SNXweave Weekly Recap 98

July 19, 2023

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

Spartan Council and SIP updates

Current on the July 12, 2023 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, Burt Rock, Cavalier, Danijel, ml_sudoCore Contributors: Afif, KALEB, noah, Peiman, troy

FIRST, in case you missed it, we simply printed the Quarterly Report for Q2 at Synthetix so you should definitely examine that out!

Subsequent, in thrilling information, Synthetix has built-in Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into V3. This milestone integration marks one of many first-in-production makes use of of Chainlink’s CCIP and can allow extremely environment friendly, safe, and dependable cross-chain transfers of sUSD via the Synthetix Teleporter (solely sUSD minted on the Synthetix V3 structure could be despatched through Teleporter).

Initially, this integration will allow V3 sUSD to maneuver between Ethereum and Optimism, nevertheless it has been configured to permit transfers to any EVM-compatible chain if authorized by the Spartan Council. Synthetix can also be exploring the utilization of CCIP for extra use instances, together with cross-chain artificial perpetual futures, cross-chain staking swimming pools, and extra.

As for a piece in progress replace, work is constant on Perps V3. Kwenta and Polynomial are additionally getting ready for the upcoming testnet competitors — they’re engaged on establishing entrance ends, and Synthetix is utilizing an in-house prototype to check the system. Auditors are additionally constructing out take a look at instances and have begun reviewing the code.

Lastly for V3, the audit for the governance protected module is full and progress on the election module has been made, SIP-328 is again from audit, and far of the crew is at ETHCC this week in Paris so we needs to be seeing a pleasant increase in productiveness from the in-person collaboration.

For Perps V2, ETC and COMP feeds needs to be accessible this week and the ETH/BTC ratio feed needs to be accessible subsequent week. Each have made it via governance and are clear to proceed.

In different dialogue, Kaleb introduced up a problem with the MAV value feeds. Oracle suppliers have indicated that the variety of knowledge sources is under the place they like it to be, and the feed wouldn’t meet the minimal security standards. Based mostly on this new info, some council members have modified their votes on this SIP (it was initially 6–2 in favor, however has now been rejected with 6 votes in opposition to).

The Spartan Council additionally mentioned different collateral, as Cav introduced up some Discord conversations about potential use of different collateral. He wished to get a temperature examine from the council on the place everybody stands on the prevailing proposal and if there have been any updates required. Cyberduck talked about that he’s placing a proposal collectively and is searching for methods to simply accept different collateral whereas additionally maximizing yield for SNX.

Cav steered an ETH mortgage mechanic (just like V2 ETH loans) that will construct out protocol liquidity with out diverting any payment sharing away from SNX LPs. Duck is worried that because it hasn’t labored previously, it will not be a viable possibility now both. Adam steered establishing one other devoted name for this dialogue with the neighborhood, and he additionally flagged the frequent neighborhood concern with including extra collateral (worth shifting away from SNX token holders). Duck responded saying if extra collateral permits the protocol to scale, rewards for SNX LPs could also be much less by way of protocol share and would possibly even enhance in absolute phrases.

ML_sudo requested if any modeling has been carried out to help this, and volunteered to collaborate with Duck on that entrance. Burt additionally introduced up the truth that many locally assume issues have functioned completely nicely with out outdoors collateral. A part of correcting this can be a comms subject, and it could be useful to elucidate among the points which have give you that restriction to the neighborhood (along with a very good proposal).

Subsequent up, there have been a number of SIP shows final week so let’s briefly evaluation them:

SIP-2026: Add YFI and MKR to Perps V2

Offered by GUNBOATs, this SIP proposes the addition of YFI and MKR perps marketsThere was normal help from the Spartan Council on this SIP

SIP-2027: Add RPL to Perps V2

Additionally offered by GUNBOATs, this SIP proposes the addition of an RPL perp marketThere was some consensus from council members to attend for suggestions on the oracle feed earlier than deciding the right way to proceed right here

SIP-2009: Including ETH/BTC ratio to Synthetix Perps V2

Burt offered this SIP, which proposes providing ETH/BTC as a tradeable market, denominated in USD. For instance, an ETH/BTC ratio of 0.0700 would correspond to ETH/BTC perp priced at $0.0700This pair is quite common on centralized exchanges, which makes the execution of this SIP a bit simpler than making a customized ratio setupAn oracle feed is on the best way from each Pyth and ChainlinkIf the feed isn’t frontrun, this would be the first DEX providing of this buying and selling productThere was additionally normal help from the Spartan Council for this SIP

Grants Council

Current on the July 13, 2023 Grants Council assembly:Grants Workforce: ALEXANDER, CT, JVK, synthquest

In Grants Council updates, the crew obtained a brand new grant utility that they’ve been reviewing. After discussing the appliance, which requested a large grant to cowl your complete improvement on V3, CT requested that the crew clearly outline their funding coverage. This can be drafted by Synthquest and Alexander, to then be reviewed by everybody.

The Council has additionally been engaged on ENS resolving and looking, fixing “seek for account” vs Kwenta/Polynomial good account, engaged on a few Dune pages (Protocol PnL and Perps V2 Open Curiosity), in addition to coordinating with the Dev who says the NFT good contract is able to go reside.