SNXweave Weekly Recap 133

1 month ago 60

April 10, 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

V3 LP app is present nationalist and unrecorded connected Base!
Andromeda: Currently ~ $20 cardinal successful regular perps volume, implicit $400 cardinal successful cumulative volume, and implicit $10 cardinal successful LP-backed collateral. OI caps are being raised now.
Migration of L1 SNX to V3 utilizing the V3 bequest marketplace is expected to beryllium acceptable this month
L1 Perps 3rd audit is underway and expected to beryllium implicit this month
Synthetix deployment to Arbitrum has been deployed and has archetypal deposits
UX issue erstwhile bridging to Optimism discussion, spot beneath for details
SIP-371: Add sUSDe LP collateral enactment to Synthetix V3 connected Arbitrum presentation recap

Spartan Council and SIP updates

Present astatine the April 3, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, Cavalier, David, Jade, jz, KALEB, Matt, meb, Mike, noah, Steve, troy

First, successful breathtaking news, the V3 LP app is present nationalist and unrecorded connected Base! Users tin present enactment arsenic liquidity providers by supplying USDC collateral to the Spartan Council Pool. In return, you’ll gain a stock of Perps trading fees and beryllium eligible for USDC LP incentives provided by the Synthetix Treasury Council. As liquidity grows, Synthetix V3 connected Base volition beryllium capable to enactment accrued unfastened involvement (OI) and present caller markets.

To get started arsenic an LP and larn much astir the inducement programs, travel the instructions successful this blog.

While we’re connected the taxable of Andromeda, let’s bash a speedy update connected the scaling of markets connected Base. There’s astir $20 cardinal successful regular perps volume, implicit $400 cardinal successful cumulative volume, and implicit $10 cardinal successful LP-backed collateral. Now that LP-backed collateral has surpassed $5 million, the OI caps are being raised.

And since expanding the OI caps is simply a prerequisite for caller marketplace listings already approved by governance, those tin present determination forward. This is cleanable timing to seizure the caller enactment surge connected Base (TVL has astir doubled implicit the past period with accordant regular measurement implicit $500 million).

Next, the migration of L1 SNX to V3 utilizing the V3 bequest marketplace is expected to beryllium acceptable this month. The UI is being prepared for this SIP, and fork tests are being simulated for the migration. This volition people a large milestone, arsenic it would springiness ample L1 stakers the quality to seamlessly migrate to V3. This is besides a pre-requisite for scaling L1 Perps.

And speaking of L1 Perps, the 3rd audit is underway and expected to beryllium implicit this month. The Synthetix deployment to Arbitrum has besides been deployed and has archetypal deposits.

The SC besides discussed afloat on-chain governance past week. SIP-360, for the modular cross-chain predetermination system, and SIP-341, to adhd a configure code to execute SCCPs, are some acceptable to beryllium presented. Any assemblage feedback is welcomed up of these presentations.

In different discussion, Millie brought up a bridging contented that respective assemblage members person brought to his attention. There is presently a UX contented erstwhile bridging to Optimism wherever the estimated state is overmuch higher than it should be. When Optimism upgraded to Bedrock, determination was a compatibility contented with the aged bridging contracts, and the impermanent solution is to show higher estimates. They are presently moving connected it, but the existent state ends up being astir 10x little than the estimate.

Lastly, SIP-371 was presented past week. So let’s concisely reappraisal that:

SIP-371: Add sUSDe LP collateral enactment to Synthetix V3 connected Arbitrum

Presented by Afif, this SIP proposes adding Ethena’s sUSDe arsenic LP collateral to Synthetix V3 connected Arbitrum
The Arbitrum deployment is inactive paused, but this SIP is seeking pre-approval to adhd the plus arsenic an LP collateral erstwhile each of the different governance processes o.k. the launch
This summation volition assistance standard the Arbitrum deployment by bringing liquidity to Arbitrum faster
The connection specifies a $50 cardinal headdress with minting astatine 125% c-ratio and 105% liquidation ratio