SNXweave Weekly Recap 129

March 13, 2024

The next submit comprises a recap of stories, initiatives, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.

👉TLDR

V3 itemizing grocery store dialogue: Burt requested which belongings are applicable for itemizing inside supermarkets vs. which belongings must be listed out of the supermarkets & puzzled if it could be complicated to maintain monitor of a number of cross-margin accounts throughout a number of supermarkets ⬇️It was clarified that there could be only one grocery store in the principle SC pool the place cross-margin could be allowed, and different listings may very well be added to the SC pool exterior of that grocery store, so they might commerce as utterly remoted markets backed by the SC pool (this is able to match centralized alternate UX).Afif cautioned in opposition to including riskier belongings to the grocery store and steered a periodic liquidity assessment to find out whether or not any listings within the grocery store must be switched to remoted marketsKain additionally introduced up the opportunity of making a liquidity-monitoring dashboard that might enable the SC to remain up-to-date available on the market conditionsSIP-365: Take away Core Charge Change presentation recapSIP-366: Asynchronous Delegation presentation recapSIP-360: Synthetix V3 Cross-chain Elections System presentation recapSIP-341: Add Configurer Handle presentation recapSIP-361: Perps V3 — Integrator & CC Requests presentation recap

Spartan Council and SIP updates

Current on the March 6, 2024 Spartan Council Weekly Undertaking Sync:Spartan Council: bilby, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Burt, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, noah, Steve, sunny, troy

Burt began off the dialogue final week by asking how the Spartan Council intends to strategy listings in V3 primarily based on the brand new “grocery store” mechanism (i.e. which belongings are applicable for itemizing inside supermarkets vs. which belongings must be listed out of the supermarkets).

Burt talked about that, from a person perspective, it’d change into complicated to maintain monitor of a number of cross-margin accounts throughout a number of supermarkets, every with their very own set of belongings. It was clarified that there could be only one grocery store in the principle SC pool the place cross-margin could be allowed, and different listings may very well be added to the SC pool exterior of that grocery store, so they might commerce as utterly remoted markets backed by the SC pool (this is able to match centralized alternate UX). Later, a very separate grocery store exterior of the SC pool may very well be added for extra aggressive long-tail asset listings.

Afif additionally cautioned in opposition to including riskier belongings to the grocery store and steered a periodic liquidity assessment to find out whether or not any listings within the grocery store must be switched to remoted markets. This change would entail opening a brand new remoted market and setting the marketplace for that itemizing inside the grocery store to close-only. It was steered {that a} quantitative listing of standards be formulated in a SIP to find out what belongings are eligible for grocery store itemizing. Kain additionally introduced up the opportunity of making a liquidity-monitoring dashboard that might enable the SC to remain up-to-date available on the market circumstances.

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

SIP-365: Take away Core Charge Change

Introduced by Noah, this SIP proposes eradicating the core payment seize mechanism that was carried out in SIP-319 in favor of market-level payment captureThe current mechanism works properly for spot markets, however is much less appropriate for Perps markets since it could assess charges on the deposit and withdrawal of marginSince the payment seize happens on the market implementation, this SIP proposes eradicating the core payment fairly than including governance configuration variables

SIP-366: Asynchronous Delegation

This SIP is an enchancment on SIP-320 and seeks to get rid of the doable LP assault vectorsSIP-320 proposed a minimal delegation period, however even with that mechanism it was nonetheless doable to profit from well timed delegation/undelegation of collateralThis SIP proposes including a market-determined delay on both route relying on whether or not the delegated collateral is growing or reducing to make the delegation asynchronousThis is just like the order settlement asynchrony that was added to get rid of frontrunning assault vectorsThis is a change that may be turned on or off on a per market foundation relying on whether or not adversarial LP dynamics are a priority

SIP-360: Synthetix V3 Cross-chain Elections System

This SIP proposes a brand new system for facilitating on-chain electionsBetter cross-chain expertise has been launched for the reason that unique design and launch of the V3 governance module, so this proposes incorporating a few of this new tech to cut back reliance on Merkle timber and create a extra modular election systemCritically, it’ll add flexibility to calculate voting energy from V2 and V3

SIP-341: Add Configurer Handle

This proposes including a configurer handle that might be capable to execute SCCPs, which is a primary step in direction of the aim of on-chain governanceThe NFTs issued by the governance module following elections would plug into this handle, fairly than the proprietor handle, to cut back protocol threat

SIP-361: Perps V3 — Integrator & CC Requests

Kaleb offered this final SIP, which proposes a lot of high quality enhancements steered by CCs and integrators

These enhancements embody:

Drop the getReportedDebt from the occasion emitted upon withdrawing sUSD from a given perp market (this can scale back price for customers)Incorporate a getOpenPositionSize that returns the dimensions of an open place when given a market ID and account quantity as inputEmit an occasion when an account is flagged for liquidation (requested by Kwenta in order that they have documentation of when customers are liquidated)Incorporate a view operate that returns the settlement maintaining prices plus the settlement reward (requested by Polynomial for reporting of their UI)Require a strict staleness tolerance on margin withdrawal (worth freshness required for withdrawal — 30 seconds)Incorporate a required margin for order when given an execution worth (required for restrict orders & requested by Kwenta)Incorporate a secondary cap on open curiosity denominated in USD (obligatory to take care of OI caps throughout speedy worth will increase to guard the protocol)Take away the minimal maintaining charges from getRequiredAccountMargins operate (it is a bug repair)