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March 13, 2024
The next publish incorporates a recap of stories, tasks, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
V3 itemizing grocery store dialogue: Burt requested which belongings are applicable for itemizing inside supermarkets vs. which belongings needs to be listed out of the supermarkets & puzzled if it might be complicated to maintain monitor of a number of cross-margin accounts throughout a number of supermarkets ⬇️It was clarified that there could be only one grocery store in the primary SC pool the place cross-margin could be allowed, and different listings may very well be added to the SC pool exterior of that grocery store, so they might commerce as fully remoted markets backed by the SC pool (this could match centralized alternate UX).Afif cautioned towards including riskier belongings to the grocery store and instructed a periodic liquidity evaluate to find out whether or not any listings within the grocery store needs to be switched to remoted marketsKain additionally introduced up the potential of making a liquidity-monitoring dashboard that may permit the SC to remain up-to-date available on the market conditionsSIP-365: Take away Core Charge Change presentation recapSIP-366: Asynchronous Delegation presentation recapSIP-360: Synthetix V3 Cross-chain Elections System presentation recapSIP-341: Add Configurer Handle presentation recapSIP-361: Perps V3 — Integrator & CC Requests presentation recap
Spartan Council and SIP updates
Current on the March 6, 2024 Spartan Council Weekly Venture Sync:Spartan Council: bilby, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Burt, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, noah, Steve, sunny, troy
Burt began off the dialogue final week by asking how the Spartan Council intends to method listings in V3 based mostly on the brand new “grocery store” mechanism (i.e. which belongings are applicable for itemizing inside supermarkets vs. which belongings needs to be listed out of the supermarkets).
Burt talked about that, from a person perspective, it’d turn into complicated to maintain monitor of a number of cross-margin accounts throughout a number of supermarkets, every with their very own set of belongings. It was clarified that there could be only one grocery store in the primary SC pool the place cross-margin could be allowed, and different listings may very well be added to the SC pool exterior of that grocery store, so they might commerce as fully remoted markets backed by the SC pool (this could match centralized alternate UX). Later, a very separate grocery store exterior of the SC pool may very well be added for extra aggressive long-tail asset listings.
Afif additionally cautioned towards including riskier belongings to the grocery store and instructed a periodic liquidity evaluate to find out whether or not any listings within the grocery store needs to be switched to remoted markets. This change would entail opening a brand new remoted market and setting the marketplace for that itemizing inside the grocery store to close-only. It was instructed {that a} quantitative listing of standards be formulated in a SIP to find out what belongings are eligible for grocery store itemizing. Kain additionally introduced up the potential of making a liquidity-monitoring dashboard that may permit the SC to remain up-to-date available on the market circumstances.
Subsequent up, there have been a number of SIP displays final week, so let’s briefly evaluate every of them:
SIP-365: Take away Core Charge Change
Introduced by Noah, this SIP proposes eradicating the core payment seize mechanism that was applied in SIP-319 in favor of market-level payment captureThe present mechanism works properly for spot markets, however is much less appropriate for Perps markets since it might assess charges on the deposit and withdrawal of marginSince the payment seize happens on the market implementation, this SIP proposes eradicating the core payment reasonably than including governance configuration variables
SIP-366: Asynchronous Delegation
This SIP is an enchancment on SIP-320 and seeks to eradicate the doable LP assault vectorsSIP-320 proposed a minimal delegation length, however even with that mechanism it was nonetheless doable to learn from well timed delegation/undelegation of collateralThis SIP proposes including a market-determined delay on both route relying on whether or not the delegated collateral is rising or reducing to make the delegation asynchronousThis is much like the order settlement asynchrony that was added to eradicate frontrunning assault vectorsThis is a change that may be turned on or off on a per market foundation relying on whether or not adversarial LP dynamics are a priority
SIP-360: Synthetix V3 Cross-chain Elections System
This SIP proposes a brand new system for facilitating on-chain electionsBetter cross-chain expertise has been launched for the reason that authentic design and launch of the V3 governance module, so this proposes incorporating a few of this new tech to scale back reliance on Merkle timber and create a extra modular election systemCritically, it should add flexibility to calculate voting energy from V2 and V3
SIP-341: Add Configurer Handle
This proposes including a configurer deal with that may be capable to execute SCCPs, which is a primary step in direction of the purpose of on-chain governanceThe NFTs issued by the governance module following elections would plug into this deal with, reasonably than the proprietor deal with, to scale back protocol threat
SIP-361: Perps V3 — Integrator & CC Requests
Kaleb offered this final SIP, which proposes a variety of high quality enhancements instructed by CCs and integrators
These enhancements embody:
Drop the getReportedDebt from the occasion emitted upon withdrawing sUSD from a given perp market (it will scale back value for customers)Incorporate a getOpenPositionSize that returns the scale of an open place when given a market ID and account quantity as inputEmit an occasion when an account is flagged for liquidation (requested by Kwenta in order that they have documentation of when customers are liquidated)Incorporate a view operate that returns the settlement protecting prices plus the settlement reward (requested by Polynomial for reporting of their UI)Require a strict staleness tolerance on margin withdrawal (worth freshness required for withdrawal — 30 seconds)Incorporate a required margin for order when given an execution worth (required for restrict orders & requested by Kwenta)Incorporate a secondary cap on open curiosity denominated in USD (essential to take care of OI caps throughout speedy worth will increase to guard the protocol)Take away the minimal protecting charges from getRequiredAccountMargins operate (this can be a bug repair)
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SIP/SCCP standing tracker:
SIP-365: Take away Core Charge Change, Standing: accredited
SIP-366: Asynchronous Delegation, Standing: accredited
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: accredited
SIP-341: Add Configurer Handle, Standing: draft
SIP-361: Perps V3 — Integrator & CC Requests, Standing: accredited
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