SNXweave Weekly Recap 122

3 months ago 71

January 24, 2024

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 connected Base brought successful $500,000 successful play measurement successful backstage beta and is acceptable to dilatory statesman scaling!
SC asymmetric backing complaint discussion: ML questioned however the caller backing complaint differs from the V2 backing rate — read beneath for an explanation.
Asset delisting SIP discussion: Some Council members had reservations astir delisting assets, spot below.
Grants Council update: GC has been moving connected the sUSD span UI, finishing up reappraisal of the Discord pain bot to regenerate the ostentation bot, and has started a rework of the UX/UI connected the Watcher Page successful prep for V3.
Ambassador update: AC has been discussing the upcoming Optimism Grants play (Feb 1-Feb 14), aboriginal Spartan Spaces, further “Project Spotlights” for their Twitter series, and uncovering caller lending protocols connected Base to database SNX and sUSD. Matt besides created an Optimism Mission Request called “Deliver a Best-in-Class Perp Dex connected Optimism” and the Council published their latest Ambassador Governance update connected Twitter.

Spartan Council and SIP updates

Present astatine the January 17, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax Frens
Core Contributors: Afif, Bex, joey, KALEB, Matt, Mike, Nikita, Steve, sunny, troy

Let’s commencement with a halfway strategy update — Perps connected Base brought successful $500,000 successful play measurement successful backstage beta and is acceptable to dilatory statesman scaling! It volition inactive conscionable beryllium BTC and ETH markets with debased limits, but the Council conscionable voted for LP headdress increases to $1 cardinal USDC — these expanded limits volition let investigating to proceed with a larger trader base. And OI increases should travel arsenic soon arsenic much LPs delegate capital. For markets, trades are continuing to hap connected Base Mainnet by 2 integrators, and L1 Perps is being prepared for a 2nd audit and testnet.

In different discussion, the Spartan Council discussed asymmetric backing rates. During their call, ML_sudo had a question astir the caller backing complaint and however it differs from the V2 backing rate. There is presently a SIP successful draught for this mechanism. Basically, LP superior tin mostly determination successful and retired freely, but determination are definite situations (i.e. wherever each of the existent collateral is required to backmost the unfastened positions) wherever determination mightiness beryllium a impermanent fastener connected the collateral backing system.

To disincentivize a perpetual authorities of locked LP collateral, an summation to the backing complaint is introduced erstwhile OI reaches the constituent requiring collateral lock. This besides encourages the closing of positions, arsenic good arsenic the delegation of further superior until OI comes backmost down beneath that threshold. It tin besides beryllium thought of arsenic bonus net for LPs during those periods wherever locking collateral is indispensable for strategy health. This wasn’t arsenic indispensable successful V2 owed to the abundance of collateral to enactment markets, but volition beryllium a captious diagnostic successful isolated V3 deployments.

Millie asked whether this complaint would beryllium market-specific oregon if it would use to each markets (supermarket) erstwhile active. Afif said it would use to the supermarket since it’s a azygous blended hazard curve for LPs. The markets with the highest utilization are apt to beryllium markets with the highest complaint sensitivity (BTC and ETH), which would promote much swift upwind down positions.

The Spartan Council besides revisited the plus delisting SIP during their gathering past week. Duck brought up the information that it whitethorn not beryllium the champion thought to delist assets without a wide way for relisting them connected V3. Although determination is nary information to enactment this claim, helium believes that a bully magnitude of the perps attraction for Synthetix is the assets that are not wide disposable elsewhere on-chain, and that these assets service to onboard caller users who whitethorn take to enactment and trade.

There seemed to beryllium much enactment amongst the Council for delisting assets for which terms information is little reliable (such arsenic tradfi listings), oregon mostly much risky assets. Burt besides added that delisting based connected OI contiguous mightiness not beryllium the champion approach, arsenic immoderate of these assets whitethorn make successful popularity later.

Grants Council

Present astatine the January 4, 2024 Grants Council meeting:
Grants Team: ALEXANDER, Mike, MoneyManDoug, synthquest

In Grants Council updates, the squad has started a rework of the UX/UI connected the Watcher Page successful mentation for V3 (this is astir 60% done). They are besides continuing enactment connected the sUSD span UI that utilizes the autochthonal span implicit socket, and are finishing up reappraisal of the Discord pain bot that volition regenerate the ostentation bot.

Ambassador Council

Present astatine the January 16, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, the Ambassadors person been discussing the upcoming Optimism Grants season, which starts February 1st and has a submission deadline of February 14th ❤️. Matt besides precocious created an Optimism Mission Request called “Deliver a Best-in-Class Perp Dex connected Optimism,” for which the Ambassadors are seeking input and delegate approval.

The Council is besides discussing aboriginal Spartan Spaces for this epoch, further projects for their “Project Spotlight” Twitter series, and uncovering caller lending protocols connected Base to database SNX and sUSD. And they conscionable published their latest Ambassador Governance update connected Twitter, truthful marque definite you springiness that a read!