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SNXweave Weekly Recap 113


November 1, 2023

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

  • Deploy Synthetix V3 Core on Base: testing on Base Goerli is pending SCCP affirmation with some potential parameters: collateral caps (begin small and steadily improve LP and OI caps to permit low-risk monitoring of stay knowledge), c-ratio on completely different collateral varieties (will seemingly begin between 125–150%), wrapper payment (seemingly no payment to start with)
  • Testnet buying and selling competitors: report has been revealed with full breakdown of the competitors — almost $2.7 billion was traded, with over 2,200 trades being executed and 133 distinctive merchants
  • Integrator payment share subject: integrator suggestions inquired as as to if there could be a distinct proposal for various networks and why
  • SIP-2037: Checklist MNT, IMX amd TRB on Synthetix Perps presentation recap
  • SIP-2038: Checklist wstETH on Synthetix Perps presentation recap
  • Notifi: Synthetix simply introduced a brand new integration with Notifi, a number one supplier of DeFi alerts that brings real-time notifications to customers — learn beneath for how one can make the most of this device. Shout out to the Grants Council for funding this!

Spartan Council and SIP updates

Current on the October 25, 2023 Spartan Council Weekly Venture Sync:
Spartan Council: Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Millie, ml_sudo
Core Contributors: Bex, Cavalier, jz, KALEB, Matt, Steve, sunny, troy

As a core system replace, the SC and CCs mentioned SIP-336, which is able to deploy Synthetix V3 to Base. Testing on Base Goerli is pending SCCP affirmation, with these potential parameters:

Collateral caps

  • Since this would be the first mainnet deployment of V3, the plan shall be to begin small and steadily improve LP and OI caps to permit low-risk monitoring of stay knowledge
  • There’s a delicate stability between buying and selling exercise and liquidity, nevertheless
  • Too little liquidity will prohibit OI caps, however an excessive amount of liquidty (and never sufficient merchants) will dilute yield for LPs

C-ratio on completely different collateral varieties

  • Dialogue began at someplace between 125–150%
  • Draft will specify 150% c-ratio with liquidations at 120% (additional dialogue is important)

Wrapper payment

  • There was some consensus that there shouldn’t be any payment to start with (which might assist to construct liquidity for buying and selling)

ML_sudo additionally requested how success could be measured on the whole. From the LP facet, a profitable deployment could be measured by how a lot curiosity there’s in liquidity-providing. Whereas on the dealer facet, numerous metrics could be have to be thought of, however efficiency may very well be fairly clearly assessed based mostly on comparisons with the Optimism Perps product.

ML urged a twice weekly replace or dashboard in order that the CCs and SC can carefully monitor the efficiency of the deployment. Troy stated one thing alongside these strains is already within the works and has been requested already for the Base deployment. Initially, it might simply be an inner useful resource, however may finally turn into one thing that may very well be shared publicly.

Subsequent, the testnet buying and selling competitors report is out — try the complete breakdown right here! As detailed within the roundup, merchants obtained a part of a complete prize pool of $15,000 value of SNX, 15 KWENTA tokens, and unique NFTs because of the Synthetix Grants Council. And together with the first buying and selling competitors, members had been additionally inspired to report bugs and glitches, which led to enhancements in Perps V3 contracts and integrator frontends. Most of those modifications are minor, akin to enhancements round liquidation keeper prices, and are anticipated to be accomplished by subsequent week.

Practically $2.7 billion was traded all through the competitors, with over 2,200 trades being executed and 133 distinctive merchants. Overal the buying and selling competitors was a fantastic success, so congrats to the merchants who made it on the leaderboard and because of everybody who participated!

In different dialogue, for the integrator payment share subject, one of many largest suggestions objects from integrators was if there could be a distinct proposal for various networks and why. Optimism is at the moment the one/largest quantity supply (and subsequently the one payment generator), so leaving it out of the payment dialogue is probably not a full step ahead.

Millie urged that the differentiator right here is V3 vs. V2 deployments — he agreed that the payment also needs to apply to Optimism as soon as the V3 migration occurs on Optimism. Base deployment is form of a pre-requisite for a last migration plan for V3 on Optimism, as it should seemingly present helpful details about collateral varieties on V3.

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

SIP-2037: Checklist MNT, IMX amd TRB on Synthetix Perps

  • GUNBOATs offered this proposal, which seeks to checklist Mantle, Immutable X and Tellor Tributes tokens on Synthetix Perps
  • Fairly simple SIP right here — these are being proposed based mostly on buying and selling quantity

SIP-2038: Checklist wstETH on Synthetix Perps

  • Additionally offered by GUNBOATs, it is a proposal to checklist Wrapped Staked Ether from Lido futures on Synthetix Perps
  • This market has been requested by Pyth and Lido as a technique to hedge wstETH on chain
  • Gene known as consideration to the truth that the stETH providing doesn’t appear to be seeing a lot demand
  • Kaleb recognized the potential for merchants to frontfun the rebase mechanism

Nonetheless ready on the oracle feeds for these SIPs, so extra to return quickly.

Lastly, Synthetix simply introduced a brand new integration with Notifi, a number one supplier of DeFi alerts that brings real-time notifications to customers. With Notifi now you can obtain prompt alerts about your staking positions, protocol updates, and different important reminders. These alerts could be enabled instantly inside the staking UI utilizing the bell icon.

It’s tremendous straightforward to set this up — simply search for the notification bell on the Synthetix Staking UI when you’ve related your pockets, and click on on it to pick and activate the alerts of your alternative. Forms of alerts embrace Synthetix bulletins, liquidation warning and affirmation, account snapshots, declare reward reminders, governance updates, and c-ratio well being alerts. And these could be obtained on Discord, Telegram, and e-mail.

The Grants Council funded this initiative, so shout out to them for his or her assist in enhancing the staking expertise. Go try Notifi!


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SIP/SCCP standing tracker:

SIP-336: Deploy Synthetix V3 Core on Base, Standing: authorised

SIP-2037: Checklist MNT, IMX amd TRB on Synthetix Perps, Standing: draft

SIP-2038: Checklist wstETH on Synthetix Perps, Standing: draft

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