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November 1, 2023
The next submit incorporates a recap of stories, initiatives, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉 TLDR
Deploy Synthetix V3 Core on Base: testing on Base Goerli is pending SCCP affirmation with some potential parameters: collateral caps (begin small and progressively improve LP and OI caps to permit low-risk monitoring of stay information), c-ratio on totally different collateral sorts (will probably begin between 125–150%), wrapper payment (probably no payment to start with)Testnet buying and selling competitors: report has been revealed with full breakdown of the competitors — almost $2.7 billion was traded, with over 2,200 trades being executed and 133 distinctive tradersIntegrator payment share subject: integrator suggestions inquired as as to whether there can be a unique proposal for various networks and whySIP-2037: Checklist MNT, IMX amd TRB on Synthetix Perps presentation recapSIP-2038: Checklist wstETH on Synthetix Perps presentation recapNotifi: Synthetix simply introduced a brand new integration with Notifi, a number one supplier of DeFi alerts that brings real-time notifications to customers — learn under for the way to make the most of this device. Shout out to the Grants Council for funding this!
Spartan Council and SIP updates
Current on the October 25, 2023 Spartan Council Weekly Venture Sync:Spartan Council: Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Millie, ml_sudoCore Contributors: Bex, Cavalier, jz, KALEB, Matt, Steve, sunny, troy
As a core system replace, the SC and CCs mentioned SIP-336, which is able to deploy Synthetix V3 to Base. Testing on Base Goerli is pending SCCP affirmation, with these potential parameters:
Collateral caps
Since this would be the first mainnet deployment of V3, the plan will probably be to begin small and progressively improve LP and OI caps to permit low-risk monitoring of stay dataThere is a fragile steadiness between buying and selling exercise and liquidity, howeverToo little liquidity will limit OI caps, however an excessive amount of liquidty (and never sufficient merchants) will dilute yield for LPs
C-ratio on totally different collateral sorts
Dialogue began at someplace between 125–150percentDraft will specify 150% c-ratio with liquidations at 120% (additional dialogue is important)
Wrapper payment
There was some consensus that there shouldn’t be any payment to start with (which might assist to construct liquidity for buying and selling)
ML_sudo additionally requested how success can be measured usually. From the LP aspect, a profitable deployment can be measured by how a lot curiosity there may be in liquidity-providing. Whereas on the dealer aspect, a variety of metrics can be should be thought-about, however efficiency might be fairly clearly assessed primarily based on comparisons with the Optimism Perps product.
ML advised a twice weekly replace or dashboard in order that the CCs and SC can carefully monitor the efficiency of the deployment. Troy stated one thing alongside these strains is already within the works and has been requested already for the Base deployment. Initially, it might simply be an inner useful resource, however might ultimately become one thing that might be shared publicly.
Subsequent, the testnet buying and selling competitors report is out — take a look at the total breakdown right here! As detailed within the roundup, merchants obtained a part of a complete prize pool of $15,000 price of SNX, 15 KWENTA tokens, and unique NFTs due to the Synthetix Grants Council. And together with the first buying and selling competitors, contributors had been additionally inspired to report bugs and glitches, which led to enhancements in Perps V3 contracts and integrator frontends. Most of those modifications are minor, resembling enhancements round liquidation keeper prices, and are anticipated to be accomplished by subsequent week.
Almost $2.7 billion was traded all through the competitors, with over 2,200 trades being executed and 133 distinctive merchants. Overal the buying and selling competitors was an important success, so congrats to the merchants who made it on the leaderboard and because of everybody who participated!
In different dialogue, for the integrator payment share subject, one of many greatest suggestions gadgets from integrators was if there can be a unique proposal for various networks and why. Optimism is presently the one/greatest quantity supply (and subsequently the one payment generator), so leaving it out of the payment dialogue will not be a full step ahead.
Millie advised that the differentiator right here is V3 vs. V2 deployments — he agreed that the payment must also apply to Optimism as soon as the V3 migration occurs on Optimism. Base deployment is kind of a pre-requisite for a ultimate migration plan for V3 on Optimism, as it’s going to probably present helpful details about collateral sorts on V3.
There have been additionally a few SIP shows final week, so let’s briefly assessment them:
SIP-2037: Checklist MNT, IMX amd TRB on Synthetix Perps
GUNBOATs offered this proposal, which seeks to record Mantle, Immutable X and Tellor Tributes tokens on Synthetix PerpsPretty simple SIP right here — these are being proposed primarily based on buying and selling quantity
SIP-2038: Checklist wstETH on Synthetix Perps
Additionally offered by GUNBOATs, it is a proposal to record Wrapped Staked Ether from Lido futures on Synthetix PerpsThis market has been requested by Pyth and Lido as a method to hedge wstETH on chainGene referred to as consideration to the truth that the stETH providing doesn’t appear to be seeing a lot demandKaleb recognized the potential for merchants to frontfun the rebase mechanism
Nonetheless ready on the oracle feeds for these SIPs, so extra to return quickly.
Lastly, Synthetix simply introduced a brand new integration with Notifi, a number one supplier of DeFi alerts that brings real-time notifications to customers. With Notifi now you can obtain on the spot alerts about your staking positions, protocol updates, and different important reminders. These alerts might be enabled immediately throughout the staking UI utilizing the bell icon.
It’s tremendous simple to set this up — simply search for the notification bell on the Synthetix Staking UI when you’ve related your pockets, and click on on it to pick and activate the alerts of your alternative. Forms of alerts embody Synthetix bulletins, liquidation warning and affirmation, account snapshots, declare reward reminders, governance updates, and c-ratio well being alerts. And these might be obtained on Discord, Telegram, and e mail.
The Grants Council funded this initiative, so shout out to them for his or her assist in bettering the staking expertise. Go take a look at Notifi!
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SIP/SCCP standing tracker:
SIP-336: Deploy Synthetix V3 Core on Base, Standing: authorised
SIP-2037: Checklist MNT, IMX amd TRB on Synthetix Perps, Standing: draft
SIP-2038: Checklist wstETH on Synthetix Perps, Standing: draft
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