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February 14, 2024
The next put up comprises a recap of stories, tasks, and essential updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
At present $150,000 in each day perps quantity on Andromeda and $2 million of cumulative buying and selling quantity, with $1 million in LP-backed collateralNext goal for scaling Base Andromeda is $20 million per day and $10+ million in LP-backed collateralKwenta will likely be including a solution to entry V3 of their UI by the top of FebruaryInfinex will likely be opening deposits within the subsequent week and buying and selling will start to ramp up within the subsequent monthThe legacy market migration plan (which is able to migrate L1 SNX to V3 utilizing the V3 legacy market) is being preparedThe Perps V3.1 rate of interest audit suggestions is being reviewedSIP to launch L1 Perps is getting into its second audit this weekJUP itemizing continues to be ready for the oracle to be readyThe SIP to maneuver elections totally on-chain is in auditKain launched one other weblog put up that up to date his imaginative and prescient for the Synthetix 2024 roadmap — extra belowSIP-354: Perps V3 Uneven Funding presentation recapSIP-2054: Record PENDLE on SNX Perps V2 presentation recapSIP-357: Chainlink Node with Staleness Verify presentation recapSIP-358: Introduce ‘lockedOiMultiple’ to Perps V3 presentation recapSIP-359: Perps V3 — Bypass Checks on Place Danger Discount presentation recap
Spartan Council and SIP updates
Current on the February 7, 2024 Spartan Council Weekly Undertaking Sync:Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, Snax FrensCore Contributors: Afif, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, Steve, troy
Beginning off with some numbers — proper now there’s about $150,000 in each day perps quantity on Andromeda and $2 million of cumulative buying and selling quantity, with $1 million in LP-backed collateral. The subsequent fast goal for scaling Base Andromeda is $20 million per day and $10+ million in LP-backed collateral.
With $1 million in open curiosity capability, there’s room for integrators to divulge heart’s contents to extra customers. Earlier than the top of the month, Kwenta will likely be including a solution to entry V3 of their UI and make an announcement to merchants. A number of the different upgraded options that they plan to supply alongside V3 are roughly 6 weeks out. Beginning someday within the subsequent week, Infinex will likely be opening deposits and buying and selling will start to ramp up within the subsequent month.
Subsequent, the legacy market migration plan (which is able to migrate L1 SNX to V3 utilizing the V3 legacy market) is being ready. The Perps V3.1 rate of interest audit suggestions is being reviewed, and the SIP to launch L1 Perps is getting into its second audit this week. A lot of the suggestions on the V2 to V3 (from L2 to L1) migration course of has been addressed.
In different updates, the JUP itemizing continues to be ready for the oracle to be prepared (the vote will likely be arrange, then parameters will likely be set in an SCCP), and the SIP to maneuver elections totally on-chain is in audit.
Subsequent, Kain launched one other weblog put up that up to date his imaginative and prescient for the Synthetix 2024 roadmap and constructed on his earlier October put up, which proposed a collection of market match experiments. The brand new put up reiterates the measures of success for the Andromeda launch: are LPs keen to collateralize Synthetix with non-SNX collateral and are merchants exterior of the Synthetix ecosystem keen to commerce Synthetix perps?
It acknowledges that the renewed curiosity in Base creates the optimum situations for testing on each of those questions. He additionally touches on the deliberate L1 ETH perp and the function it may play in scaling new stablecoin designs. The remainder of the put up particulars what an SNX chain may seem like and be used for sooner or later.
There have been additionally a number of SIP shows final week, so let’s briefly evaluate every of them:
SIP-354: Perps V3 Uneven Funding
Offered by Sunny and Afif, this SIP proposes introducing an uneven funding price that provides to the web price for merchants when utilization of open curiosity is highSuch a mechanism is particularly helpful in remoted deployments with out the good thing about the deep liquidity swimming pools that Perps V2 loved, and is crucial to be able to scale liquidity from scratch on a brand new deploymentAfif mentioned, for all intents and functions, V2 liquidity has primarily been infinite because the open curiosity has by no means reached even near what the SNX debt pool can supportThis additive funding price each incentivizes new LP collateral to enter the market and encourages the closing of positions in a well timed mannerSince V3 additionally introduces a collateral lock mechanism, which prevents LPs from withdrawing capital that’s in lively use, the uneven funding price discourages the opening of recent positions past a sure LP-use threshold to assist guarantee some collateral is all the time eligible for withdrawalThe charges can be successfully zero as utilization will increase to 80%, then sharply between 80–100% utilization if all the LP collateral is in use by the marketsIf LPs attempt to abuse this dynamic, another choice is so as to add charges for staking/unstakingJackson requested if this could make Perps V3 much less enticing than different centralized choices, and Afif highlighted that that is seemingly solely a symptom of early stage liquidityOnce the pool reaches the purpose the place it may assist all the OI, this price is basically eradicated and the truth that it goes on to LPs ought to incentive extra collateral to enter the system
SIP-2054: Record PENDLE on SNX Perps V2
Burt defined that there’s Binance Perps liquidity and this itemizing seeks to capitalize on an enormous pattern in DeFi (yield buying and selling on high of ETH restaking)
SIP-357: Chainlink Node with Staleness Verify
This SIP proposes incorporating a staleness examine on the Chainlink node used for SNX staking within the V3 systemThis is already a mechanism that exists in V2 however it wasn’t included in V3 at launchThis was identified by an integrator so the change is being made now
SIP-358: Introduce ‘lockedOiMultiple’ to Perps V3
V2 had endorsed liquidators, however in V3 anybody can liquidate eligible positionsRather than liquidating giant positions in a single transaction, there’s a price restrict to scale back market impression from these salesThis SIP proposes briefly locking LP collateral throughout this era the place giant positions are within the means of being liquidatedThe primary objective for this SIP is to resolve the timing drawback between liquidations and reward distribution
SIP-359: Perps V3 — Bypass Checks on Place Danger Discount
This SIP goals to enhance the consumer expertise by permitting customers to scale back a place whatever the margin requirementsCurrently, there’s a little bit of a UX concern with a examine that won’t permit a consumer to scale back their place dimension with out accessible margin to assist the transactionThis is pointless since a discount within the place dimension is a web discount in threat and requires no accessible margin
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SIP/SCCP standing tracker:
SIP-2053: Record JUP on SNX Perps V2, Standing: draft
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: draft
SIP-354: Perps V3 Uneven Funding, Standing: draft
SIP-2054: Record PENDLE on SNX Perps V2, Standing: draft
SIP-357: Chainlink Node with Staleness Verify, Standing: draft
SIP-358: Introduce ‘lockedOiMultiple’ to Perps V3, Standing: draft
SIP-359: Perps V3 — Bypass Checks on Place Danger Discount, Standing: draft
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