November 15, 2023
The next publish accommodates a recap of reports, initiatives, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
SIP to deploy V3 on Base is near a Goerli testnet deploymentSIP to allow USDC for Andromeda on Base is in draftBuyback and burn proposal dialogue between SC and CCsAudits for 2 key Perps V3 updates are presently in progress, and audit suggestions for L1 Perps is being carried out (SIP coming quickly)Descoped V3 options: Cross-margin will likely be reside at launch, however multi-collateral portfolio margin is not going to be obtainable (work continues to be in progress to supply assist for extra risky property — anticipated inside a month). The entire different main options promised in V3 will likely be going reside with the primary V3 launch.Ahead-looking partnerships and ecosystem alignment dialogue between SC and CCsSIP-345: SNX Buyback and Burn presentation recapSIP-346: Perps V3 Integrator Incentive presentation recapSIP-2035: Checklist TIA on Synthetix Perps presentation recapSIP-2039: Checklist MEME on Synthetix Perps presentation recapSIP-2040: Checklist ANKR, FET, GRT on Synthetix Perps presentation recapGrants Council replace: new bot operating in Discord (ETH / BTC Ratio), GC is proposing a retroactive grant for the Telegram Bot developer, Watcher web page now contains favorites and crew is discussing extra thrilling social/consumer options so as to add to the positioning.
Spartan Council and SIP updates
Current on the November 8, 2023 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, Millie, ml_sudoCore Contributors: Afif, Cavalier, David, joey, jz, KALEB, Leo, Matt, meb, Rafa, Steve, troy
First up, the SIP to deploy V3 on Base is near a Goerli testnet deployment, and the SIP to allow USDC for Andromeda on Base is in draft. The Council additionally had a dialogue concerning the buyback and burn proposal, with Gene voicing some issues as as to if the best method was chosen. Millie knowledgeable the group that, after some analysis, Yearn seems to have already got a contract written that may execute purchases based mostly on the oracle value of SNX. This SIP was truly offered final week, so let’s briefly evaluation that:
SIP-345: SNX Buyback and Burn
After paying integrators, this proposes splitting the charges remaining between Base LPs and SNX stakers, the place stakers would obtain the rewards through a buyback and burn mechanismFees can be used to buy SNX on the present market value through an already developed Yearn sensible contract (as talked about beforehand)Burning would occur periodically as a handbook processThis was picked on account of its low complexity as a take a look at of a possible price sharing mechanism on BaseGene is worried {that a} buyback and burn just isn’t probably the most direct method to distribute worth again to stakersMillie chimed in including that that is simply the primary of what could possibly be many deployments to completely different chains and it turns into very technically difficult to convey all these earnings again to a single chainKain urged a risk the place the treasury could possibly be the one pockets able to promoting SNX, which might slowly deplete treasury holdings over time and additional decentralization objectivesThere was additionally some dialogue about how this needs to be coordinated with a potential finish to inflationary rewards
Subsequent, audits for 2 key Perps V3 updates are presently in progress, and audit suggestions for L1 Perps is being carried out (the SIP is coming quickly).
In different dialogue, the SC and CCs talked about descoped V3 options. Kain requested for a listing of any of the promised options in V3 that had been descoped. Cross-margin will likely be reside at launch, however multi-collateral portfolio margin is not going to be obtainable, as work continues to be in progress to supply assist for extra risky property (multi-collateral portfolio margin assist is predicted inside a month). The code will nonetheless be going reside with the V3 launch, however solely with USDC collateral enabled. The entire different main options promised in V3 will likely be going reside with the primary V3 launch.
Whereas on the subject of potential future V3 deployments, there was additionally a chat relating to forward-looking partnerships and ecosystem alignment, the place Kain shared some ecosystem developments with the SC. Initially, Optimism deliberate to be a “superchain” L2 that attracted a big portion of the rollup consumer base. The crypto panorama has modified dramatically, and Optimism has shifted to a technique of getting as many OP stack chains deployed as potential. Nonetheless, this shift in technique has modified the incentives they provide as nicely.
Firstly, Synthetix hoped to be the premier Perp product on what was presupposed to be a preferred L2. Synthetix’s technique now, because it pertains to the Optimism partnership, might must be reconsidered to optimize protocol worth. This may fall to the Treasury Council to barter, however for the reason that Spartan Council guides protocol enchancment, there must be some dialog between the 2 on the longer-term imaginative and prescient.
Lastly, on prime of the buyback and burn presentation, there have been a couple of different SIPs offered final week (all offered by Burt). So let’s evaluation them!
SIP-346: Perps V3 Integrator Incentive
This SIP proposes an integrator price share mechanism for Perps V3, the place integrators earn a 20% base price in sUSD from trades executed by means of a Synthetix Perps integrationThe course of is pretty easy — integrators would join a monitoring code to trace the markets they’ve deployed and would obtain their 20% firstThe hope is that this offers the perfect answer to incentivize scaling of Perps markets as a result of they’ll have a vested curiosity in producing extra quantity
SIP-2035: Checklist TIA on Synthetix Perps
Proposes itemizing TIA on Synthetix PerpsCelestia is an upcoming Cosmos cryptocurrency with a deal with information sampling for different blockchains. It launched on October 17, which offers an early alternative to supply TIA on Synthetix Perps
SIP-2039: Checklist MEME on Synthetix Perps
Proposes itemizing MEME on Synthetix Perps
SIP-2040: Checklist ANKR, FET, GRT on Synthetix Perps
Proposes itemizing Ankr Community, Fetch.ai and Graph Protocol on Synthetix Perps
All of those markets had been chosen based mostly on energetic quantity on different exchanges and in step with Synthetix’s goal of continuous to seize buying and selling quantity from new markets. Itemizing for all three of those SIPs would require Pyth and Chainlink feeds.
Grants Council
Current on the November 9, 2023 Grants Council assembly:Grants Staff: ALEXANDER, CT, MoneyManDoug, sunny, synthquest
In Grants Council updates, in case you missed it, there’s a brand new bot operating within the Synthetix Discord! It’s the ETH / BTC Ratio Monitoring Bot:
Talking of bots, Alex is proposing a retroactive grant for the Telegram Bot developer. We love our bot devs ❤
Additionally, because of the GC, the watcher web page now contains favorites. You’ll be capable of compile all of your favourite merchants in a single place and tag them with identify overrides. Attempt it out! The crew can also be discussing some extra thrilling social/consumer options so as to add, and are working with devs on many new components of the Watcher Web site.
In the meantime, Sunny is following up with the “Stable-Perception” AI Assist/Data service and reviewing the final piece of performance for the Time beyond regulation V3 challenge, and CT is continuous to succeed in out to different protocols to remind their OGs to come back mine the Spartan Synthverse NFTs.
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SIP/SCCP standing tracker:
SIP-336: Deploy V3 Core on Base, Standing: permitted
SIP-348: Allow USDC for Andromeda on Base, Standing: draft
SIP-345: SNX Buyback and Burn, Standing: draft
SIP-346: Perps V3 Integrator Incentive, Standing: draft
SIP-2035: Checklist TIA on Synthetix Perps, Standing: draft
SIP-2039: Checklist MEME on Synthetix Perps, Standing: draft
SIP-2040: Checklist ANKR, FET, GRT on Synthetix Perps, Standing: draft