SNXweave Weekly Recap 126

2 months ago 58

February 21, 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

SC treatment astir on-chain elections — Noah and Mati are moving connected a roadmap for this SIP.
We should beryllium proceeding a much refined mentation of what that governance extremity authorities is expected to look similar for the protocol successful the adjacent week oregon so. It volition see the updated predetermination module, with cannon arsenic a deployment instrumentality and integrated gnosis safes.
Deprecation of the pDAO volition beryllium a large alteration successful this process — this means SC votes volition straight deploy protocol upgrades.
The program is to commencement tiny with SCCPs, past yet postgraduate to SIPs being deployed this mode arsenic well.
Duck brought up deprecating spot synth offerings and suggested immoderate options for unwinding these offerings. Kaleb shared his thoughts successful effect (see below), and Duck volition beryllium drafting a SIP to adhd a interest for entering sBTC and sETH positions and 0% connected the mode out.
Ambassador Council update: Matt’s Mission Request connection was approved by the OP Token house, Mastermojo published different Governance update connected the Ambassadors Twitter — see beneath for much details.

Spartan Council and SIP updates

Present astatine the February 14, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, Steve, troy

The Spartan Council had a treatment astir the SIP to determination elections afloat on-chain, with Millie highlighting that this is simply a large ballot of assurance from the CCs that the protocol is consenting to instrumentality that adjacent measurement of decentralization. Noah and Mati are starring this inaugural and moving connected a much elaborate roadmap connected this peculiar item.

In the adjacent week oregon truthful we should beryllium proceeding a much refined mentation of what that governance extremity authorities is expected to look similar for the protocol. It volition see the updated predetermination module, with cannon arsenic a deployment instrumentality and integrated gnosis safes. A large alteration successful this process volition beryllium the deprecation of the pDAO, which means Spartan Council votes volition straight deploy protocol upgrades. The program is to commencement tiny with SCCPs, past yet postgraduate to SIPs being deployed this mode arsenic well.

In different discussion, Duck brought up deprecating spot synth offerings. Currently, with 30% agelong indebtedness skew and 2.5% APR, determination is nary existent inducement for caller stakers to participate the system. A large portion of this is the spot synth offerings, specifically sBTC and sETH, which relationship for astir each of that skew but are not productive for the protocol successful presumption of interest generation.

Duck past suggested immoderate options for unwinding these offerings by either picking a distant day wherever everyone’s sETH and sBTC are automatically converted to sUSD oregon by adding a interest connected inbound exchanges (i.e. sUSD for 1 of these synths). There was immoderate statement that the enactment for expanding the outgo to clasp these synths should beryllium explored, which would make immoderate unit to unwind.

Kaleb highlighted that determination are astir $70 cardinal worthy of outstanding spot sETH and sBTC, and that idiosyncratic holders mightiness beryllium unhappy with this change. Even deprecating sLINK (with astir $150,000 successful outstanding synths) was disruptive for some. Kaleb besides brought up the information that a forced alteration similar this would apt origin peg problems if users were forced to exit millions of dollars of synth positions implicit a abbreviated play of time.

Duck volition beryllium drafting a SIP to adhd a interest for entering sBTC and sETH positions and 0% connected the mode out. Kaleb mentioned that adjacent this thought mightiness not beryllium a viable solution arsenic it volition region the inducement for arbitragers to support the curve pools balanced.

Ambassador Council

Present astatine the February 13, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Next up, successful Ambassador updates, the squad discussed however they were assisting protocols wrong the ecosystem with their OP Grant and Mission Request drafts/submissions. Matt’s Mission Request connection for Best successful Class perps got approved by the OP Token house — you tin spot the database of approved missions here. Mojo besides precocious released different Governance update for the Ambassadors, truthful beryllium definite to cheque that retired connected Twitter! The station talks about:

Optimism Grants Voting Cycle #19 — it has started!
OP Token House telephone recap:

Mission Requests voting by OP Token House — the ballot has ended and Matt’s connection was approved, arsenic we mentioned before. The Ambassadors impulse each ecosystem partners, devs, and assemblage members to look astatine the approved Mission Request and measure if you privation to use and contribute.
Lastly, the station gives a outcry retired to everyone who delegated OP to the Council — the Ambassadors performed their OP Token House Duties with it, and voted for each of the proposals. Results tin beryllium recovered here: