SNXweave Weekly Recap 119

December 13, 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

• Perps V3 audit is implicit & is conscionable pending its last study earlier the ballot is opened
• SC and CCs had a treatment regarding Perps markets and OI scaling connected Base
• SIP-2043: End SNX Inflation presentation recap
• SIP-351: Implement Cross-Chain SNX Token Transfers connected Base via Chainlink CCIP presentation recap
• Ambassador Council update: Spartan Space past week with Infinex and Lit Protocol, treatment of OP votes for 2 caller new votes, and speech astir projects that are successful RPGF circular 3. Every task successful the Synthetix Ecosystem Public Goods database has passed quorum, and the Ambassadors played a captious relation successful securing votes and amplifying our ecosystem to other. MasterMojo is readying to merchandise a caller Governance twitter station to summarize the results.

Spartan Council and SIP updates

Present astatine the December 6, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ML_sudo
Core Contributors: Afif, Bex, Cavalier, joey, jz, KALEB, Matt, meb, Mike, Nikita, Steve, sunny, troy

The Perps V3 audit is finished and is conscionable pending its last study present earlier the ballot is opened. Kain asked however the CCs saw Perps markets and OI scaling connected Base — Afif responded saying the archetypal unrecorded tests of V2 highlighted immoderate insignificant issues that needed to beryllium corrected earlier OI and markets could scale. The aforesaid archetypal cautious attack volition beryllium taken with V3 to let investigating successful a debased hazard environment. Another prerequisite is archetypal LP TVL — there needs to beryllium immoderate captious wide of USDC LP enactment connected Base earlier Perps becomes a functional merchandise there.

The method aspects of the merchandise should beryllium acceptable to standard up successful mid to precocious January, and the economical facet is inactive an unknown. Afif estimates astir $50 cardinal USDC to replicate V2X functionality, but the merchandise could motorboat with much constricted caps astir $10 million. Kaleb added that arbitragers are an important portion of the mode V2X functions and determination needs to beryllium inducement for them to enactment connected Base (where their information volition beryllium monitored arsenic portion of the standard up).

Markets volition trust exclusively connected Pyth oracles connected Base and, owed to their design, they are disposable connected immoderate concatenation that Synthetix deploys connected (instead of having to deploy caller contracts to each concatenation for propulsion oracles). With V2 perchance reaching a maturity signifier successful presumption of the fig of markets it tin support, determination volition beryllium an accidental to motorboat caller markets connected Base that volition beryllium exclusive to that deployment.

There were besides a mates of SIP presentations past week truthful let’s concisely reappraisal them:

SIP-2043: End SNX Inflation

• If this SIP is implemented, ostentation volition beryllium reduced to zero successful the assertion week pursuing the vote
• Inflation was introduced successful 2019 to incentivize staking successful the precocious deployed Synthetix network, pursuing the pivot from Havven
• It was captious that the staking ratio was precocious successful the aboriginal play of the web to standard liquidity
• Kain believes the estimation of SNX arsenic an inflationary token is harming the protocol
• Even if ostentation were to beryllium reduced to a precise debased level, it’s hard to chopped done that narrative
• As ostentation has changed implicit the past mates of years, determination has been constricted alteration successful the staking ratio, which represents the protocol information complaint for SNX holders. So determination is nary grounds that reducing oregon eliminating ostentation volition harm the SNX staking pool
• It may, however, marque much radical consenting to clasp the token without fearfulness of being diluted by inflation
• Kain added that this is simply a large clip to bash it with the motorboat of Andromeda to maximize the interaction of that launch
• Adam said helium has spoken with VCs who are adjacent much dialed successful than your mean user, and inactive judge that SNX is hyperinflationary, and person truthful avoided the token arsenic a result
• It’s excessively analyzable to explicate however ostentation has dropped vs a elemental “inflation is over” explanation
• This determination whitethorn besides escaped up much sUSD for trading, arsenic stakers would not person to hoard the stablecoin to negociate their c-ratio
• Network wellness would person to beryllium monitored intimately successful the aboriginal days of this caller experiment, but Kain thinks the liquidation punishment is capable inducement for LPs to support their c-ratio

SIP-351: Implement Cross-Chain SNX Token Transfers connected Base via Chainlink CCIP

• This SIP proposes enabling CCIP for unafraid cross-chain SNX token transportation betwixt Ethereum and Base
• No modification is required for the existing SNX token declaration connected Ethereum and nary changes are needed for existing V2X contracts
• This span would let users to debar the 7-day lock-in from L2 to L1
• L2 to L2 transfers are besides imaginable via this bridge, and the Synthetix protocol would support ownership of the token contracts that alteration the bridge
• Each token and ‘lane’ (direction of question betwixt networks) tin beryllium configured with its ain complaint limit
• CCIP has been developed with information successful caput and the capableness to grip precocious transactions successful the future
• Execution networks enactment separately from anomaly detection and hazard absorption systems, but each 3 indispensable execute statement for immoderate transaction to beryllium executed
• There are presently a fistful of tokens enabled for CCIP span transportation including snxUSD and GHO (AAVE stablecoin)

Ambassador Council

Present astatine the December 6, 2023 Grants Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, the Ambassadors had a Spartan Space past week with Infinex and Lit Protocol, with implicit 55 listeners. And during their gathering past week, they discussed their OP Votes for the 2 caller new votes that ended a fewer days agone (which tin beryllium recovered here), and they hashed retired immoderate projects that are successful the existent Optimism RPGFunding round. Every task successful the Synthetix Ecosystem Public Goods database has passed quorum, which is HUGE! The Ambassadors played a captious relation successful securing votes and amplifying our ecosystem to different badgeholders. MasterMojo is besides readying to merchandise a caller SNX Ambassador Governance twitter station to summarize it each erstwhile helium gets the results back. Their astir caller summary tin beryllium recovered here.

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SIP/SCCP presumption tracker:

SIP-337: Perps V3, Status: ballot pending

SIP-2043: End SNX Inflation, Status: implemented

SIP-351: Implement Cross-Chain SNX Token Transfers connected Base via Chainlink CCIP, Status: draft