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January 31, 2024
The next submit comprises 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
Key milestones from 2024 draft roadmap:
1. Scaling base quantity to $20 million/day2. Deciding on a brand new chain to deploy V3 and Perps to3. Changing governance to be totally on-chain4. Releasing L1 Perps5. Starting the migration of SNX from V2X
Spartan Council bridging discussionSIP-355: Add further views to Spot Markets presentation recapSIP-2052: Checklist CVX on SNX Perps V2 presentation recapSIP-2050: Deprecate sINR Synth presentation recapSIP-2051: Deprecate Perp Markets with 0 Max Market Worth presentation recapSCCP-2077: Activate the MMV Threat Management Module presentation recap
Spartan Council and SIP updates
Current on the January 24, 2024 Spartan Council Weekly Mission Sync:Spartan Council: bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Cavalier, David, KALEB, Leo, Matt, meb, Mike, Regina, Steve, troy
First up, a draft roadmap for the yr was launched, and the important thing milestones embrace:
Scaling base quantity to $20 million/dayDeciding on a brand new chain to deploy V3 and Perps toConverting governance to be totally on-chain:
Jackson requested if this was actually a precedence provided that it doesn’t transfer the dial a lot for the top consumer (merchants) of the Synthetix product (Perps). Cav replied saying the additional decentralization of governance is one thing that the protocol has been working in the direction of for some time, and persevering with to construct on that is a vital a part of the protocol.
This has been in progress for some time, and has already been via one audit and is preparing for a second. This can be a V3 launch, which suggests there’ll should be adequate collateral on V3 on L1, which can require some incentives. The goal proper now could be roughly $100 million of SNX collateral to make this a practical product for the anticipated consumer base — which is roughly 20% of the SNX within the V2 system. Releasing Perps on L1 would additionally require approving wstETH as margin, which has been requested by potential integrators like Ethena.
Starting the migration of SNX from V2X:
The most important dependency for V2X to V3 migration is the vacation spot chain.
Cav has a SIP in progress to stipulate who owns every a part of the roadmap and how you can correctly allocate sources to every piece. There was some concern that the CCs can be stretched even thinner with a number of deployments, however Cav thinks the Treasury Council (TC) can assist remedy a few of these points. A part of the motivation behind releasing this roadmap was to make extra clear precisely what the protocol intends to perform over the following yr, then put the sources in place to verify it will probably get carried out.
After reviewing the roadmap, the SC mentioned bridging. Millie voiced assist for potential future remoted deployments, however stated he would vote no on any bridging integrations. ML_sudo is in favor of interoperability, however is worried about safety. Jackson thinks the rationale that Synthetix is hesitant about bridging is as a result of that’s not an space of experience for the protocol, so the choice must be to work with suppliers who’re consultants.
Subsequent up, there have been a number of SIP shows final week so let’s briefly evaluation every of them:
SIP-355: Add further views to Spot Markets
Proposed by Leo, this SIP will reply integrator and developer wants for information entry by including view features for configurations and inner calculationsThe new views add value information, wrapper information, market proprietor and market skew
SIP-2052: Checklist CVX on SNX Perps V2
This SIP proposes itemizing Convex Finance (CVX) on Synthetix PerpsBurt defined that CVX particularly reached out in assist of itemizing this asset, and the CVX group has a whole lot of lively Kwenta customers
SIP-2050: Deprecate sINR Synth
Kaleb offered the previous couple of SIPs, beginning with this one to deprecate the sINR synth, which has little or no open curiosity (140 sUSD price)Like different deprecated synths, the value can be frozen on the time of implementation and anybody holding the asset would be capable of redeem sUSD on the frozen value
SIP-2051: Deprecate Perp Markets with 0 Max Market Worth
This SIP proposes deprecating 15 perps markets (voted on for delisting in SIP-2047) in 6 months on July thirty first, 2024This would take away them from the futures market supervisor and permit for the oracle to be deprecatedKaleb defined that the 6-month grace interval would enable customers ample time to shut any positions they’ve open
SCCP-2077: Activate the MMV Threat Management Module
This proposes activating the danger management module, which might enable for the discount of OI to zero for a predetermined listing of markets (outlined within the SCCP)This SCCP is the following step for SIP-2048, which proposed the introduction of this mechanism and was permitted with 7 votes in favorThis mechanism is for emergency use solely in periods of bizarre market exercise that stop arbitragers from participatingThe module can be managed by a gnosis protected, and the endorsed account is a 3 of n multisig together with the deployer and the pDAO (which successfully means it is going to be managed by pDAO however directed by the interim danger council)It will finally be the complete accountability of the danger committee however till the danger committee is fashioned, this course of creates a verify between the SC (through the interim danger council) and the pDAOEvery new market added will want an extra parameter within the configuration SCCP specifying whether or not or not it’s coated underneath this moduleKain requested in regards to the course of on how this could be activated
— Kaleb defined that there are off-chain monitoring techniques that might alert the danger council of any points
— The deployer would then put together the transaction to deliver the OI on the issue market to zero
— The danger council would assess the validity of this subject, then authorize the pDAO to execute the transaction
— The interim danger council would then temporary the SC on what occurred and what motion was taken
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SIP/SCCP standing tracker:
SIP-355: Add further views to Spot Markets, Standing: permitted
SIP-2052: Checklist CVX on SNX Perps V2, Standing: permitted
SIP-2050: Deprecate sINR Synth, Standing: applied
SIP-2051: Deprecate Perp Markets with 0 Max Market Worth, Standing: permitted
SCCP-2077: Activate the MMV Threat Management Module, Standing: permitted
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