SNXweave Weekly Recap 118

5 months ago 79

December 6, 2023

The pursuing station contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors, arsenic good arsenic the Grants Council and Ambassador Council from past week.

👉TLDR

Andromeda has been deployed to testnet with the latest mentation of Perps V3, and is being refined for integrators
L1 Perps audit feedback is astir done being implemented
SC/CCs discussed the caller dHedge/Toros excavation connected Base
SIP-345: SNX Buyback and Burn presentation recap
SIP-350: Implement SNX Token Bridging via Wormhole presentation recap
SIP-2041: List PYTH connected Synthetix Perps presentation recap
SIP-2042: List BONK connected Synthetix Perps presentation recap
Grants Council update: respective retroactive grants were paid retired (see beneath for specifics), squad is brainstorming however to assistance with the V3 Base data, much Watcher Page updates, and looking for a dev for a SIP automerger and indebtedness migration UI.

Spartan Council and SIP updates

Present astatine the November 29, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ML_sudo
Core Contributors: Afif, Bex, Cavalier, David, Jade, jz, KALEB, Matt, meb, Mike, Steve, troy

Andromeda has been deployed to testnet with the latest mentation of Perps V3, and is being refined for integrators. The audit is wrapping up with tiny improvements, portion the L1 Perps audit feedback is astir done being implemented.

In different discussion, past week Duck asked astir the caller dHedge/Toros excavation connected Base. Cav clarified that it volition beryllium a vault that automates the process for USDC LPs connected Base. Overall, 3rd enactment staking interfaces are a affirmative measurement for the protocol arsenic they assistance trim the overhead for Synthetix deployments to further chains.

Next, determination were respective SIP presentations past week, truthful let’s concisely reappraisal them:

SIP-345: Buyback and Burn SNX connected Base

As discussed successful erstwhile recaps, this SIP proposes utilizing 50% of fees earned connected Base to buyback and pain SNX — after paying integrators, the remaining fees volition beryllium divided betwixt Base LPs and SNX stakers
Stakers would person the rewards via a buyback and burn, and fees would beryllium utilized to acquisition SNX astatine the existent price
The program is to usage a saltation of a Yearn contract
The fees volition accrue and determination volition beryllium a permissionless mechanics to merchantability SNX into the contract
The burning of the fees volition beryllium a manual process executed by the Treasury Council
Since Andromeda is an isolated deployment, this was picked arsenic the astir elegant solution for returning worth to the wider Synthetix ecosystem
Adam asked if the experimentation had a specified termination date, and Cav explained that a SIP with a amended solution could ever supersede this SIP, but this is simply a precise low-overhead mode to find retired if specified a solution is worthy dedicating resources to
Gene and Duck requested a spot much item successful the SIP regarding the pain process (specifically, wherever the SNX volition beryllium sent and a petition to adhd the interval astatine which this volition happen). Cav volition beryllium adding these details.

SIP-350: Implement SNX Token Bridging via Wormhole

Presented by Evan from Wormhole, this SIP proposes utilizing Wormhole’s Wrapped Token Transfers contracts to facilitate the question of SNX tokens crossed aggregate chains
This method would besides let users to retreat SNX without facing mandatory 7-day lock-in periods
Wormhole guardians are capable to warrant transaction finality faster than the optimistic model due to the fact that they are each moving afloat Optimism nodes
This mechanics could besides beryllium utilized to facilitate buys and burns, oregon reward distributions to different chains
It would besides much easy alteration enlargement to different chains successful the future
This would beryllium a permissionless process and necessitate nary codification changes (i.e. SNX could beryllium transferred anyplace wrong the wormhole web and users would person a wrapped SNX token connected the other)
Aakash added that the biggest vantage with this implementation would beryllium the azygous interface to enactment bridging crossed aggregate deployments (rather than utilizing the idiosyncratic span solutions developed for each concatenation that SNX is deployed on)
ML_sudo asked if politician limits (which bounds the magnitude of measurement passed done the span implicit a circumstantial clip period) could beryllium acceptable for idiosyncratic tokens:
Wormhole presently has planetary limits, and the assemblage has voted to marque the limits higher for idiosyncratic tokens successful a fewer cases
There has ne'er been a petition to set them lower, but they volition beryllium taking this petition backmost to their CCs to spot if it’s thing that could beryllium offered

SIP-2041: List PYTH connected Synthetix Perps

SIP proposes listing Pyth Network Token connected Synthetix Perps

SIP-2042: List BONK connected Synthetix Perps

SIP proposes listing BONK connected Synthetix Perps
Adam asked if each the Perps information backstops could grip specified a volatile listing — Kaleb answered saying determination was already an existing Perp marketplace connected Binance to hedge against

Grants Council

Present astatine the November 30, 2023 Grants Council meeting:
Grants Team: ALEXANDER, CT, MoneyManDoug, synthquest

In Grants Council updates, the squad has been discussing however they tin assistance connected the V3 Base data. They besides paid retired respective retroactive grants past week: immoderate for automated minting work, Telegram Bot updates, and for unfastened sourcing high-level information analytics and python repos. Synthquest besides brought immoderate Watcher leafage updates to the array for discussion, and the Council is moving connected uncovering a dev for a SIP automerger and indebtedness migration UI.

Here are the nonstop amounts that were paid retired for the Retroactive Grants:

Automated Minting: