March 27, 2024
The next submit incorporates a recap of reports, initiatives, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
- SNX migration plan:
- The V2X portion has been audited and launched on L1 and the V3 portion was audited as effectively
- That is in its testing section; the following step is to launch the V3 improve on L1
- The way it will work:
- Upon migration, the legacy market contract will concern a V3 account with the customers’ migrated debt shares and collateral, which is able to embody their locked vesting entries (just like L1 to L2 debt migration on V2X).
- Accounts beneath the vacation spot, V3, liquidation ratio can be liquidated in the course of the migrations and socialized amongst V3 accounts.
- Customers with V2X sUSD may even be capable of burn and mint V3 sUSD, and L1 and L2 debt swimming pools on V3 are impartial so they won’t affect V2X debt oracle reporting.
- SIP-2058: Checklist Axelar Token (AXL) on Synthetix Perps presentation recap
- Ambassador Council updates:
- Most up-to-date Ambassador governance replace posted on Twitter
- Outcomes from Spherical 1 of Optimism Grants Cycle 19 are within the replace. See notable winners from the Synthetix Ecosystem beneath
- Present Optimism Grants deadline is at present
- Pyth Spartan Area notes beneath
Spartan Council and SIP updates
Current on the March 20, 2024 Spartan Council Weekly Challenge Sync:
Spartan Council: Adam, bilby, cyberduck, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Ana, Burt, Cavalier, Jade, jz, KALEB, Matt, meb, Mike, Nikita, Steve, troy
First let’s focus on the SNX migration plan — the V2X portion has been audited and launched on L1 and the V3 portion was audited as effectively. That is at the moment within the dry run deployment and testing section, and the following step is to launch the V3 improve on L1. At this level, the migration framework will likely be absolutely purposeful and customers can start voluntarily migrating — this will likely be one-click for customers. At some later governance-determined date, there will likely be a pressured migration to V3.
ML_sudo requested if there have been any pressured migrations prior to now. Kaleb responded saying there might have been one smaller migration as a result of a bug within the early mortgage merchandise. He went on so as to add that, on this case, it’s extra of an emergency measure for accounts with misplaced keys, and so on. Cav added that when the voluntary migration section is reached, all the incentives will likely be directing customers in direction of that quite simple (one-click) migration course of.
Now let’s get into how it will work! Upon migration, the legacy market contract will concern a V3 account with the customers’ migrated debt shares and collateral, which is able to embody their locked vesting entries (just like L1 to L2 debt migration on V2X).
Accounts beneath the vacation spot, V3, liquidation ratio can be liquidated in the course of the migrations and socialized amongst V3 accounts. Duck requested if this meant that anybody who had not but migrated to V3 can be ineligible to obtain liquidation rewards. Meb clarified that sure, except you will have already migrated to V3 you’ll not obtain these rewards. Presently, no customers are susceptible to being liquidated throughout migration, so this shouldn’t be an enormous concern.
Customers with V2X sUSD may even be capable of burn and mint V3 sUSD, and L1 and L2 debt swimming pools on V3 are impartial so they won’t affect V2X debt oracle reporting. V2X wrappers, loans, and spot synths may even stay on V2 for now, and there will likely be a separate migration plan for these merchandise later.
There was additionally one SIP presentation final week, to listing Axelar on Synthetix Perps, so let’s assessment that:
SIP-2058: Checklist Axelar Token (AXL) on Synthetix Perps
- This SIP was introduced by Jason from Axelar, who defined that this is likely one of the main interoperability options recognized for being absolutely decentralized
- AXL was lately listed on Binance spot and Futures markets and has repeatedly generated $100 million in each day quantity
- It was additionally listed on dYdX within the final couple of weeks, and is within the strategy of being listed on Hyperliquid
- The proposal was written for itemizing on Optimism, however Burt and Duck advisable itemizing on V3 (Base)
Ambassador Council
Current on the March 19, 2024 Ambassador Council assembly:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie
In Ambassador Council updates, the staff launched their most up-to-date Ambassador governance replace on Twitter! The Tweet has a hyperlink to Optimism’s governance calendar, in addition to outcomes from the newest proposal votes the place the Ambassadors carried out their OP Token Home duties:
Additionally they shared sources for apply for an Optimism Grant — the present deadline for submissions is at present, March twenty seventh, at 7pm GMT! And on the be aware of Optimism Grants, the outcomes from Spherical 1 of Cycle 19 will be discovered within the replace. Some notable winners from the Synthetix Ecosystem embody:
1. Synthetix for a Mission Request for Finest in Class Perps DEX: This grant will assist the constructing of an orderbook Perps DEX on Synthetix Perps, that includes a complicated orderbook, a number of order varieties (e.g., take revenue, cease loss), an open-source relayer, and the infrastructure to implement these buying and selling guidelines
2. Thales for a Progress Grant
3. Synthetix for a Progress Grant: Enhance sUSD liquidity and assist Perps buying and selling competitions
4. ERC-7412 Tooling + Training for a Builders Grant
There’s much more content material within the governance tweet, so you should definitely test it out on Twitter!
The Ambassadors additionally launched notes from their Spartan Area with Pyth, with a TLDR of:
- Jayant from Douro Labs mentioned Pyth Community as an oracle supplier with high-frequency, low-latency oracles
- Pyth gives market knowledge from 1st occasion knowledge suppliers and operates throughout 50+ blockchains, updating each 400mm
- It makes use of a pull-based mannequin for decreased latency and enhanced safety, with over 100 high-quality knowledge suppliers to make sure strong and correct knowledge
- Pyth’s governance mannequin is impressed by Synthetix, with consultant councils (Pythian and Value Feed) that target neighborhood involvement and long-term sustainability
- Synthetix Perps V2, powered by Pyth low-latency oracles, has pushed over $50 billion in buying and selling quantity
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SIP/SCCP standing tracker:
SIP-2058: Checklist Axelar Token (AXL) on Synthetix Perps, Standing: draft
