SNXweave Weekly Recap 123

January 31, 2024

The next publish comprises 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

Key milestones from 2024 draft roadmap:

1. Scaling base quantity to $20 million/day2. Deciding on a brand new chain to deploy V3 and Perps to3. Changing governance to be totally on-chain4. Releasing L1 Perps5. Starting the migration of SNX from V2X

Spartan Council bridging discussionSIP-355: Add additional views to Spot Markets presentation recapSIP-2052: Record CVX on SNX Perps V2 presentation recapSIP-2050: Deprecate sINR Synth presentation recapSIP-2051: Deprecate Perp Markets with 0 Max Market Worth presentation recapSCCP-2077: Activate the MMV Threat Management Module presentation recap

Spartan Council and SIP updates

Current on the January 24, 2024 Spartan Council Weekly Challenge Sync:Spartan Council: bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Cavalier, David, KALEB, Leo, Matt, meb, Mike, Regina, Steve, troy

First up, a draft roadmap for the yr was launched, and the important thing milestones embody:

Scaling base quantity to $20 million/dayDeciding on a brand new chain to deploy V3 and Perps toConverting governance to be totally on-chain:

Jackson requested if this was actually a precedence provided that it doesn’t transfer the dial a lot for the tip consumer (merchants) of the Synthetix product (Perps). Cav replied saying the additional decentralization of governance is one thing that the protocol has been working in the direction of for some time, and persevering with to construct on that is a vital a part of the protocol.

This has been in progress for some time, and has already been by one audit and is preparing for a second. This shall be a V3 launch, which suggests there’ll have to be enough collateral on V3 on L1, which can require some incentives. The goal proper now’s roughly $100 million of SNX collateral to make this a purposeful product for the anticipated consumer base — which is roughly 20% of the SNX within the V2 system. Releasing Perps on L1 would additionally require approving wstETH as margin, which has been requested by potential integrators like Ethena.

Starting the migration of SNX from V2X:

The most important dependency for V2X to V3 migration is the vacation spot chain.

Cav has a SIP in progress to stipulate who owns every a part of the roadmap and how one can correctly allocate sources to every piece. There was some concern that the CCs could be stretched even thinner with a number of deployments, however Cav thinks the Treasury Council (TC) can assist remedy a few of these points. A part of the motivation behind releasing this roadmap was to make extra clear precisely what the protocol intends to perform over the following yr, then put the sources in place to ensure it may get carried out.

After reviewing the roadmap, the SC mentioned bridging. Millie voiced assist for potential future remoted deployments, however stated he would vote no on any bridging integrations. ML_sudo is in favor of interoperability, however is anxious about safety. Jackson thinks the rationale that Synthetix is hesitant about bridging is as a result of that’s not an space of experience for the protocol, so the desire needs to be to work with suppliers who’re consultants.

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

SIP-355: Add additional views to Spot Markets

Proposed by Leo, this SIP will reply integrator and developer wants for knowledge entry by including view capabilities for configurations and inner calculationsThe new views add worth knowledge, wrapper knowledge, market proprietor and market skew

SIP-2052: Record CVX on SNX Perps V2

This SIP proposes itemizing Convex Finance (CVX) on Synthetix PerpsBurt defined that CVX particularly reached out in assist of itemizing this asset, and the CVX neighborhood has loads of energetic Kwenta customers

SIP-2050: Deprecate sINR Synth

Kaleb offered the previous few SIPs, beginning with this one to deprecate the sINR synth, which has little or no open curiosity (140 sUSD price)Like different deprecated synths, the value could be frozen on the time of implementation and anybody holding the asset would be capable to redeem sUSD on the frozen worth

SIP-2051: Deprecate Perp Markets with 0 Max Market Worth

This SIP proposes deprecating 15 perps markets (voted on for delisting in SIP-2047) in 6 months on July thirty first, 2024This would take away them from the futures market supervisor and permit for the oracle to be deprecatedKaleb defined that the 6-month grace interval would permit customers ample time to shut any positions they’ve open

SCCP-2077: Activate the MMV Threat Management Module

This proposes activating the danger management module, which might permit for the discount of OI to zero for a predetermined listing of markets (outlined within the SCCP)This SCCP is the following step for SIP-2048, which proposed the introduction of this mechanism and was permitted with 7 votes in favorThis mechanism is for emergency use solely during times of bizarre market exercise that forestall arbitragers from participatingThe module shall be managed by a gnosis protected, and the endorsed account is a 3 of n multisig together with the deployer and the pDAO (which successfully means it is going to be managed by pDAO however directed by the interim danger council)It will ultimately be the complete duty of the danger committee however till the danger committee is shaped, this course of creates a test between the SC (by way of the interim danger council) and the pDAOEvery new market added will want a further parameter within the configuration SCCP specifying whether or not or not it’s coated beneath this moduleKain requested concerning the course of on how this could be activated

— Kaleb defined that there are off-chain monitoring methods that might alert the danger council of any points

— The deployer would then put together the transaction to convey the OI on the issue market to zero

— The chance council would assess the validity of this subject, then authorize the pDAO to execute the transaction

— The interim danger council would then transient the SC on what occurred and what motion was taken