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November 8, 2023
The next submit incorporates a recap of reports, initiatives, and essential updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
The SCCP for the Andromeda configuration is in draft — at present specifies no issuance and 125% liquidation ratioSC & CCs mentioned SIP-345 (buyback and burn SNX on Base) — mechanism is a dutch public sale, however another choice is a straightforward contract that holds USDC and might be known as by a keeper to execute market (Cavalier will likely be updating the SIP to replicate this)Millie voiced opinions in regards to the dutch public sale mechanism vs. a contractTestnet buying and selling competitors: enhancements that got here from the buying and selling comp have all been recognized. Sunny is updating the SIP with the adjustments to be introduced once more subsequent week.Grants Council replace: GC is discussing grant for a “Treasury Transaction blocking governance module” & have organized a “Maya Discord Ticketing System Demo” for CC Matt (who will likely be drawing up necessities for the trial interval that the GC will fund). Staff is assembly with the creator of Cryptofees, Notifi is up and operating, and the NFTs are being processed to the testnet buying and selling comp winners.
Spartan Council and SIP updates
Current on the November 1, 2023 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, MillieCore Contributors: Afif, Cavalier, joey, jz, KALEB, Leo, Matt, meb, troy
We’ve received a fast replace for you guys this week — the SCCP for the Andromeda configuration is at present in draft, and there was some dialogue final week round getting USDC to Base. Proper now, there may be loads of ETH on Base, however not as a lot USDC. Thankfully, Circle gives low-cost bridging by means of CCTP.
The draft SCCP configuration specifies no issuance and 125% liquidation ratio. Duck questioned whether or not this was enough, and Cavalier stated there isn’t a borrowing towards USDC, so the one strategy to get liquidated is that if the debt-pool is repeatedly shedding towards merchants. Kain urged a SIP explaining all of those particulars because it’s totally different from what we’ve got in V2.
Duck questioned whether or not this was enough, and Cavalier stated there isn’t a borrowing towards USDC, so the one strategy to get liquidated is that if the debt-pool is repeatedly shedding towards merchants. Kain urged a SIP explaining all of those particulars because it’s totally different from what we’ve got in V2.
The Council additionally mentioned SIP-345 (buyback and burn SNX on Base), the place the mechanism specified within the proposal is a dutch public sale. An alternative choice is a straightforward contract that holds USDC and might be known as by a keeper to execute market purchases (to keep away from a sophisticated improvement) — Cavalier will likely be updating the SIP to replicate this.
Millie added {that a} dutch public sale would deliver SNX liquidity to Base, whereas a contract to market purchase SNX could not (with no different incentive for SNX to be on Base to start with). He additionally stated there is perhaps some extra out-of-the-box dutch public sale choices that different protocols have used up to now which will work for this objective. Matt chimed in saying that the aerodrome acquired from the Velodrome airdrop will likely be used to direct emissions to a Base pool, so there needs to be sufficient liquidity to accommodate what will likely be comparatively small buys. This SIP is being introduced in the present day.
As a markets replace, the enhancements that got here from the testnet buying and selling competitors have all been recognized. Sunny continues to be within the technique of updating the SIP with the adjustments to be introduced once more subsequent week. Millie additionally requested how buying and selling would work on Base. All the stablecoin pairs can be USDC (fairly than sUSD), and merchants would deliver USDC to Base, then wrap it to commerce on Perps V3. Income will likely be paid out in USDC as properly.
Grants Council
Current on the November 2, 2023 Grants Council assembly:Grants Staff: CT, MoneyManDoug
In Grants Council updates, CT has organized a briefing session for a Grant software that proposes a “Treasury Transaction blocking governance module.” He has additionally organized a “Maya Discord Ticketing System Demo” for CC Matt, who will likely be drawing up necessities for the trial interval that the GC will fund.
The staff can also be assembly with the creator of Cryptofees to see whether it is viable for the Grants Council to take over funding the upkeep and development of the location, with a give attention to selling Synthetix. There may be nonetheless some dialogue occurring right here, nevertheless it looks as if the fee is perhaps too excessive compared to the ROI.
Lastly, don’t neglect to take a look at Notifi, the Grants Council’s latest sponsorship that means that you can obtain prompt alerts about your staking positions, protocol updates, and different important reminders. And in case you participated within the testnet buying and selling competitors and made it on the leaderboard, the GC is processing the NFT winners now!
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SIP/SCCP standing tracker:
SIP-345: Buyback and burn SNX on Base, Standing: draft
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