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SNXweave Weekly Recap 117

November 29, 2023

The next put up 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.


  • SIP-337: Perps V3 presentation recap
  • SIP-348: Allow USDC for Andromeda on Base presentation recap
  • Explainer weblog put up for the Andromeda launch was printed yesterday
  • Ambassador Council replace: Crew mentioned potential future integrations/builders, the right way to help present integrators, and a framework to ensure all initiatives within the ecosystem find out about Optimism Grants/Retroactive funding. Ambassadors additionally created a Synthetix Ecosystem Public Items checklist for Optimism’s RPGF Spherical 3 the place different badgeholders can vote, and are engaged on an article on how new protocols can leverage V3.

Whereas a number of the Councils postponed their conferences final week for Thanksgiving within the US, we nonetheless have a fast replace for you guys this week on final week’s SIP displays and Ambassador updates! So let’s get into it:

SIP updates

Individuals on the November 21, 2023 SIP presentation:
Spartan Council: Adam, Burt, cyberduck, Kain, Millie, ml_sudo
Core Contributors: Afif, Cavalier, joey, KALEB, Matt, sunny

SIP-337: Perps V3

  • As mentioned in earlier weblog posts, this SIP proposes deploying Perps V2 to Synthetix V3 with various characteristic upgrades and enhancements
  • Upgrades embrace native cross-margining of positions, multi-collateral margin help, revamped liquidations, and improved deterministic settlement. Let’s overview what a few of these upgrades will entail:

1. Multi-collateral help

  • In Perps V3, all synths that the spot market creates will finally be enabled as collateral
  • That is achieved in order that it’s simple for the perps market to have liquidity to promote synths when required, and permits it to simply get quotes to find out margin worth

2. Liquidations

  • Giant positions will likely be step by step liquidated, one non-sandwichable portion at a time, with a configurable delay between partial liquidations
  • This eliminates the MEV sandwich assault vector, retaining that worth with the protocol

3. Improved deterministic settlements

  • Delayed orders in Perps V2 have confirmed extraordinarily efficient in minimizing poisonous move, nevertheless the main points of the implementation will be improved to provide a extra resilient settlement move
  • In Perps V3, the settlement course of ensures that the execution worth is the worth at dedication time and is executed within the accessible window

4. Market construction

  • Plenty of particular person Perps markets will likely be grouped collectively into a bigger “grocery store”
  • That is to make sure all the chance from every market or collateral sort is appropriately distributed for LPs backing the grocery store
  • The grocery store can have variables that may be particularly configured for that market
  • This may increasingly enable markets to be cut up up sooner or later primarily based on danger profile and liquidity

5. Staleness tolerance

  • As we already know, every perps market requires worth data
  • From the buying and selling competitors, it grew to become clear that the price of pushing that information on-chain was very excessive
  • Optionality was added in order that worth staleness could possibly be made strict for liquidations, for instance, and fewer strict for different transactions
  • This can cut back transaction prices total by lowering the quantity of information being pushed on-chain

SIP-348: Allow USDC for Andromeda on Base

  • This SIP proposes utilizing the V3 spot and wrapper performance to permit customers to deposit USDC for a wrapped model for use as LP collateral or margin for buying and selling
  • The proposal particulars all the V3 configurables for the Perps V3 deployment to Base, together with the enabling of USDC as LP collateral
  • The deployment to Base will likely be a brand new market with, probably, a brand new set of customers, so it made sense to launch with USDC help (one of the crucial extensively used stablecoins in DeFi). Choosing a single collateral sort additionally reduces the complexity of the deployment
  • The max market measurement will likely be roughly $1 million every for BTC and ETH (a conservative cap to start out with, just like the launch of Perps V2)
  • ML_sudo requested what the method could be for including new markets — Afif mentioned the technique would seemingly be just like the V2 rollout (begin with most liquid buying and selling pairs and low OI caps earlier than step by step including new markets and growing caps). He additionally pressured the significance of constant to construct on the constructive repute that the protocol has developed over the previous yr for the reason that introduction of Perps
  • There was some normal confusion on the council that the SIP gave the impression to be lacking key particulars concerning the deployment that had been mentioned beforehand (specifically the payment sharing)
  • Cav clarified that there are a variety of SIPs that will likely be a part of the Andromeda deployment (SIP-345: SNX buyback and burn and SIP-346: Integrator Price share included)
  • Kain steered itemizing these as dependencies on this SIP, so Cav is updating it to replicate all dependencies

Matt additionally simply introduced an explainer weblog put up for the Andromeda launch yesterday, which will be discovered right here. The put up discusses some background on Perps V2, what upgrades Perps V3 will carry, the essence of testing in Andromeda, isolation of the Andromeda launch on Base, how success will likely be measured, what to anticipate for the preliminary rollout, the Andromeda expertise from an LP vs. dealer perspective, and the way forward for Synthetix with Andromeda. You should definitely give the put up a learn!

Ambassador Council

Current on the November 21, 2023 Ambassador Council assembly:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, for a fast Ambassador Council replace, the staff mentioned potential future integrations and builders, in addition to methods to have interaction and help present integrators. They then mentioned a framework to ensure all initiatives within the ecosystem find out about Optimism Grants/Retroactive funding.

The Ambassadors are additionally within the strategy of brainstorming an article on how new protocols can leverage V3, in addition to planning out future Spartan Areas. Lastly, the Council created a Synthetix Ecosystem Public Items checklist for Optimism’s RPGF Spherical 3 the place different badgeholders can vote. The initiatives on their checklist have put constructing first and have considerably contributed to the expansion of the ecosystem by onboarding builders, initiatives, LPs, and merchants.

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SIP/SCCP standing tracker:

SIP-337: Perps V3, Standing: draft

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

SIP-345: SNX buyback and burn, Standing: draft

SIP-346: Integrator Price share, Standing: permitted

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