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March 13, 2024
The next put up comprises a recap of stories, initiatives, and essential 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 property are applicable for itemizing inside supermarkets vs. which property ought to be listed out of the supermarkets & questioned if it might be complicated to maintain observe of a number of cross-margin accounts throughout a number of supermarkets ⬇️It was clarified that there can be only one grocery store in the primary SC pool the place cross-margin can be allowed, and different listings could possibly be added to the SC pool exterior of that grocery store, so they might commerce as utterly remoted markets backed by the SC pool (this could match centralized trade UX).Afif cautioned in opposition to including riskier property to the grocery store and advised a periodic liquidity evaluation to find out whether or not any listings within the grocery store ought to be switched to remoted marketsKain additionally introduced up the potential of making a liquidity-monitoring dashboard that will permit the SC to remain up-to-date in the marketplace conditionsSIP-365: Take away Core Charge Swap presentation recapSIP-366: Asynchronous Delegation presentation recapSIP-360: Synthetix V3 Cross-chain Elections System presentation recapSIP-341: Add Configurer Deal with presentation recapSIP-361: Perps V3 — Integrator & CC Requests presentation recap
Spartan Council and SIP updates
Current on the March 6, 2024 Spartan Council Weekly Mission 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 primarily based on the brand new “grocery store” mechanism (i.e. which property are applicable for itemizing inside supermarkets vs. which property ought to be listed out of the supermarkets).
Burt talked about that, from a consumer perspective, it’d grow to be complicated to maintain observe of a number of cross-margin accounts throughout a number of supermarkets, every with their very own set of property. It was clarified that there can be only one grocery store in the primary SC pool the place cross-margin can be allowed, and different listings could possibly be added to the SC pool exterior of that grocery store, so they might commerce as utterly remoted markets backed by the SC pool (this could match centralized trade UX). Later, a very separate grocery store exterior of the SC pool could possibly be added for extra aggressive long-tail asset listings.
Afif additionally cautioned in opposition to including riskier property to the grocery store and advised a periodic liquidity evaluation to find out whether or not any listings within the grocery store ought to be switched to remoted markets. This swap would entail opening a brand new remoted market and setting the marketplace for that itemizing throughout the grocery store to close-only. It was advised {that a} quantitative checklist of standards be formulated in a SIP to find out what property are eligible for grocery store itemizing. Kain additionally introduced up the potential of making a liquidity-monitoring dashboard that will permit the SC to remain up-to-date in the marketplace situations.
Subsequent up, there have been a number of SIP shows final week, so let’s briefly evaluation every of them:
SIP-365: Take away Core Charge Swap
Offered by Noah, this SIP proposes eradicating the core charge seize mechanism that was applied in SIP-319 in favor of market-level charge captureThe present mechanism works nicely for spot markets, however is much less appropriate for Perps markets since it might assess charges on the deposit and withdrawal of marginSince the charge seize happens on the market implementation, this SIP proposes eradicating the core charge relatively than including governance configuration variables
SIP-366: Asynchronous Delegation
This SIP is an enchancment on SIP-320 and seeks to eradicate the attainable LP assault vectorsSIP-320 proposed a minimal delegation length, however even with that mechanism it was nonetheless attainable to learn from well timed delegation/undelegation of collateralThis SIP proposes including a market-determined delay on both course relying on whether or not the delegated collateral is rising or reducing to make the delegation asynchronousThis is just like the order settlement asynchrony that was added to eradicate frontrunning assault vectorsThis is a swap 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 know-how has been launched because the unique 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 would add flexibility to calculate voting energy from V2 and V3
SIP-341: Add Configurer Deal with
This proposes including a configurer deal with that will be capable of execute SCCPs, which is a primary step in direction of the aim of on-chain governanceThe NFTs issued by the governance module following elections would plug into this deal with, relatively than the proprietor deal with, to scale back protocol threat
SIP-361: Perps V3 — Integrator & CC Requests
Kaleb introduced this final SIP, which proposes a variety of high quality enhancements advised by CCs and integrators
These enhancements embrace:
Drop the getReportedDebt from the occasion emitted upon withdrawing sUSD from a given perp market (this may scale back price for customers)Incorporate a getOpenPositionSize that returns the dimensions 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 perform 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 (needed to keep up OI caps throughout fast worth will increase to guard the protocol)Take away the minimal protecting charges from getRequiredAccountMargins perform (it is a bug repair)
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SIP/SCCP standing tracker:
SIP-365: Take away Core Charge Swap, Standing: authorised
SIP-366: Asynchronous Delegation, Standing: authorised
SIP-360: Synthetix V3 Cross-chain Elections System, Standing: authorised
SIP-341: Add Configurer Deal with, Standing: draft
SIP-361: Perps V3 — Integrator & CC Requests, Standing: authorised
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