SNXweave Weekly Recap 153

September 25, 2024

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

👉TLDR

Election ResultsSnax chain: Mainnet has been deployed, together with crosschain governance. Governance V3 was deployed on snax chain the place the current election was hosted.Multi-collateral Perps: On Arbitrum Mainnet with small caps; the CCs are working with Kwenta on the UX to go reside for integrators — the goal date is October eleventh.V3 Migration: Nonetheless in a smooth launch section; 2 million SNX migrated to date (along with the Treasury Council).L1 Perps: Testnet is being finalized and the necessities are being ready for a Mainnet launch — focusing on launch October sixteenth. The group continues to be engaged on discovering integration companions.LP app: The replace to help yield-generating collateral is secure – goal launch is September thirtieth.SIP-408: Synthetix Referendum presentation overview (see beneath for recap)Ambassador Council replace: The group launched their latest member Robin to the Council. They mentioned Optimism’s Retroactive Funding Spherical 5, the most recent OP Mission Request, Superchain grants, and the outcomes from Spherical 27 of OP Grants (sadly no grants for the SNX ecosystem on this spherical). Lastly, they mentioned Kwenta and the TLX council that they preside on.

Spartan Council and SIP updates

Current on the September 18, 2024 Spartan Council Weekly Challenge Sync:Spartan Council: Cavalier, Fenway, fifa, Ray Zhu, SynthaManCore Contributors: Fred, Kaleb, Matt, meb, Mithrandir, moss, Nikita, Steve, Tim, troy, wasp in bush

Welcome to the brand new epoch, Spartans! ICYMI, listed here are your newly elected Councils:

🚨Election Outcomes🚨

Spartan Council: Cavalier, Cyberduck, Fenway, fifa, ml_sudo, Ray Zhu, SynthaMan (Spartan.eth), and 0x3776Treasury Council: CoKaiynne, slinky, 256ben, and 0x27CcAmbassador Council: GUNBOATs, MasterMojo, Matt, Robin, and Westie

Thanks to all who ran, voted, and took part in governance this previous epoch, and congratulations to our newly elected Council members!

Now onto our common updates — final week the brand new Spartan Council began out by going over some work-in-progress updates. The highlights are:

Mainnet has been deployed for Snax chain, together with crosschain governance – as we all know, governance V3 was deployed on snax chain the place the current election was hostedMulti-collateral Perps is on Arbitrum Mainnet with small caps, and the CCs are working with Kwenta on the UX to go reside for integrators – the goal date is October 11thThe V3 Migration continues to be in a smooth launch section, with 2 million SNX migrated to date (along with the Treasury Council)Testnet is being finalized for L1 Perps and the necessities are being ready for a Mainnet launch, focusing on launch October sixteenth, however the group continues to be engaged on discovering integration partnersThe LP app replace to help yield-generating collateral is secure, with a goal launch of September thirtieth

Subsequent, there was a SIP presentation final week, so let’s overview it:

SIP-408: Synthetix Referendum

This SIP, offered by Fenway, proposes introducing a mechanism by which particular adjustments or upgrades might be put to a tokenholder vote (somewhat than being voted on by the SC, which is a consultant governance physique)Quorum would require voter participation of 75 million SNX with 67% voting in favor, and the voting window for referendum votes can be 7 days75 million SNX is roughly 50% of all staked tokens and 25% of all circulating tokens, not together with these held by the TC 75 million SNX additionally represents 400% of the participation in the newest SC electionThere was some dialogue as as to if this mechanism ought to embody all token holders or be restricted solely to stakersThere was some settlement that directionally, all token holders ought to have a vote or at the least be counted as 1 token = 1 vote for the needs of quorum. Cav additionally drew comparisons to shareholder voting in different company governance constructions.Afif, nonetheless, highlighted that a lot of the unstaked SNX is sitting on centralized exchanges and it’s unclear what number of of these holders can be keen to take all of the steps essential to vote on chain, subsequently making it troublesome to calibrate this course of primarily based on complete excellent SNX holdersFenway defined that the Treasury and centralized change wallets (holding SNX on behalf of different customers) wouldn’t be counted towards the quorumAnother query was raised about repeat referendum proposals on the identical issueAlthough not specified within the SIP, Fenway acknowledged that there must be some cooldown interval earlier than placing the identical problem up for a referendum vote (presumably 6 months, on the discretion of the SC)Burt highlighted that since that is being launched by way of meta-governance, it will technically be attainable for a sitting SC to change the referendum course of by unanimous vote in response to a referendumFenway agreed that this could not be aligned with the spirit of a referendum vote the place the intention is to present the group the chance to override SC decisionsHe will add a word that states any adjustments to the method can be quickly paused throughout a referendum to keep away from thisAfif advised including language a couple of minimal help threshold earlier than something will get put to a vote10 million SNX, for instance, being required in preliminary help earlier than a change might be put to an precise token holder vote that requires the upper quorum commonplace of 75 million SNXAt the tip of the decision, the SC usually voiced help on the route of the SIP however agreed to hash out the small print asynchronously (relating to minimal help requirement, quorum, staked vs. unstaked, and so on.)

Ambassador Council

Current on the September 18, 2024 Ambassador Council assembly:Ambassadors: GUNBOATs, MasterMojo, Matt, Robin, Westie

Lastly, in Ambassador updates, the group launched their latest member Robin to the Council. They mentioned Optimism’s Retroactive Funding Spherical 5, the most recent OP Mission Request, Superchain grants, and the outcomes from Spherical 27 of OP Grants (sadly no grants for the SNX ecosystem on this spherical). Lastly, they mentioned Kwenta and the TLX council that they preside on.