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SNXweave Weekly Recap 115


November 15, 2023

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

  • SIP to deploy V3 on Base is near a Goerli testnet deployment
  • SIP to allow USDC for Andromeda on Base is in draft
  • Buyback and burn proposal dialogue between SC and CCs
  • Audits for 2 key Perps V3 updates are at present in progress, and audit suggestions for L1 Perps is being applied (SIP coming quickly)
  • Descoped V3 options: Cross-margin might be reside at launch, however multi-collateral portfolio margin won’t be accessible (work remains to be in progress to supply assist for extra risky belongings — anticipated inside a month). The entire different main options promised in V3 might be going reside with the primary V3 launch.
  • Ahead-looking partnerships and ecosystem alignment dialogue between SC and CCs
  • SIP-345: SNX Buyback and Burn presentation recap
  • SIP-346: Perps V3 Integrator Incentive presentation recap
  • SIP-2035: Record TIA on Synthetix Perps presentation recap
  • SIP-2039: Record MEME on Synthetix Perps presentation recap
  • SIP-2040: Record ANKR, FET, GRT on Synthetix Perps presentation recap
  • Grants Council replace: new bot operating in Discord (ETH / BTC Ratio), GC is proposing a retroactive grant for the Telegram Bot developer, Watcher web page now consists of favorites and workforce is discussing extra thrilling social/person options so as to add to the location.

Spartan Council and SIP updates

Current on the November 8, 2023 Spartan Council Weekly Undertaking Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ml_sudo
Core Contributors: Afif, Cavalier, David, joey, jz, KALEB, Leo, Matt, meb, Rafa, Steve, troy

First up, the SIP to deploy V3 on Base is near a Goerli testnet deployment, and the SIP to allow USDC for Andromeda on Base is in draft. The Council additionally had a dialogue in regards to the buyback and burn proposal, with Gene voicing some issues as as to if the appropriate method was chosen. Millie knowledgeable the group that, after some analysis, Yearn seems to have already got a contract written that may execute purchases based mostly on the oracle worth of SNX. This SIP was truly offered final week, so let’s briefly overview that:

SIP-345: SNX Buyback and Burn

  • After paying integrators, this proposes splitting the charges remaining between Base LPs and SNX stakers, the place stakers would obtain the rewards by way of a buyback and burn mechanism
  • Charges can be used to buy SNX on the present market worth by way of an already developed Yearn good contract (as talked about beforehand)
  • Burning would occur periodically as a handbook course of
  • This was picked as a consequence of its low complexity as a take a look at of a possible payment sharing mechanism on Base
  • Gene is anxious {that a} buyback and burn just isn’t probably the most direct method to distribute worth again to stakers
  • Millie chimed in including that that is simply the primary of what could possibly be many deployments to completely different chains and it turns into very technically difficult to convey all these earnings again to a single chain
  • Kain recommended a risk the place the treasury could possibly be the one pockets able to promoting SNX, which might slowly deplete treasury holdings over time and additional decentralization goals
  • There was additionally some dialogue about how this must be coordinated with a attainable finish to inflationary rewards

Subsequent, audits for 2 key Perps V3 updates are at present in progress, and audit suggestions for L1 Perps is being applied (the SIP is coming quickly).

In different dialogue, the SC and CCs talked about descoped V3 options. Kain requested for a listing of any of the promised options in V3 that had been descoped. Cross-margin might be reside at launch, however multi-collateral portfolio margin won’t be accessible, as work remains to be in progress to supply assist for extra risky belongings (multi-collateral portfolio margin assist is predicted inside a month). The code will nonetheless be going reside with the V3 launch, however solely with USDC collateral enabled. The entire different main options promised in V3 might be going reside with the primary V3 launch.

Whereas on the subject of attainable future V3 deployments, there was additionally a chat relating to forward-looking partnerships and ecosystem alignment, the place Kain shared some ecosystem developments with the SC. Initially, Optimism deliberate to be a “superchain” L2 that attracted a big portion of the rollup person base. The crypto panorama has modified dramatically, and Optimism has shifted to a technique of getting as many OP stack chains deployed as attainable. Nonetheless, this shift in technique has modified the incentives they provide as properly.

In the beginning, Synthetix hoped to be the premier Perp product on what was speculated to be a well-liked L2. Synthetix’s technique now, because it pertains to the Optimism partnership, might have to be reconsidered to optimize protocol worth. It will fall to the Treasury Council to barter, however for the reason that Spartan Council guides protocol enchancment, there must be some dialog between the 2 on the longer-term imaginative and prescient.

Lastly, on prime of the buyback and burn presentation, there have been a number of different SIPs offered final week (all offered by Burt). So let’s overview them!

SIP-346: Perps V3 Integrator Incentive

  • This SIP proposes an integrator payment share mechanism for Perps V3, the place integrators earn a 20% base payment in sUSD from trades executed by way of a Synthetix Perps integration
  • The method is pretty simple — integrators would join a monitoring code to trace the markets they’ve deployed and would obtain their 20% first
  • The hope is that this supplies the most effective answer to incentivize scaling of Perps markets as a result of they’ll have a vested curiosity in producing extra quantity

SIP-2035: Record TIA on Synthetix Perps

  • Proposes itemizing TIA on Synthetix Perps
  • Celestia is an upcoming Cosmos cryptocurrency with a concentrate on information sampling for different blockchains. It launched on October 17, which supplies an early alternative to supply TIA on Synthetix Perps

SIP-2039: Record MEME on Synthetix Perps

  • Proposes itemizing MEME on Synthetix Perps

SIP-2040: Record ANKR, FET, GRT on Synthetix Perps

  • Proposes itemizing Ankr Community, Fetch.ai and Graph Protocol on Synthetix Perps

All of those markets have been chosen based mostly on energetic quantity on different exchanges and in keeping with Synthetix’s goal of constant to seize buying and selling quantity from new markets. Itemizing for all three of those SIPs would require Pyth and Chainlink feeds.

Grants Council

Current on the November 9, 2023 Grants Council assembly:
Grants Workforce: ALEXANDER, CT, MoneyManDoug, sunny, synthquest

In Grants Council updates, in case you missed it, there’s a brand new bot operating within the Synthetix Discord! It’s the ETH / BTC Ratio Monitoring Bot:

Talking of bots, Alex is proposing a retroactive grant for the Telegram Bot developer. We love our bot devs ❤

Additionally, because of the GC, the watcher web page now consists of favorites. You’ll have the ability to compile all of your favourite merchants in a single place and tag them with identify overrides. Strive it out! The workforce can also be discussing some extra thrilling social/person options so as to add, and are working with devs on many new components of the Watcher Web site.

In the meantime, Sunny is following up with the “Strong-Perception” AI Assist/Data service and reviewing the final piece of performance for the Extra time V3 mission, and CT is continuous to achieve out to different protocols to remind their OGs to come back mine the Spartan Synthverse NFTs.


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SIP/SCCP standing tracker:

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

SIP-348: Allow USDC for Andromeda on Base, Standing: draft

SIP-345: SNX Buyback and Burn, Standing: draft

SIP-346: Perps V3 Integrator Incentive, Standing: draft

SIP-2035: Record TIA on Synthetix Perps, Standing: draft

SIP-2039: Record MEME on Synthetix Perps, Standing: draft

SIP-2040: Record ANKR, FET, GRT on Synthetix Perps, Standing: draft

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