DeFi

SNXweave Weekly Recap 124

February 7, 2024

The next submit comprises a recap of reports, tasks, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.

👉TLDR

  • CCs are getting ready the rewards distributor mechanism for STP-14’s USDC LP incentives
  • No main points have been reported from integrators so it could be time to start out directing merchants in direction of Base
  • Kwenta is planning to scale up the invite-only testing part earlier than opening up V3 on Base because the default expertise for all Kwenta merchants
  • The restricted use at this level is a person onboarding situation reasonably than a limitation of what’s at the moment deployed (there’s loads of OI room for merchants that’s not getting used)
  • Perps V3 OI caps at the moment are $1 million and trades are occurring by 2 integrators. As soon as Perps V3.1 and V3.2 are shipped, OI caps could be dramatically lifted.
  • SC mentioned the 2024 roadmap once more — they talked about deploying to future chains and creation of SNX app chain
  • Different dialogue: Duck stated as V3 scales on Base there will probably be much less demand for sUSD on V2, which can affect the peg
  • SIP-2053: Listing JUP on SNX Perps V2 presentation recap

Spartan Council and SIP updates

Current on the January 31, 2024 Spartan Council Weekly Challenge Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Cavalier, David, joey, KALEB, Matt, meb, Mike, Nikita, troy

First up, for our work in progress replace, 900,000 of the $1 million USDC LP cap has been crammed, and the CCs at the moment are getting ready the rewards distributor mechanism for STP-14’s USDC LP incentives. No main points have been reported from integrators so it could be time to start out directing merchants in direction of Base. Kwenta is planning to scale up the invite-only testing part earlier than opening up V3 on Base because the default expertise for all Kwenta merchants. The TLDR right here is principally that the restricted use at this level is a person onboarding situation reasonably than a limitation of what’s at the moment deployed (there’s loads of OI room for merchants that’s not getting used).

As for markets, Perps V3 OI caps at the moment are $1 million and trades are occurring by 2 integrators. As soon as Perps V3.1 and V3.2 are shipped, OI caps could be dramatically lifted.

Subsequent up, the Spartan Council briefly reviewed the roadmap once more, which we mentioned in final week’s recap. There was additional dialogue on deploying to future chains and creation of SNX app chain. From an offline dialog with Cav, Kain defined a few of the conditions for deploying to a different chain. The entire level behind the Andromeda launch was to conduct experiments that may inform potential future deployments.

The primary is whether or not there’s any curiosity in LPing USDC, and the second is the buying and selling demand for Synthetix contracts backed by that USDC collateral. Kain stated the massive open query for him is what share of lively merchants are from exterior of the Synthetix neighborhood — there are the merchants who’re more likely to be much less involved with the chain that Synthetix is deployed on and the collateral backing the system, and extra involved with the standard of the product).

As soon as the experiments validate whether or not there’s demand for buying and selling, then the Spartan Council and CCs can start to judge what a submit SNX collateral Synthetix ought to seem like. App chain growth can also be contingent on Andromeda experiment information. So far as future experiments, there have been plenty of recommendations to deploy to different chains, similar to Arbitrum, and probably experiment with extra dangerous collateral and margin sorts. Adam cautioned that even in an remoted deployment setting, the Synthetix model can be tied to all of those deployments and any points could also be optically damaging for the protocol even when LP threat was contained.

In different dialogue, Duck introduced up the truth that as V3 scales on Base, there will probably be much less demand for sUSD on V2 which can affect the peg. There’s a massive sUSD arbitrage alternative from L1 to Optimism that’s not being effectively closed. Kain stated he was capable of run the cycle a few occasions and estimates the APY was close to 40%. The large downside, nevertheless, is that it’s not a straightforward course of, and automating it could require a degree of sophistication that the majority sUSD holders would not have. The CCs are creating an interface to assist with this and there might have to be further incentives from the TC to make it worthwhile for smaller sUSD holders.

There was additionally one SIP presentation final week, SIP-2053 to Listing Jupiter (JUP) on Perps V2. This token launched on February 1st so Kaleb defined that there was no lively buying and selling information on the time of the presentation to help the itemizing, however he expects it is going to have the identical demand as BONK. This is able to not go reside till the markets are lively on centralized exchanges, and this asset will even be added to the Danger Management Module within the SCCP configuration.

Grants Council

Current on the February 1, 2024 Grants Council assembly:
Grants Staff: ALEXANDER, es MC, Mike, MoneyManDoug, Synthquest

In Grants Council updates, the crew had a gathering final week the place they mentioned what the way forward for the GC ought to seem like. In addition they went over a few of their ongoing initiatives, together with the sUSD bridge, burn bot, and watcher web page. The GC is near confirming that the native sUSD bridge works on the staking web site, and the burn bot has been up to date to incorporate all-time SNX burns — you’ll be able to see weekly/all-time burns in Discord now.

The Watcher web page will even quickly embody totals for open positions, filter tabs for closed and liquidation positions, and historic account complete buying and selling historical past. As soon as these upgrades are full, the Council will even be including a staking tab to view staking details about an deal with. That is meant to start out framing out a one cease store for V3 (staking and perps buying and selling).

Ambassador Council

Current on the January 30, 2024 Ambassador Council assembly:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, in Ambassador Council updates, the Ambassadors posted their most up-to-date Challenge Highlight on Twitter, the place they highlighted dHEDGE, which is a non-custodial asset administration protocol the place customers retain management of their belongings whereas nonetheless permitting others to handle the capital. Make sure you try the spotlight on Twitter!

The crew has additionally been persevering with to debate the upcoming Optimism Grants season that ends February 14th, in addition to the latest Optimism Mission Requests that they assessment as OP delegates. Lastly, they went over Matt’s latest name with Optimism — you’ll be able to try the notes to the decision here.


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SIP/SCCP standing tracker:

STP-14: Incentivize USDC LP on Base Andromeda, Standing: draft

SIP-2053: Listing JUP on SNX Perps V2, Standing: draft

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