SNXweave Weekly Recap 115

November 15, 2023

The next submit accommodates a recap of reports, initiatives, and vital 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 deploymentSIP to allow USDC for Andromeda on Base is in draftBuyback and burn proposal dialogue between SC and CCsAudits for 2 key Perps V3 updates are at the moment in progress, and audit suggestions for L1 Perps is being applied (SIP coming quickly)Descoped V3 options: Cross-margin shall be stay at launch, however multi-collateral portfolio margin won’t be obtainable (work remains to be in progress to supply assist for extra unstable property — anticipated inside a month). All the different main options promised in V3 shall be going stay with the primary V3 launch.Ahead-looking partnerships and ecosystem alignment dialogue between SC and CCsSIP-345: SNX Buyback and Burn presentation recapSIP-346: Perps V3 Integrator Incentive presentation recapSIP-2035: Listing TIA on Synthetix Perps presentation recapSIP-2039: Listing MEME on Synthetix Perps presentation recapSIP-2040: Listing ANKR, FET, GRT on Synthetix Perps presentation recapGrants Council replace: new bot working in Discord (ETH / BTC Ratio), GC is proposing a retroactive grant for the Telegram Bot developer, Watcher web page now consists of favorites and staff is discussing extra thrilling social/consumer options so as to add to the positioning.

Spartan Council and SIP updates

Current on the November 8, 2023 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ml_sudoCore 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 whether the suitable 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 value of SNX. This SIP was really introduced final week, so let’s briefly evaluation 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 mechanismFees can be used to buy SNX on the present market value by way of an already developed Yearn good contract (as talked about beforehand)Burning would occur periodically as a guide processThis was picked because of its low complexity as a take a look at of a possible charge sharing mechanism on BaseGene is worried {that a} buyback and burn will not be essentially the most direct method to distribute worth again to stakersMillie chimed in including that that is simply the primary of what may very well be many deployments to totally different chains and it turns into very technically difficult to deliver all these earnings again to a single chainKain prompt a chance the place the treasury may very well be the one pockets able to promoting SNX, which might slowly deplete treasury holdings over time and additional decentralization objectivesThere was additionally some dialogue about how this ought to be coordinated with a potential finish to inflationary rewards

Subsequent, audits for 2 key Perps V3 updates are at the moment 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 an inventory of any of the promised options in V3 that had been descoped. Cross-margin shall be stay at launch, however multi-collateral portfolio margin won’t be obtainable, as work remains to be in progress to supply assist for extra unstable property (multi-collateral portfolio margin assist is predicted inside a month). The code will nonetheless be going stay with the V3 launch, however solely with USDC collateral enabled. All the different main options promised in V3 shall be going stay with the primary V3 launch.

Whereas on the subject of potential future V3 deployments, there was additionally a chat concerning 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 consumer base. The crypto panorama has modified dramatically, and Optimism has shifted to a method of getting as many OP stack chains deployed as potential. Nonetheless, this shift in technique has modified the incentives they provide as nicely.

At the start, Synthetix hoped to be the premier Perp product on what was speculated to be a preferred L2. Synthetix’s technique now, because it pertains to the Optimism partnership, could have to be reconsidered to optimize protocol worth. This can fall to the Treasury Council to barter, however because the 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 introduced final week (all introduced by Burt). So let’s evaluation them!

SIP-346: Perps V3 Integrator Incentive

This SIP proposes an integrator charge share mechanism for Perps V3, the place integrators earn a 20% base charge in sUSD from trades executed by way of a Synthetix Perps integrationThe course of is pretty easy — integrators would join a monitoring code to trace the markets they’ve deployed and would obtain their 20% firstThe hope is that this offers the very best answer to incentivize scaling of Perps markets as a result of they’ll have a vested curiosity in producing extra quantity

SIP-2035: Listing TIA on Synthetix Perps

Proposes itemizing TIA on Synthetix PerpsCelestia is an upcoming Cosmos cryptocurrency with a deal with knowledge sampling for different blockchains. It launched on October 17, which offers an early alternative to supply TIA on Synthetix Perps

SIP-2039: Listing MEME on Synthetix Perps

Proposes itemizing MEME on Synthetix Perps

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

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

All of those markets had been chosen based mostly on lively quantity on different exchanges and in step with Synthetix’s goal of continuous 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 Crew: ALEXANDER, CT, MoneyManDoug, sunny, synthquest

In Grants Council updates, in case you missed it, there’s a brand new bot working 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, due to 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 title overrides. Strive it out! The staff can also be discussing some extra thrilling social/consumer options so as to add, and are working with devs on many new parts of the Watcher Website.

In the meantime, Sunny is following up with the “Stable-Perception” AI Help/Information service and reviewing the final piece of performance for the Additional time V3 undertaking, and CT is constant to succeed in out to different protocols to remind their OGs to come back mine the Spartan Synthverse NFTs.