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January 17, 2023
The next put up 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
Election resultsSynthetix Quarterly Report infoAndromeda is working in non-public beta and is able to start scalingSCCP to extend the utmost quantity of liquidity that may be supplied to Base Andromeda to 1 million USDC is making its manner by governance — TC anticipated to contribute nearly all of this preliminary $1 millionPerps V3 trades are being executed on Base Mainnet by a number of integratorsL1 Perps is being ready for a second audit and testnetThe SC mentioned SIP-2047, which is able to change low utilization markets to close-only in preparation for migration to Perps V3SIP-2047: Start migrating Perps V2 markets presentation recapSIP-2048: MaxMarketValue Danger Management Module presentation recap
Welcome to 2024, Spartans! Let’s do a fast recap of what the tip of 2023 introduced us, together with our new Council members:
🚨Election Outcomes🚨
Your Spartan Council members for the epoch might be Adam, Bilby, Cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax FrensServing the group on the Treasury Council this epoch might be Bagg, Cavalier, CoKaiynne, and SpartanGloryOur Grants Council members might be ALEXANDER, es MC, Mike, MoneyManDoug, and SynthquestAnd lastly, your Ambassadors for the approaching epoch might be GUNBOATs, Kevin, MasterMojo, Matt, and Westie
Thanks to all who ran, voted, and took part in governance this previous epoch, and congratulations to our newly elected Council members!
And whereas we’re speaking in regards to the finish of 2023, SNXweave simply launched the Quarterly Report for This fall at Synthetix. So make sure to test it out for a full recap of the previous few months of the 12 months!
Spartan Council and SIP updates
Current on the January 10, 2023 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax FrensCore Contributors: Afif, Bex, Cavalier, joey, KALEB, Matt, meb, Mike, Steve, troy
Now onto our common updates — Andromeda is at the moment working in non-public beta and is able to start scaling. SCCP-309, to extend the utmost quantity of liquidity that may be supplied to Base Andromeda to 1 million USDC, is making its manner by governance. OI will increase will observe — the Treasury Council is anticipated to contribute a considerable portion of this preliminary $1 million, offering a steady LP base and confidence to extend OI caps.
For markets, Perps V3 trades are being executed on Base Mainnet by a number of integrators, and L1 Perps is being ready for a second audit and testnet.
And in different dialogue, Burt questioned final week if the phasing out of V2 markets would proceed at an analogous tempo (19 markets) as what is printed in SIP-2047. Cav defined that these markets have been chosen primarily based on their restricted use (mixed, they account for <1% of the whole OI). Delisting a few of the lesser used markets reduces the assault floor space and doubtlessly makes room for extra, higher choices. Kain added that these listings might be used sooner or later as Base-only choices to incentivize merchants emigrate to Base.
Subsequent up, there have been a few SIP displays final week, so let’s evaluation them:
SIP-2047: Start migrating Perps V2 markets
This SIP, which we simply briefly talked about, proposes altering various markets to “close-only” (no extra new positions) in preparation for migration to Perps V3Cav defined once more that the standards for choice was any markets that depend on off-chain oracle information and OI lower than $10k over a weekCombined, these markets characterize lower than 1% of the whole open curiosity and eliminating them would considerably cut back governance overhead and complexity of managing off-chain dataBurt and Millie requested that the checklist be damaged all the way down to separate the trad-fi markets (Au, Ag) and a few of the extra widespread crypto markets (SHIB, RPL, APE, MEME) from the restBurt additionally careworn that the optics of getting an extended checklist of recognizable belongings is a vital issue to contemplate (this proposal would wipe out ~20% of all of the listings)
SIP-2048: MaxMarketValue Danger Management Module
Proposed by Kaleb, this SIP will arrange a max market worth management module that is ready to lower the prevailing market worth to zeroThis can be a device for use by the Danger CommitteeHowever, because the Danger Committee shouldn’t be official but, the Spartan Council might designate an Interim Danger Council that might function underneath shut supervision of the SC and function the Danger Management ModuleThis module would solely be accessible for sure markets (low OI, longtail belongings)That is supposed for emergency use solely, within the occasion that arbitrage shouldn’t be possible resulting from uncommon market circumstances, to safeguard liquidity suppliers
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SIP/SCCP standing tracker:
SCCP-309: Enhance Base LP restrict to 1M USDC, Standing: draft
SIP-2047: Start migrating Perps V2 markets, Standing: draft
SIP-2048: MaxMarketValue Danger Management Module, Standing: draft
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