SNXweave Weekly Recap 134

April 17, 2024

The next put up accommodates 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

Elections: Nominations open tomorrow (April 18th) & voting begins subsequent Wednesday (April twenty fourth). SNXweave will probably be internet hosting the Spartan Council candidate panel subsequent Thursday (April twenty fifth).Andromeda: LP caps have been raised to $21 million and LP-backed collateral is at ~$10 million. BTC and ETH OI caps are additionally round $10 million, with 14k SNX cumulative burn, so the council is simply ready for extra LP to scale ETH and BTC caps previous $10 million.Migration of L1 SNX to V3 utilizing the V3 legacy market is in its remaining spherical of audit checks. Anticipated to be prepared by the top of the month.L1 Perps is being launched to testnet as third and remaining audit suggestions is applied. Anticipated to be prepared by the top of the month.SIP-376: Listing 11 markets from Perps V2 on Perps V3 on Base presentation recapSIP-373: Preemptive Approval for Itemizing ENA Token on Perps V3 on Base presentation recapSIP-374: Preemptive Approval for Itemizing DEGEN Token on Perps V3 on Base presentation recapSIP-375: Listing BOME-PERP and ETHFI-PERP on Perps V3 on Base presentation recapGrants Council replace: GC is being reworked right into a single Grants Lead place. This individual will coordinate with varied governance our bodies, in addition to the group, to handle and ship initiatives throughout the new Grants scope. If that is one thing that you’re interested by, and assume you’ll make a very good candidate for, click on right here to use by the top of the week!

Spartan Council and SIP updates

Current on the April 10, 2024 Spartan Council Weekly Venture Sync:Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Burt, Cavalier, David, Jade, KALEB, Matt, Mike, Nikita, Steve, sunny, troy

Earlier than we dive into this week’s replace, we have to first point out that the elections are upon us! Nominations will open tomorrow, April 18th, and voting will start subsequent Wednesday, April twenty fourth. SNXweave will even as soon as once more be internet hosting a panel for all Spartan Council candidates, which can happen Thursday, April twenty fifth. In case you plan to run for Spartan Council you should definitely get your nomination in by then and attain out to ProofOfCake to be included within the Election Panel!

And for group members and voters, maintain your eyes peeled for a google kind coming your method the place you may submit your questions for this epoch’s Spartan Council candidates.

Now onto our common updates — the LP caps on Andromeda have been raised to $21 million and LP-backed collateral is at the moment at about $10 million. BTC and ETH OI caps are additionally round $10 million, with 14k SNX cumulative burn, so the council is at the moment simply ready for extra LP to scale ETH and BTC caps previous $10 million.

The SIP emigrate L1 SNX to V3 is in its remaining spherical of audit checks, and L1 Perps is being launched to testnet because the third and remaining audit suggestions is being applied. These are each anticipated to be prepared by the top of the month.

There have been additionally a number of SIP shows final week, so let’s briefly evaluate them:

SIP-376: Listing 11 markets from Perps V2 on Perps V3 on Base

Introduced by Burt, this SIP proposes itemizing 11 Perps markets, which are already accessible for buying and selling on V2, to perps V3 on BaseList consists of DOGE, AVAX, OP, ORDI, PEPE, RUNE, BONK, FTM, ARB, MATIC, and BNBLP caps had been just lately elevated, which can permit help for extra open curiosity (OI)These markets had been chosen primarily based on their excessive quantity on V2 and will make buying and selling on V3 extra engaging for brand new usersKwenta will even be including buying and selling incentives to V3 starting this week, which ought to dovetail properly with the brand new choices and elevated OI caps

SIP-373: Preemptive Approval for Itemizing ENA Token on Perps V3 on Base

This proposal will record ENA to perps V3, pending an SCCP for remaining itemizing parametersSynthetix is the L1 perps infrastructure supplier for the Ethena Labs stablecoin, and itemizing the ENA token on Perps V3 on Base will assist Synthetix ecosystem individuals get publicity to itBurt defined that there are already perps listings of ENA on centralized and decentralized exchanges, so this one is able to go, pending governance approvalAs of now, the LP constraint will restrict OI on many of those new markets to ~$250,000

SIP-374: Preemptive Approval for Itemizing DEGEN Token on Perps V3 on Base

Burt additionally offered this SIP, explaining that the DEGEN token is a fee token on the Farcaster app, which is powered by Base networkThis meme token may be very scorching proper now on BaseThe proposal is looking for preemptive approval in order that the market could be listed as quickly as there are hedging alternatives on different centralized or decentralized exchanges to seize as a lot of the early curiosity as possibleSC must approve an SCCP to set the parameters for this previous to itemizing

SIP-375: Listing BOME-PERP and ETHFI-PERP on Perps V3 on Base

Danny offered this SIP, which proposes itemizing BOME and ETHFI on Perps V3 on the Base networkBoth of those have already got fairly a little bit of perps quantity on centralized and decentralized exchangesBOME is a Solana memecoin that launched on March 14th and have become tradeable on Binance on March 16thETHFI is the governance token for Ether.Fi, a non-custodial liquid restaking protocol on Ethereum

The votes are nonetheless lively for all 4 of those SIPs that had been offered final week, however all of them have already been authorized with 6 votes in favor.

Grants Council

In Grants Council replace, the DAO is being reworked right into a single Grants Lead place. This new Grants Lead will probably be somebody with expertise as a technical mission supervisor, and will probably be appointed by the Spartan Council. They are going to coordinate with varied governance our bodies, in addition to the group, to handle and ship initiatives throughout the new Grants scope. If that is one thing that you’re interested by, and assume you’ll make a very good candidate for, click on right here to use by the top of the week! This place will begin with the brand new epoch, as quickly as Might 1st.