SNXweave Weekly Recap 123

January 31, 2024

The next submit incorporates 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.


  • Key milestones from 2024 draft roadmap:

1. Scaling base quantity to $20 million/day
2. Deciding on a brand new chain to deploy V3 and Perps to
3. Changing governance to be totally on-chain
4. Releasing L1 Perps
5. Starting the migration of SNX from V2X

  • Spartan Council bridging dialogue
  • SIP-355: Add additional views to Spot Markets presentation recap
  • SIP-2052: Record CVX on SNX Perps V2 presentation recap
  • SIP-2050: Deprecate sINR Synth presentation recap
  • SIP-2051: Deprecate Perp Markets with 0 Max Market Worth presentation recap
  • SCCP-2077: Activate the MMV Threat Management Module presentation recap

Spartan Council and SIP updates

Current on the January 24, 2024 Spartan Council Weekly Challenge Sync:
Spartan Council: bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core 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/day
  • Deciding on a brand new chain to deploy V3 and Perps to
  • Changing 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 by means of one audit and is preparing for a second. This shall be a V3 launch, which suggests there’ll must be enough 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 useful 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 largest 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) will help resolve 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 could possibly get performed.

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 anxious about safety. Jackson thinks the explanation 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 displays final week so let’s briefly evaluation every of them:

SIP-355: Add additional views to Spot Markets

  • Proposed by Leo, this SIP will reply integrator and developer wants for knowledge entry by including view capabilities for configurations and inner calculations
  • The brand new views add value knowledge, wrapper knowledge, market proprietor and market skew

SIP-2052: Record CVX on SNX Perps V2

  • This SIP proposes itemizing Convex Finance (CVX) on Synthetix Perps
  • Burt defined that CVX particularly reached out in assist of itemizing this asset, and the CVX group has a variety of energetic Kwenta customers

SIP-2050: Deprecate sINR Synth

  • Kaleb introduced 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, 2024
  • This might take away them from the futures market supervisor and permit for the oracle to be deprecated
  • Kaleb 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 accredited with 7 votes in favor
  • This mechanism is for emergency use solely in periods of surprising market exercise that stop arbitragers from collaborating
  • The module shall be managed by a gnosis secure, and the endorsed account is a 3 of n multisig together with the deployer and the pDAO (which successfully means it will likely be managed by pDAO however directed by the interim threat council)
  • This can finally be the complete duty of the danger committee however till the danger committee is shaped, this course of creates a examine between the SC (through the interim threat council) and the pDAO
  • Each new market added will want a further parameter within the configuration SCCP specifying whether or not or not it’s lined underneath this module
  • Kain requested in regards to the course of on how this could be activated

 — Kaleb defined that there are off-chain monitoring techniques that may 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 situation, then authorize the pDAO to execute the transaction

 — The interim threat 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 additional views to Spot Markets, Standing: accredited

SIP-2052: Record CVX on SNX Perps V2, Standing: accredited

SIP-2050: Deprecate sINR Synth, Standing: carried out

SIP-2051: Deprecate Perp Markets with 0 Max Market Worth, Standing: accredited

SCCP-2077: Activate the MMV Threat Management Module, Standing: accredited

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