SNXweave Weekly Recap 121

3 months ago 98

January 17, 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

Election results
Synthetix Quarterly Report info
Andromeda is operating successful backstage beta and is acceptable to statesman scaling
SCCP to summation the maximum magnitude of liquidity that tin beryllium provided to Base Andromeda to 1 cardinal USDC is making its mode done governance — TC expected to lend the bulk of this archetypal $1 million
Perps V3 trades are being executed connected Base Mainnet by aggregate integrators
L1 Perps is being prepared for a 2nd audit and testnet
The SC discussed SIP-2047, which volition alteration debased utilization markets to close-only successful mentation for migration to Perps V3
SIP-2047: Begin migrating Perps V2 markets presentation recap
SIP-2048: MaxMarketValue Risk Control Module presentation recap

Welcome to 2024, Spartans! Let’s bash a speedy recap of what the extremity of 2023 brought us, including our caller Council members:

🚨Election Results🚨

Your Spartan Council members for the epoch volition beryllium Adam, Bilby, Cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax Frens
Serving the assemblage connected the Treasury Council this epoch volition beryllium Bagg, Cavalier, CoKaiynne, and SpartanGlory
Our Grants Council members volition beryllium ALEXANDER, es MC, Mike, MoneyManDoug, and Synthquest
And lastly, your Ambassadors for the coming epoch volition beryllium GUNBOATs, Kevin, MasterMojo, Matt, and Westie

Thank you to each who ran, voted, and participated successful governance this past epoch, and congratulations to our recently elected Council members!

And portion we’re talking astir the extremity of 2023, SNXweave conscionable released the Quarterly Report for Q4 astatine Synthetix. So beryllium definite to cheque it retired for a afloat recap of the past fewer months of the year!

Spartan Council and SIP updates

Present astatine the January 10, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax Frens
Core Contributors: Afif, Bex, Cavalier, joey, KALEB, Matt, meb, Mike, Steve, troy

Now onto our regular updates — Andromeda is presently operating successful backstage beta and is acceptable to statesman scaling. SCCP-309, to summation the maximum magnitude of liquidity that tin beryllium provided to Base Andromeda to 1 cardinal USDC, is making its mode done governance. OI increases volition follow — the Treasury Council is expected to lend a important information of this archetypal $1 million, providing a unchangeable LP basal and assurance to summation OI caps.

For markets, Perps V3 trades are being executed connected Base Mainnet by aggregate integrators, and L1 Perps is being prepared for a 2nd audit and testnet.

And successful different discussion, Burt questioned past week if the phasing retired of V2 markets would proceed astatine a akin gait (19 markets) arsenic what is outlined successful SIP-2047. Cav explained that these markets were selected based connected their constricted usage (combined, they relationship for <1% of the full OI). Delisting immoderate of the lesser utilized markets reduces the onslaught aboveground country and perchance makes country for more, better offerings. Kain added that these listings could beryllium utilized successful the aboriginal arsenic Base-only offerings to incentivize traders to migrate to Base.

Next up, determination were a mates of SIP presentations past week, truthful let’s reappraisal them:

SIP-2047: Begin migrating Perps V2 markets

This SIP, which we conscionable concisely mentioned, proposes changing a fig of markets to “close-only” (no much caller positions) successful mentation for migration to Perps V3
Cav explained again that the criteria for enactment was immoderate markets that trust connected off-chain oracle information and OI little than $10k implicit a week
Combined, these markets correspond little than 1% of the full unfastened involvement and eliminating them would importantly trim governance overhead and complexity of managing off-chain data
Burt and Millie asked that the database beryllium breached down to abstracted the trad-fi markets (Au, Ag) and immoderate of the much fashionable crypto markets (SHIB, RPL, APE, MEME) from the rest
Burt besides stressed that the optics of having a agelong database of recognizable assets is an important origin to see (this connection would hitch retired ~20% of each the listings)

SIP-2048: MaxMarketValue Risk Control Module

Proposed by Kaleb, this SIP volition acceptable up a max marketplace worth power module that is capable to alteration the prevailing marketplace worth to zero
This would beryllium a instrumentality to beryllium utilized by the Risk Committee
However, since the Risk Committee is not authoritative yet, the Spartan Council whitethorn designate an Interim Risk Council that would run nether adjacent supervision of the SC and run the Risk Control Module
This module would lone beryllium disposable for definite markets (low OI, longtail assets)
This is intended for exigency usage only, successful the lawsuit that arbitrage is not feasible owed to antithetic marketplace conditions, to safeguard liquidity providers