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SNXweave Weekly Recap 114


November 8, 2023

The next publish comprises a recap of stories, initiatives, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.

👉TLDR

  • The SCCP for the Andromeda configuration is in draft — at present specifies no issuance and 125% liquidation ratio
  • SC & CCs mentioned SIP-345 (buyback and burn SNX on Base) — mechanism is a dutch public sale, however an alternative choice is an easy contract that holds USDC and will be referred to as by a keeper to execute market (Cavalier will likely be updating the SIP to replicate this)
  • Millie voiced opinions concerning the dutch public sale mechanism vs. a contract
  • Testnet buying and selling competitors: enhancements that got here from the buying and selling comp have all been recognized. Sunny is updating the SIP with the modifications to be offered once more subsequent week.
  • Grants Council replace: GC is discussing grant for a “Treasury Transaction blocking governance module” & have organized a “Maya Discord Ticketing System Demo” for CC Matt (who will likely be drawing up necessities for the trial interval that the GC will fund). Group is assembly with the creator of Cryptofees, Notifi is up and operating, and the NFTs are being processed to the testnet buying and selling comp winners.

Spartan Council and SIP updates

Current on the November 1, 2023 Spartan Council Weekly Challenge Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie
Core Contributors: Afif, Cavalier, joey, jz, KALEB, Leo, Matt, meb, troy

We’ve acquired a fast replace for you guys this week — the SCCP for the Andromeda configuration is at present in draft, and there was some dialogue final week round getting USDC to Base. Proper now, there may be loads of ETH on Base, however not as a lot USDC. Fortuitously, Circle affords low cost bridging by means of CCTP.

The draft SCCP configuration specifies no issuance and 125% liquidation ratio. Duck questioned whether or not this was ample, and Cavalier mentioned there isn’t a borrowing in opposition to USDC, so the one approach to get liquidated is that if the debt-pool is constantly shedding in opposition to merchants. Kain steered a SIP explaining all of those particulars because it’s completely different from what we have now in V2.

Duck questioned whether or not this was ample, and Cavalier mentioned there isn’t a borrowing in opposition to USDC, so the one approach to get liquidated is that if the debt-pool is constantly shedding in opposition to merchants. Kain steered a SIP explaining all of those particulars because it’s completely different from what we have now in V2.

The Council additionally mentioned SIP-345 (buyback and burn SNX on Base), the place the mechanism specified within the proposal is a dutch public sale. An alternative choice is an easy contract that holds USDC and will be referred to as by a keeper to execute market purchases (to keep away from a sophisticated improvement) — Cavalier will likely be updating the SIP to replicate this.

Millie added {that a} dutch public sale would carry SNX liquidity to Base, whereas a contract to market purchase SNX might not (with no different incentive for SNX to be on Base to start with). He additionally mentioned there is likely to be some extra out-of-the-box dutch public sale choices that different protocols have used up to now which will work for this objective. Matt chimed in saying that the aerodrome obtained from the Velodrome airdrop will likely be used to direct emissions to a Base pool, so there needs to be sufficient liquidity to accommodate what will likely be comparatively small buys. This SIP is being offered at present.

As a markets replace, the enhancements that got here from the testnet buying and selling competitors have all been recognized. Sunny remains to be within the strategy of updating the SIP with the modifications to be offered once more subsequent week. Millie additionally requested how buying and selling would work on Base. The entire stablecoin pairs can be USDC (slightly than sUSD), and merchants would carry USDC to Base, then wrap it to commerce on Perps V3. Earnings will likely be paid out in USDC as properly.

Grants Council

Current on the November 2, 2023 Grants Council assembly:
Grants Group: CT, MoneyManDoug

In Grants Council updates, CT has organized a briefing session for a Grant utility that proposes a “Treasury Transaction blocking governance module.” He has additionally organized a “Maya Discord Ticketing System Demo” for CC Matt, who will likely be drawing up necessities for the trial interval that the GC will fund.

The group can also be assembly with the creator of Cryptofees to see whether it is viable for the Grants Council to take over funding the upkeep and development of the positioning, with a concentrate on selling Synthetix. There’s nonetheless some dialogue happening right here, nevertheless it looks as if the fee is likely to be too excessive compared to the ROI.

Lastly, don’t neglect to take a look at Notifi, the Grants Council’s latest sponsorship that lets you obtain immediate alerts about your staking positions, protocol updates, and different important reminders. And in case you participated within the testnet buying and selling competitors and made it on the leaderboard, the GC is processing the NFT winners now!


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SIP/SCCP standing tracker:

SIP-345: Buyback and burn SNX on Base, Standing: draft

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