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February 21, 2024
The next publish comprises a recap of reports, tasks, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
SC dialogue about on-chain elections — Noah and Mati are engaged on a roadmap for this SIP.We needs to be listening to a extra refined model of what that governance finish state is anticipated to seem like for the protocol within the subsequent week or so. It would embrace the up to date election module, with cannon as a deployment device and built-in gnosis safes.Deprecation of the pDAO might be an enormous change on this course of — this implies SC votes will immediately deploy protocol upgrades.The plan is to begin small with SCCPs, then ultimately graduate to SIPs being deployed this fashion as nicely.Duck introduced up deprecating spot synth choices and recommended some choices for unwinding these choices. Kaleb shared his ideas in response (see beneath), and Duck might be drafting a SIP so as to add a price for coming into sBTC and sETH positions and 0% on the way in which out.Ambassador Council replace: Matt’s Mission Request proposal was permitted by the OP Token home, Mastermojo printed one other Governance replace on the Ambassadors Twitter — see beneath for extra particulars.
Spartan Council and SIP updates
Current on the February 14, 2024 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, Steve, troy
The Spartan Council had a dialogue in regards to the SIP to maneuver elections totally on-chain, with Millie highlighting that it is a huge vote of confidence from the CCs that the protocol is keen to take that subsequent step of decentralization. Noah and Mati are main this initiative and dealing on a extra detailed roadmap on this specific merchandise.
Within the subsequent week or so we needs to be listening to a extra refined model of what that governance finish state is anticipated to seem like for the protocol. It would embrace the up to date election module, with cannon as a deployment device and built-in gnosis safes. An enormous change on this course of would be the deprecation of the pDAO, which suggests Spartan Council votes will immediately deploy protocol upgrades. The plan is to begin small with SCCPs, then ultimately graduate to SIPs being deployed this fashion as nicely.
In different dialogue, Duck introduced up deprecating spot synth choices. At the moment, with 30% lengthy debt skew and a couple of.5% APR, there isn’t a actual incentive for brand spanking new stakers to enter the system. An enormous a part of that is the spot synth choices, particularly sBTC and sETH, which account for practically all of that skew however are usually not productive for the protocol by way of price technology.
Duck then recommended some choices for unwinding these choices by both selecting a distant date the place everybody’s sETH and sBTC are robotically transformed to sUSD or by including a price on inbound exchanges (i.e. sUSD for considered one of these synths). There was some consensus that the choice for rising the price to carry these synths needs to be explored, which might create some strain to unwind.
Kaleb highlighted that there are practically $70 million price of excellent spot sETH and sBTC, and that particular person holders may be sad with this alteration. Even deprecating sLINK (with roughly $150,000 in excellent synths) was disruptive for some. Kaleb additionally introduced up the truth that a compelled change like this might doubtless trigger peg issues if customers had been compelled to exit thousands and thousands of {dollars} of synth positions over a brief time period.
Duck might be drafting a SIP so as to add a price for coming into sBTC and sETH positions and 0% on the way in which out. Kaleb talked about that even this concept won’t be a viable answer as it’s going to take away the motivation for arbitragers to maintain the curve swimming pools balanced.
Ambassador Council
Current on the February 13, 2024 Ambassador Council assembly:Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie
Subsequent up, in Ambassador updates, the workforce mentioned how they had been aiding protocols inside the ecosystem with their OP Grant and Mission Request drafts/submissions. Matt’s Mission Request proposal for Finest in Class perps bought permitted by the OP Token home — you possibly can see the listing of permitted missions right here. Mojo additionally lately launched one other Governance replace for the Ambassadors, so you should definitely examine that out on Twitter! The publish talks about:
Optimism Grants Voting Cycle #19 — it has began!OP Token Home name recap:
Mission Requests voting by OP Token Home — the vote has ended and Matt’s proposal was permitted, as we talked about earlier than. The Ambassadors urge all ecosystem companions, devs, and neighborhood members to have a look at the permitted Mission Request and consider if you wish to apply and contribute.Lastly, the publish provides a shout out to everybody who delegated OP to the Council — the Ambassadors carried out their OP Token Home Duties with it, and voted for all the proposals. Outcomes may be discovered right here:
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SIP/SCCP standing tracker:
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: draft
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