September 25, 2024
The next put up accommodates a recap of stories, initiatives, and essential updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.
👉TLDR
- Election Outcomes
- Snax chain: Mainnet has been deployed, together with crosschain governance. Governance V3 was deployed on snax chain the place the current election was hosted.
- Multi-collateral Perps: On Arbitrum Mainnet with small caps; the CCs are working with Kwenta on the UX to go dwell for integrators — the goal date is October eleventh.
- V3 Migration: Nonetheless in a smooth launch section; 2 million SNX migrated to this point (along with the Treasury Council).
- L1 Perps: Testnet is being finalized and the necessities are being ready for a Mainnet launch — focusing on launch October sixteenth. The staff remains to be engaged on discovering integration companions.
- LP app: The replace to assist yield-generating collateral is steady – goal launch is September thirtieth.
- SIP-408: Synthetix Referendum presentation overview (see under for recap)
- Ambassador Council replace: The staff launched their latest member Robin to the Council. They mentioned Optimism’s Retroactive Funding Spherical 5, the most recent OP Mission Request, Superchain grants, and the outcomes from Spherical 27 of OP Grants (sadly no grants for the SNX ecosystem on this spherical). Lastly, they mentioned Kwenta and the TLX council that they preside on.
Spartan Council and SIP updates
Current on the September 18, 2024 Spartan Council Weekly Undertaking Sync:
Spartan Council: Cavalier, Fenway, fifa, Ray Zhu, SynthaMan
Core Contributors: Fred, Kaleb, Matt, meb, Mithrandir, moss, Nikita, Steve, Tim, troy, wasp in bush
Welcome to the brand new epoch, Spartans! ICYMI, listed below are your newly elected Councils:
🚨Election Outcomes🚨
- Spartan Council: Cavalier, Cyberduck, Fenway, fifa, ml_sudo, Ray Zhu, SynthaMan (Spartan.eth), and 0x3776
- Treasury Council: CoKaiynne, slinky, 256ben, and 0x27Cc
- Ambassador Council: GUNBOATs, MasterMojo, Matt, Robin, and Westie
Thanks to all who ran, voted, and took part in governance this previous epoch, and congratulations to our newly elected Council members!
Now onto our common updates — final week the brand new Spartan Council began out by going over some work-in-progress updates. The highlights are:
- Mainnet has been deployed for Snax chain, together with crosschain governance – as we all know, governance V3 was deployed on snax chain the place the current election was hosted
- Multi-collateral Perps is on Arbitrum Mainnet with small caps, and the CCs are working with Kwenta on the UX to go dwell for integrators – the goal date is October eleventh
- The V3 Migration remains to be in a smooth launch section, with 2 million SNX migrated to this point (along with the Treasury Council)
- Testnet is being finalized for L1 Perps and the necessities are being ready for a Mainnet launch, focusing on launch October sixteenth, however the staff remains to be engaged on discovering integration companions
- The LP app replace to assist yield-generating collateral is steady, with a goal launch of September thirtieth
Subsequent, there was a SIP presentation final week, so let’s assessment it:
SIP-408: Synthetix Referendum
- This SIP, introduced by Fenway, proposes introducing a mechanism by which particular modifications or upgrades could possibly be put to a tokenholder vote (fairly than being voted on by the SC, which is a consultant governance physique)
- Quorum would require voter participation of 75 million SNX with 67% voting in favor, and the voting window for referendum votes can be 7 days
- 75 million SNX is roughly 50% of all staked tokens and 25% of all circulating tokens, not together with these held by the TC
- 75 million SNX additionally represents 400% of the participation in the newest SC election
- There was some dialogue as as to if this mechanism ought to embody all token holders or be restricted solely to stakers
- There was some settlement that directionally, all token holders ought to have a vote or at the least be counted as 1 token = 1 vote for the needs of quorum. Cav additionally drew comparisons to shareholder voting in different company governance buildings.
- Afif, nevertheless, highlighted that a lot of the unstaked SNX is sitting on centralized exchanges and it’s unclear what number of of these holders can be prepared to take all of the steps essential to vote on chain, due to this fact making it troublesome to calibrate this course of based mostly on complete excellent SNX holders
- Fenway defined that the Treasury and centralized alternate wallets (holding SNX on behalf of different customers) wouldn’t be counted towards the quorum
- One other query was raised about repeat referendum proposals on the identical subject
- Though not specified within the SIP, Fenway acknowledged that there needs to be some cooldown interval earlier than placing the identical subject up for a referendum vote (presumably 6 months, on the discretion of the SC)
- Burt highlighted that since that is being launched through meta-governance, it will technically be doable for a sitting SC to change the referendum course of by unanimous vote in response to a referendum
- Fenway agreed that this might not be aligned with the spirit of a referendum vote the place the intention is to present the group the chance to override SC choices
- He’ll add a be aware that states any modifications to the method can be briefly paused throughout a referendum to keep away from this
- Afif instructed including language a couple of minimal assist threshold earlier than something will get put to a vote
- 10 million SNX, for instance, being required in preliminary assist earlier than a change could possibly be put to an precise token holder vote that requires the upper quorum normal of 75 million SNX
- On the finish of the decision, the SC typically voiced assist on the path of the SIP however agreed to hash out the small print asynchronously (relating to minimal assist requirement, quorum, staked vs. unstaked, and many others.)
Ambassador Council
Current on the September 18, 2024 Ambassador Council assembly:
Ambassadors: GUNBOATs, MasterMojo, Robin, Westie
Lastly, in Ambassador updates, the staff launched their latest member Robin to the Council. They mentioned Optimism’s Retroactive Funding Spherical 5, the most recent OP Mission Request, Superchain grants, and the outcomes from Spherical 27 of OP Grants (sadly no grants for the SNX ecosystem on this spherical). Lastly, they mentioned Kwenta and the TLX council that they preside on.
SNXweave Anchor Podcast: https://anchor.fm/snxweave
Observe us on Twitter! @snx_weave
SIP/SCCP standing tracker:
SIP-383: Multi-Collateral Margin Help — Perps V3, Standing: carried out
SIP-408: Synthetix Referendum, Standing: draft
