SNXweave Weekly Recap 128

March 6, 2024

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

👉TLDR

Andromeda quantity has picked up, nevertheless it’s not but pushing towards the restricted OI caps, so incentives will likely be added within the coming weeks for LPs in preparation for OI increasesAsymmetric funding price SIP is required for the open curiosity caps, however SIP-354 is being despatched again to the auditor for adjustments — seemingly 2–3 weeks awayL1 Perps is predicted to complete its second audit as early as this week. Adam requested for clarification if the collateral could be SNX or sUSD, see under for discussionSIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone presentation recapSIP-2057: Checklist STX on Synthetix Perps presentation recapSynthetix listed 3 new markets this week: PENDLE, JUP (Jupiter trade), and CVX (Convex). STRK from StarkWare is coming later this week 🔜

Spartan Council and SIP updates

Current on the February 14, 2024 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, cyberduck, Jackson, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Burt, Cavalier, David, Jade, joey, KALEB, meb, Mike

Getting proper into it — Andromeda quantity has picked up, nevertheless it’s not but pushing towards the restricted OI caps, so incentives will likely be added within the coming weeks for LPs in preparation for OI will increase. SIP-354 (for the Perps V3 uneven funding price) is a prerequisite for growing the open curiosity caps, however the implementation of this SIP wants adjustments and is due to this fact being despatched again to the auditor. It’s at the moment on testnet, however with the required modifications it’ll finally be about 2–3 weeks away (and a few backend enchancment SIPs for integrators can even exit on this launch).

Subsequent, the proposal to launch L1 Perps is predicted to complete its second audit as early as this week. Adam requested if the collateral could be SNX or sUSD, and Kaleb clarified that there are two varieties of collateral being mentioned: LP collateral, which will likely be SNX, and dealer “collateral” (or margin), which will likely be ETH and wstETH. The c-ratio will nonetheless be 500% and it was defined that this will likely be a direct import of all of the V2 mechanics into V3, except for multicollateral perps margin, which can mitigate the challenges of merchants being unable to get that collateral.

There have been additionally a few SIP shows final week, so let’s briefly overview them:

SIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone

Introduced by Kaleb, this SIP proposes placing a brand new fuel price logic in place, which can exchange the one at the moment carried out beneath SIP-356The new implementation would incorporate the required adjustments in transaction prices related to Optimism’s Ecotone upgradeThis improve is crucial to the perform of V3 as a result of it instantly impacts the core systemV2 will proceed to perform with out this alteration, however the keeper price is not going to replace so it will definitely wants this improve to take full benefit of EIP-4844A core distinction between this implementation and the V2 implementation is: for V3 it’ll routinely detect Ecotone activation and instantly go into impact.

SIP-2057: Checklist STX on Synthetix Perps

This SIP proposes itemizing STX on Synthetix PerpsSTX is the native token of Stacks, which is the main Bitcoin L2Adam once more raised a priority about non-ERC Perps listings and what the plan could be if the token ceased to existKaleb defined that the identical protections could be in place for this itemizing, together with restricted OI caps and the power to cut back these caps to zero in an emergencyMillie highlighted that EOS, which presents lots of the similar considerations, has been listed on Perps for some time with none difficulty

And talking of recent Perps, Synthetix truly listed three new markets this week: PENDLE, JUP (Jupiter trade), and CVX (Convex). And STRK from StarkWare is coming later this week! 🔜

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SIP/SCCP standing tracker:

SIP-354: Perps V3 Uneven Funding, Standing: accepted

SIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone, Standing: vote pending

SIP-2057: Checklist STX on Synthetix Perps, Standing: vote pending