July 24, 2024
The next publish accommodates a recap of stories, tasks, and vital updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.
👉TLDR
- L1 Migration to V3: Legacy markets had been launched on L1 final week! The Treasury Council was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which can assist scale the brand new product.
- Second section: Migration will probably be open for all stakers, which can change how liquidation occurs (see beneath for particulars). There can even be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3, the bridge to maneuver debt from V2X on L1 to L2 will probably be suspended, and there will probably be a bridge out there to swap sUSD for the brand new snxUSD.
- SIP-398: Chainlink Information Streams for Synthetix V3 on Arbitrum presentation recap (see beneath)
Spartan Council and SIP updates
Current on the July 17, 2024 Spartan Council Weekly Challenge Sync:
Spartan Council: Afif, cyberduck, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalists
Core Contributors: 0xMithrandir, 0xrobin, Fred, jz, Kaleb, meb, Mike, pixelperfect, troy
Final week the crew launched the legacy markets on L1! This implies there may be now a brand new market related to V2X (just like the Spartan Council market on Base) that can maintain the Treasury Council place. The TC was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which can assist scale the brand new product.
Within the second section, doubtless prepared within the subsequent two weeks, migration will probably be open for all stakers. This can change how liquidation occurs — let’s get into how:
- At the moment there’s a 6-hour ready interval after positions are flagged for liquidation
- Within the new system, liquidations will occur instantly and are socialized to all V3 staking positions (V2X will not be part of the socialized liquidation pool)
- Self-liquidation will not be out there in V3
- Liquidation rewards will not be escrowed both — as an alternative, stakers who obtain these rewards will be capable to promote the SNX or use it to strengthen their c-ratio
Additionally within the second stage, there will probably be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3. The bridge to maneuver debt from V2X on L1 to L2 can even be suspended, and there will probably be a bridge out there to swap sUSD for the brand new snxUSD.
Subsequent, there was a SIP presentation final week: SIP-398, offered by Raoul from Chainlink, which proposes integrating Chainlink Information Streams into the Synthetix V3 deployment on Arbitrum to bolster the protocol’s safety and efficiency. Let’s recap the presentation:
SIP-398: Chainlink Information Streams for Synthetix V3 on Arbitrum
- Raoul defined that V3 was designed to be oracle agnostic and this SIP proposes including the choice for integrators to decide on between Chainlink or Pyth
- He instructed a take a look at section the place Synthetix would combine the Chainlink oracle on 10 markets on Arbitrum to additional assess efficiency in comparison with various suppliers
- Chainlink Information Streams boasts the next attributes:
- Reliability: Information Streams is secured by the identical decentralized infrastructure {and professional} node operators that secures a lot of the TVL in DeFi
- Accuracy: Information Streams tracks markets extraordinarily carefully, normally inside half a BIP, and that is verified via Chainlink knowledge in addition to by third events
- Safety: Because of the commit reveal structure, the worth will not be revealed till the commerce is dedicated to. This structure additionally permits for hypothetical commerce execution with bid/ask knowledge which protects the protocol from frontrunning
- Low Latency: Information from centralized exchanges is translated to Chainlink pricing in a short time (normally inside 1 second, in comparison with opponents’ 2–4 seconds)
- Chainlink has additionally supplied to tackle quite a lot of the mixing work on their finish, which would cut back the mixing burden for Synthetix CCs
- The fee (paid to Chainlink) will probably be 1.5% of the charges generated
- This can doubtless be pushed to finish customers within the type of increased transaction prices to make use of these low latency oracles
- Chainlink can also be working in the direction of having the ability to spin up value feeds quicker than up to now (hopefully, inside 24 hours of a token launch)
- They are going to be offering full API entry for keepers within the Synthetix ecosystem
- Burt introduced up a difficulty concerning use of a number of oracles on the identical community
- Raoul confirmed that there wouldn’t be something technically prohibiting integrators from utilizing a number of oracles on a single community
- Burt flagged that with the variations in value stories, use of various oracles would doubtless require totally different market listings, which wouldn’t be very best from a UX perspective
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SIP/SCCP standing tracker:
SIP-398: Chainlink Information Streams For Synthetix V3 on Arbitrum, Standing: draft
