token already being traded
Grants Council
In Grants Council updates, synthquest is working with a dev to get any last feedback and points mounted for the Watcher web page. The opposite dev who’s engaged on the arbitrage bot additionally gave the GC an replace, saying that the early numbers are trying actually promising for automated cex/dex arbitrage trades. They’re aiming to have a draft of this entire by the top of the governance epoch. Presently, the bot can open positions on cex/dex and run by means of lots of checks to make sure that these are opened accurately. A beta model of the place monitor was additionally completed, which goals to make sure positions gained’t get close to liquidation.
Ambassador Council
Current on the March 12, 2024 Ambassador Council assembly:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie
And lastly, for a fast Ambassador replace, the crew hosted a Spartan House final week with Pyth. Click on right here for a recording of the decision! And be looking out on Twitter for the Ambassadors’ upcoming Governance replace tweet.
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SIP/SCCP standing tracker:
SIP-364: Reconfigure Grants Council, Standing: draft
SIP-353: Enhance Protocol Coordination, Standing: draft
SIP-367: Synthetix V3 Deployment to Arbitrum, Standing: draft
SIP-2059: Legacy Spot Synth Migration, Standing: draft
SIP-363: Listing SNX, SOL, and WIF on Perps V3 on Base, Standing: draft
SIP-368: Preemptive Approval for Itemizing W Token on Perps V3 on Base, Standing: draft
