As much as 300,000 weekly OP will likely be awarded to merchants of Synthetix Perps throughout any integration companions beginning April nineteenth at 0:00 UTC
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UPDATE SEP 8TH 2023: Synthetix Treasury Council extends OP rewards buying and selling program for 5 extra weeks, 100K OP per week for five weeks, capped at charges generated. First epoch begins on Sep thirteenth at 0:00 UTC.
The Synthetix Perps Optimism Buying and selling Incentives program, primarily based on SIP-2003, is about to start on April nineteenth at 0:00 UTC. This SIP was a non-binding vote by the Spartan Council to sign help for the Treasury Council in distributing the remaining OP held. As such, the parameters of the unique SIP have modified and ought to be referenced right here. The protocol might replace this distribution construction sooner or later with superior discover to merchants and stakers. This system goals to encourage buying and selling exercise for Synthetix Perps on Optimism by allocating a portion of the protocol’s section 0 distribution as buying and selling rewards.
Reward Construction
The buying and selling incentive program rewards 300,000 OP in weekly Synthetix Perps buying and selling rewards for 17 weeks after a three-week ramping interval. The weekly buying and selling epochs will likely be structured as follows:
– Week 1: 10,000 OP
– Weeks 2-3: 100,000 OP
– Weeks 4-20: 300,000 OP (estimated finish date week of Sep sixth)
– Weeks 21-26: 100,000 OP per week, capped at charges generated, so if the protocol earned 50k in charges, then 50k in OP could be paid out. First epoch begins Sep thirteenth at 0 UTC
UPDATE: Week 1 rewards have decreased from 50,000 OP to 10,000 OP and weeks 4-20 have elevated from 200,000 OP to 300,000 OP.
UPDATE: Added Week 21-26 after Synthetix Treasury Council
Dealer Rating Calculation
Customers will likely be assigned a dealer rating primarily based on their whole buying and selling charges paid. *This calculation doesn’t rely execution charges.
`rawScore’ = tradefeesPaid
The dealer rating will then be calculated, together with a staked SNX (Synthetix) multiplier:
`traderScore = rawScore * stakedTierMultiplier`
Please Observe: Solely OffChainDelayedOrders processed on taking part integrators are eligible for OP rewards. Please guarantee your frontend integrator’s participation earlier than buying and selling.
Staked SNX Multipliers
The next tiers outline staked SNX multipliers (Observe: staked SNX tiers are actually outdated, please see Replace beneath)
0-2499 SNX : 1.00
2500 – 5,000 SNX: 1.05
5001 – 10,000 SNX: 1.075
10,001 – 20,000 SNX: 1.1
>20,001 SNX: 1.15
UPDATE: Resulting from challenges with on-chain calculations and the fluctuating worth of SNX and debt shares, rewards calculations have been altered to be primarily based strictly on whole debt shares worth excellent at snapshot, which approximate the unique staked SNX tiers above. The brand new multiplier tiers will likely be primarily based on sUSD debt at snapshot as outlined right here:
0-$1,500: 1.00
$1,501 – $3,000: 1.05
$3,001 – $6,000: 1.075
$6,001 – $12,000: 1.1
>$12,000: 1.15
Please guarantee that you’ve staked your required quantity by the snapshot on Wednesdays UTC.
Reward Distribution
Every dealer, utilizing a taking part integrator, will then earn a pro-rata share of the full weekly rewards primarily based on their dealer rating. The Synthetix Treasury Council will distribute OP weekly foundation to a chosen contract for integrators to attach with and allow claims utilizing their UI.
Please Observe: Solely OffChainDelayedOrders processed on taking part integrators are eligible for OP rewards. Please guarantee your frontend integrator’s participation earlier than buying and selling.
Incentive Program Mechanics
1. On the finish of every buying and selling epoch, integrators will ship an inventory of dealer addresses to sensible contract (SC) pockets mappings.
2. Synthetix Core Contributors will then carry out the mandatory calculations (see above), checking dealer addresses for SDS steadiness to verify the estimated staked SNX multiplier.
3. An inventory of addresses and OP quantities to ship will likely be generated.
4. Integrators will obtain OP to distribute to its sensible margin mappings. Any wallets that are not a part of one other integrator’s share will likely be distributed by Kwenta.
Rewards will likely be distributed from the Synthetix OP Buying and selling multisig – 0x5248BE8B6C9b7257695275eBD7c3918326151ae6
Taking part Integrators: Kwenta.eth.limo, Polynomial.fi, Decentrex.com and dHEDGE.org. Any extra perps integration companions launching throughout this program will likely be eligible for the OP incentives. Please verify your frontend integrator’s participation earlier than buying and selling.
Conclusion
The Synthetix Perps Optimism Buying and selling Incentive program goals to incentivize exercise on Optimism and increase liquidity for Synthetix Perps. Future weblog posts and tweets will likely be made to announce the official starting of this incentive program. The Synthetix Treasury Council reserves the suitable to regulate these phrases at any time. Have any questions? Head to the Synthetix Discord to be taught extra.
