April 17, 2024
The next put up accommodates a recap of reports, tasks, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
- Elections: Nominations open tomorrow (April 18th) & voting begins subsequent Wednesday (April twenty fourth). SNXweave might be internet hosting the Spartan Council candidate panel subsequent Thursday (April twenty fifth).
- Andromeda: LP caps have been raised to $21 million and LP-backed collateral is at ~$10 million. BTC and ETH OI caps are additionally round $10 million, with 14k SNX cumulative burn, so the council is simply ready for extra LP to scale ETH and BTC caps previous $10 million.
- Migration of L1 SNX to V3 utilizing the V3 legacy market is in its last spherical of audit checks. Anticipated to be prepared by the tip of the month.
- L1 Perps is being launched to testnet as third and last audit suggestions is carried out. Anticipated to be prepared by the tip of the month.
- SIP-376: Listing 11 markets from Perps V2 on Perps V3 on Base presentation recap
- SIP-373: Preemptive Approval for Itemizing ENA Token on Perps V3 on Base presentation recap
- SIP-374: Preemptive Approval for Itemizing DEGEN Token on Perps V3 on Base presentation recap
- SIP-375: Listing BOME-PERP and ETHFI-PERP on Perps V3 on Base presentation recap
- Grants Council replace: GC is being remodeled right into a single Grants Lead place. This individual will coordinate with numerous governance our bodies, in addition to the neighborhood, to handle and ship tasks throughout the new Grants scope. If that is one thing that you’re desirous about, and assume you’ll make candidate for, click on right here to use by the tip of the week!
Spartan Council and SIP updates
Current on the April 10, 2024 Spartan Council Weekly Undertaking Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, Cavalier, David, Jade, KALEB, Matt, Mike, Nikita, Steve, sunny, troy
Earlier than we dive into this week’s replace, we have to first point out that the elections are upon us! Nominations will open tomorrow, April 18th, and voting will start subsequent Wednesday, April twenty fourth. SNXweave may also as soon as once more be internet hosting a panel for all Spartan Council candidates, which can happen Thursday, April twenty fifth. When you plan to run for Spartan Council remember to get your nomination in by then and attain out to ProofOfCake to be included within the Election Panel!
And for neighborhood members and voters, maintain your eyes peeled for a google type coming your approach the place you’ll be able to submit your questions for this epoch’s Spartan Council candidates.
Now onto our common updates — the LP caps on Andromeda have been raised to $21 million and LP-backed collateral is at present at about $10 million. BTC and ETH OI caps are additionally round $10 million, with 14k SNX cumulative burn, so the council is at present simply ready for extra LP to scale ETH and BTC caps previous $10 million.
The SIP emigrate L1 SNX to V3 is in its last spherical of audit checks, and L1 Perps is being launched to testnet because the third and last audit suggestions is being carried out. These are each anticipated to be prepared by the tip of the month.
There have been additionally a number of SIP displays final week, so let’s briefly evaluation them:
SIP-376: Listing 11 markets from Perps V2 on Perps V3 on Base
- Introduced by Burt, this SIP proposes itemizing 11 Perps markets, which might be already out there for buying and selling on V2, to perps V3 on Base
- Listing contains DOGE, AVAX, OP, ORDI, PEPE, RUNE, BONK, FTM, ARB, MATIC, and BNB
- LP caps had been lately elevated, which can permit assist for extra open curiosity (OI)
- These markets had been chosen based mostly on their excessive quantity on V2 and may make buying and selling on V3 extra engaging for brand spanking new customers
- Kwenta may also be including buying and selling incentives to V3 starting this week, which ought to dovetail properly with the brand new choices and elevated OI caps
SIP-373: Preemptive Approval for Itemizing ENA Token on Perps V3 on Base
- This proposal will record ENA to perps V3, pending an SCCP for last itemizing parameters
- Synthetix is the L1 perps infrastructure supplier for the Ethena Labs stablecoin, and itemizing the ENA token on Perps V3 on Base will assist Synthetix ecosystem members get publicity to it
- Burt defined that there are already perps listings of ENA on centralized and decentralized exchanges, so this one is able to go, pending governance approval
- As of now, the LP constraint will restrict OI on many of those new markets to ~$250,000
SIP-374: Preemptive Approval for Itemizing DEGEN Token on Perps V3 on Base
- Burt additionally offered this SIP, explaining that the DEGEN token is a cost token on the Farcaster app, which is powered by Base community
- This meme token could be very scorching proper now on Base
- The proposal is searching for preemptive approval in order that the market could be listed as quickly as there are hedging alternatives on different centralized or decentralized exchanges to seize as a lot of the early curiosity as potential
- SC must approve an SCCP to set the parameters for this previous to itemizing
SIP-375: Listing BOME-PERP and ETHFI-PERP on Perps V3 on Base
- Danny offered this SIP, which proposes itemizing BOME and ETHFI on Perps V3 on the Base community
- Each of those have already got fairly a little bit of perps quantity on centralized and decentralized exchanges
- BOME is a Solana memecoin that launched on March 14th and have become tradeable on Binance on March sixteenth
- ETHFI is the governance token for Ether.Fi, a non-custodial liquid restaking protocol on Ethereum
The votes are nonetheless lively for all 4 of those SIPs that had been offered final week, however all of them have already been authorized with 6 votes in favor.
Grants Council
In Grants Council replace, the DAO is being remodeled right into a single Grants Lead place. This new Grants Lead might be somebody with expertise as a technical venture supervisor, and might be appointed by the Spartan Council. They may coordinate with numerous governance our bodies, in addition to the neighborhood, to handle and ship tasks throughout the new Grants scope. If that is one thing that you’re desirous about, and assume you’ll make candidate for, click on right here to use by the tip of the week! This place will begin with the brand new epoch, as quickly as Might 1st.
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SIP/SCCP standing tracker:
SIP-306: V3 Migration, Standing: authorized
SIP-376: Listing 11 markets from Perps V2 on Perps V3 on Base, Standing: authorized
SIP-373: Preemptive Approval for Itemizing ENA Token on Perps V3 on Base, Standing: authorized
SIP-374: Preemptive Approval for Itemizing DEGEN Token on Perps V3 on Base, Standing: authorized
SIP-375: Listing BOME-PERP and ETHFI-PERP on Perps V3 on Base, Standing: authorized
SIP-364: Reconfigure Grants Council, Standing: carried out
