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November 15, 2023
The next put up incorporates a recap of stories, tasks, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
SIP to deploy V3 on Base is near a Goerli testnet deploymentSIP to allow USDC for Andromeda on Base is in draftBuyback and burn proposal dialogue between SC and CCsAudits for 2 key Perps V3 updates are at the moment in progress, and audit suggestions for L1 Perps is being applied (SIP coming quickly)Descoped V3 options: Cross-margin might be dwell at launch, however multi-collateral portfolio margin is not going to be out there (work remains to be in progress to supply assist for extra unstable belongings — anticipated inside a month). The entire different main options promised in V3 might be going dwell with the primary V3 launch.Ahead-looking partnerships and ecosystem alignment dialogue between SC and CCsSIP-345: SNX Buyback and Burn presentation recapSIP-346: Perps V3 Integrator Incentive presentation recapSIP-2035: Listing TIA on Synthetix Perps presentation recapSIP-2039: Listing MEME on Synthetix Perps presentation recapSIP-2040: Listing ANKR, FET, GRT on Synthetix Perps presentation recapGrants Council replace: new bot working in Discord (ETH / BTC Ratio), GC is proposing a retroactive grant for the Telegram Bot developer, Watcher web page now consists of favorites and staff is discussing further thrilling social/person options so as to add to the positioning.
Spartan Council and SIP updates
Current on the November 8, 2023 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ml_sudoCore Contributors: Afif, Cavalier, David, joey, jz, KALEB, Leo, Matt, meb, Rafa, Steve, troy
First up, the SIP to deploy V3 on Base is near a Goerli testnet deployment, and the SIP to allow USDC for Andromeda on Base is in draft. The Council additionally had a dialogue in regards to the buyback and burn proposal, with Gene voicing some issues as as to whether the appropriate strategy was chosen. Millie knowledgeable the group that, after some analysis, Yearn seems to have already got a contract written that may execute purchases primarily based on the oracle worth of SNX. This SIP was really introduced final week, so let’s briefly overview that:
SIP-345: SNX Buyback and Burn
After paying integrators, this proposes splitting the charges remaining between Base LPs and SNX stakers, the place stakers would obtain the rewards by way of a buyback and burn mechanismFees could be used to buy SNX on the present market worth by way of an already developed Yearn sensible contract (as talked about beforehand)Burning would occur periodically as a guide processThis was picked because of its low complexity as a take a look at of a possible price sharing mechanism on BaseGene is anxious {that a} buyback and burn is just not probably the most direct approach to distribute worth again to stakersMillie chimed in including that that is simply the primary of what may very well be many deployments to completely different chains and it turns into very technically difficult to deliver all these earnings again to a single chainKain recommended a risk the place the treasury may very well be the one pockets able to promoting SNX, which might slowly deplete treasury holdings over time and additional decentralization objectivesThere was additionally some dialogue about how this needs to be coordinated with a potential finish to inflationary rewards
Subsequent, audits for 2 key Perps V3 updates are at the moment in progress, and audit suggestions for L1 Perps is being applied (the SIP is coming quickly).
In different dialogue, the SC and CCs talked about descoped V3 options. Kain requested for a listing of any of the promised options in V3 that had been descoped. Cross-margin might be dwell at launch, however multi-collateral portfolio margin is not going to be out there, as work remains to be in progress to supply assist for extra unstable belongings (multi-collateral portfolio margin assist is anticipated inside a month). The code will nonetheless be going dwell with the V3 launch, however solely with USDC collateral enabled. The entire different main options promised in V3 might be going dwell with the primary V3 launch.
Whereas on the subject of potential future V3 deployments, there was additionally a chat concerning forward-looking partnerships and ecosystem alignment, the place Kain shared some ecosystem developments with the SC. Initially, Optimism deliberate to be a “superchain” L2 that attracted a big portion of the rollup person base. The crypto panorama has modified dramatically, and Optimism has shifted to a technique of getting as many OP stack chains deployed as potential. Nevertheless, this shift in technique has modified the incentives they provide as nicely.
In the beginning, Synthetix hoped to be the premier Perp product on what was speculated to be a well-liked L2. Synthetix’s technique now, because it pertains to the Optimism partnership, could must be reconsidered to optimize protocol worth. This can fall to the Treasury Council to barter, however for the reason that Spartan Council guides protocol enchancment, there must be some dialog between the 2 on the longer-term imaginative and prescient.
Lastly, on prime of the buyback and burn presentation, there have been just a few different SIPs introduced final week (all introduced by Burt). So let’s overview them!
SIP-346: Perps V3 Integrator Incentive
This SIP proposes an integrator price share mechanism for Perps V3, the place integrators earn a 20% base price in sUSD from trades executed via a Synthetix Perps integrationThe course of is pretty simple — integrators would join a monitoring code to trace the markets they’ve deployed and would obtain their 20% firstThe hope is that this supplies the perfect answer to incentivize scaling of Perps markets as a result of they’ll have a vested curiosity in producing extra quantity
SIP-2035: Listing TIA on Synthetix Perps
Proposes itemizing TIA on Synthetix PerpsCelestia is an upcoming Cosmos cryptocurrency with a concentrate on knowledge sampling for different blockchains. It launched on October 17, which supplies an early alternative to supply TIA on Synthetix Perps
SIP-2039: Listing MEME on Synthetix Perps
Proposes itemizing MEME on Synthetix Perps
SIP-2040: Listing ANKR, FET, GRT on Synthetix Perps
Proposes itemizing Ankr Community, Fetch.ai and Graph Protocol on Synthetix Perps
All of those markets have been chosen primarily based on lively quantity on different exchanges and in step with Synthetix’s goal of continuous to seize buying and selling quantity from new markets. Itemizing for all three of those SIPs would require Pyth and Chainlink feeds.
Grants Council
Current on the November 9, 2023 Grants Council assembly:Grants Group: ALEXANDER, CT, MoneyManDoug, sunny, synthquest
In Grants Council updates, in case you missed it, there’s a brand new bot working within the Synthetix Discord! It’s the ETH / BTC Ratio Monitoring Bot:
Talking of bots, Alex is proposing a retroactive grant for the Telegram Bot developer. We love our bot devs ❤
Additionally, because of the GC, the watcher web page now consists of favorites. You’ll be capable to compile all of your favourite merchants in a single place and tag them with title overrides. Strive it out! The staff can be discussing some further thrilling social/person options so as to add, and are working with devs on many new components of the Watcher Web site.
In the meantime, Sunny is following up with the “Strong-Perception” AI Help/Data service and reviewing the final piece of performance for the Extra time V3 mission, and CT is constant to achieve out to different protocols to remind their OGs to return mine the Spartan Synthverse NFTs.
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SIP/SCCP standing tracker:
SIP-336: Deploy V3 Core on Base, Standing: authorised
SIP-348: Allow USDC for Andromeda on Base, Standing: draft
SIP-345: SNX Buyback and Burn, Standing: draft
SIP-346: Perps V3 Integrator Incentive, Standing: draft
SIP-2035: Listing TIA on Synthetix Perps, Standing: draft
SIP-2039: Listing MEME on Synthetix Perps, Standing: draft
SIP-2040: Listing ANKR, FET, GRT on Synthetix Perps, Standing: draft
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