SNXweave Weekly Recap 146

July 24, 2024

The next submit accommodates a recap of stories, initiatives, and vital updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.

👉TLDR

L1 Migration to V3: Legacy markets have been launched on L1 final week! The Treasury Council was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which can assist scale the brand new product.Second section: Migration might be open for all stakers, which can change how liquidation occurs (see under for particulars). There may also be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3, the bridge to maneuver debt from V2X on L1 to L2 might be suspended, and there might be a bridge obtainable to swap sUSD for the brand new snxUSD.SIP-398: Chainlink Knowledge Streams for Synthetix V3 on Arbitrum presentation recap (see under)

Spartan Council and SIP updates

Current on the July 17, 2024 Spartan Council Weekly Undertaking Sync:Spartan Council: Afif, cyberduck, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalistsCore Contributors: 0xMithrandir, 0xrobin, Fred, jz, Kaleb, meb, Mike, pixelperfect, troy

Final week the group launched the legacy markets on L1! This implies there may be now a brand new market linked to V2X (just like the Spartan Council market on Base) that may maintain the Treasury Council place. The TC was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which can assist scale the brand new product.

Within the second section, probably prepared within the subsequent two weeks, migration might be open for all stakers. It will change how liquidation occurs — let’s get into how:

At the moment there’s a 6-hour ready interval after positions are flagged for liquidationIn the brand new system, liquidations will occur instantly and are socialized to all V3 staking positions (V2X will now not be part of the socialized liquidation pool)Self-liquidation will now not be obtainable in V3Liquidation rewards will now not be escrowed both — as a substitute, stakers who obtain these rewards will have the ability to promote the SNX or use it to strengthen their c-ratio

Additionally within the second stage, there might be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3. The bridge to maneuver debt from V2X on L1 to L2 may also be suspended, and there might be a bridge obtainable to swap sUSD for the brand new snxUSD.

Subsequent, there was a SIP presentation final week: SIP-398, offered by Raoul from Chainlink, which proposes integrating Chainlink Knowledge Streams into the Synthetix V3 deployment on Arbitrum to bolster the protocol’s safety and efficiency. Let’s recap the presentation:

SIP-398: Chainlink Knowledge Streams for Synthetix V3 on Arbitrum

Raoul defined that V3 was designed to be oracle agnostic and this SIP proposes including the choice for integrators to decide on between Chainlink or PythHe steered a check section the place Synthetix would combine the Chainlink oracle on 10 markets on Arbitrum to additional assess efficiency in comparison with various providersChainlink Knowledge Streams boasts the next attributes:Reliability: Knowledge Streams is secured by the identical decentralized infrastructure {and professional} node operators that secures many of the TVL in DeFiAccuracy: Knowledge Streams tracks markets extraordinarily intently, often inside half a BIP, and that is verified by Chainlink information in addition to by third partiesSecurity: Because of the commit reveal structure, the value shouldn’t be revealed till the commerce is dedicated to. This structure additionally permits for hypothetical commerce execution with bid/ask information which protects the protocol from frontrunningLow Latency: Knowledge from centralized exchanges is translated to Chainlink pricing in a short time (often inside 1 second, in comparison with opponents’ 2–4 seconds)Chainlink has additionally supplied to tackle a substantial amount of the combination work on their finish, which would scale back the combination burden for Synthetix CCsThe value (paid to Chainlink) might be 1.5% of the charges generated It will probably be pushed to finish customers within the type of increased transaction prices to make use of these low latency oraclesChainlink can be working in direction of with the ability to spin up value feeds sooner than up to now (hopefully, inside 24 hours of a token launch)They are going to be offering full API entry for keepers within the Synthetix ecosystemBurt introduced up a difficulty relating to use of a number of oracles on the identical networkRaoul confirmed that there wouldn’t be something technically prohibiting integrators from utilizing a number of oracles on a single networkBurt flagged that with the variations in value reviews, use of various oracles would probably require totally different market listings, which wouldn’t be perfect from a UX perspective