SNXweave Weekly Recap 123

3 months ago 110

January 31, 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

Key milestones from 2024 draught roadmap:

1. Scaling basal measurement to $20 million/day
2. Deciding connected a caller concatenation to deploy V3 and Perps to
3. Converting governance to beryllium afloat on-chain
4. Releasing L1 Perps
5. Beginning the migration of SNX from V2X

Spartan Council bridging discussion
SIP-355: Add other views to Spot Markets presentation recap
SIP-2052: List CVX connected SNX Perps V2 presentation recap
SIP-2050: Deprecate sINR Synth presentation recap
SIP-2051: Deprecate Perp Markets with 0 Max Market Value presentation recap
SCCP-2077: Activate the MMV Risk Control Module presentation recap

Spartan Council and SIP updates

Present astatine the January 24, 2024 Spartan Council Weekly Project Sync:
Spartan Council: bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Ana, Cavalier, David, KALEB, Leo, Matt, meb, Mike, Regina, Steve, troy

First up, a draught roadmap for the twelvemonth was released, and the cardinal milestones include:

Scaling basal measurement to $20 million/day
Deciding connected a caller concatenation to deploy V3 and Perps to
Converting governance to beryllium afloat on-chain:

Jackson asked if this was truly a precedence fixed that it doesn’t determination the dial overmuch for the extremity idiosyncratic (traders) of the Synthetix merchandise (Perps). Cav replied saying the further decentralization of governance is thing that the protocol has been moving towards for a while, and continuing to physique connected that is an important portion of the protocol.

Releasing L1 Perps:

This has been successful advancement for a while, and has already been done 1 audit and is getting acceptable for a second. This volition beryllium a V3 release, which means determination volition request to beryllium capable collateral connected V3 connected L1, which whitethorn necessitate immoderate incentives. The people close present is astir $100 cardinal of SNX collateral to marque this a functional merchandise for the expected idiosyncratic base — which is astir 20% of the SNX successful the V2 system. Releasing Perps connected L1 would besides necessitate approving wstETH arsenic margin, which has been requested by imaginable integrators similar Ethena.

Beginning the migration of SNX from V2X:

The biggest dependency for V2X to V3 migration is the destination chain.

Cav has a SIP successful advancement to outline who owns each portion of the roadmap and however to decently allocate resources to each piece. There was immoderate interest that the CCs would beryllium stretched adjacent thinner with aggregate deployments, but Cav thinks the Treasury Council (TC) tin assistance lick immoderate of these issues. Part of the information down releasing this roadmap was to marque much wide precisely what the protocol intends to execute implicit the adjacent year, past enactment the resources successful spot to marque definite it tin get done.

After reviewing the roadmap, the SC discussed bridging. Millie voiced enactment for imaginable aboriginal isolated deployments, but said helium would ballot nary connected immoderate bridging integrations. ML_sudo is successful favour of interoperability, but is acrophobic astir security. Jackson thinks the crushed that Synthetix is hesitant astir bridging is due to the fact that that’s not an country of expertise for the protocol, truthful the penchant should beryllium to enactment with providers who are experts.

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

SIP-355: Add other views to Spot Markets

Proposed by Leo, this SIP volition reply integrator and developer needs for information entree by adding presumption functions for configurations and interior calculations
The caller views adhd terms data, wrapper data, marketplace proprietor and marketplace skew

SIP-2052: List CVX connected SNX Perps V2

This SIP proposes listing Convex Finance (CVX) connected Synthetix Perps
Burt explained that CVX specifically reached retired successful enactment of listing this asset, and the CVX assemblage has a batch of progressive Kwenta users

SIP-2050: Deprecate sINR Synth

Kaleb presented the past fewer SIPs, starting with this 1 to deprecate the sINR synth, which has precise small unfastened involvement (140 sUSD worth)
Like different deprecated synths, the terms would beryllium frozen astatine the clip of implementation and anyone holding the plus would beryllium capable to redeem sUSD astatine the frozen price

SIP-2051: Deprecate Perp Markets with 0 Max Market Value

This SIP proposes deprecating 15 perps markets (voted connected for delisting successful SIP-2047) successful 6 months connected July 31st, 2024
This would region them from the futures marketplace manager and let for the oracle to beryllium deprecated
Kaleb explained that the 6-month grace play would let users ample clip to adjacent immoderate positions they person open

SCCP-2077: Activate the MMV Risk Control Module

This proposes activating the hazard power module, which would let for the simplification of OI to zero for a predetermined database of markets (outlined successful the SCCP)
This SCCP is the adjacent measurement for SIP-2048, which projected the instauration of this mechanics and was approved with 7 votes successful favor
This mechanics is for exigency usage lone during periods of antithetic marketplace enactment that forestall arbitragers from participating
The module volition beryllium controlled by a gnosis safe, and the endorsed relationship is simply a 3 of n multisig including the deployer and the pDAO (which efficaciously means it volition beryllium controlled by pDAO but directed by the interim hazard council)
This volition yet beryllium the afloat work of the hazard committee but until the hazard committee is formed, this process creates a cheque betwixt the SC (via the interim hazard council) and the pDAO
Every caller marketplace added volition request an further parameter successful the configuration SCCP specifying whether oregon not it is covered nether this module
Kain asked astir the process connected however this would beryllium activated

— Kaleb explained that determination are off-chain monitoring systems that would alert the hazard assembly of immoderate issues

— The deployer would past hole the transaction to bring the OI connected the occupation marketplace to zero

— The hazard assembly would measure the validity of this issue, past authorize the pDAO to execute the transaction

— The interim hazard assembly would past little the SC connected what happened and what enactment was taken