SNXweave Weekly Recap 121

January 17, 2024

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

👉TLDR

Election resultsSynthetix Quarterly Report infoAndromeda is working in personal beta and is able to start scalingSCCP to extend the utmost quantity of liquidity that may be supplied to Base Andromeda to 1 million USDC is making its means by way of governance — TC anticipated to contribute the vast majority of this preliminary $1 millionPerps V3 trades are being executed on Base Mainnet by a number of integratorsL1 Perps is being ready for a second audit and testnetThe SC mentioned SIP-2047, which can change low utilization markets to close-only in preparation for migration to Perps V3SIP-2047: Start migrating Perps V2 markets presentation recapSIP-2048: MaxMarketValue Threat Management Module presentation recap

Welcome to 2024, Spartans! Let’s do a fast recap of what the top of 2023 introduced us, together with our new Council members:

🚨Election Outcomes🚨

Your Spartan Council members for the epoch shall be Adam, Bilby, Cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax FrensServing the group on the Treasury Council this epoch shall be Bagg, Cavalier, CoKaiynne, and SpartanGloryOur Grants Council members shall be ALEXANDER, es MC, Mike, MoneyManDoug, and SynthquestAnd lastly, your Ambassadors for the approaching epoch shall be GUNBOATs, Kevin, MasterMojo, Matt, and Westie

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

And whereas we’re speaking in regards to the finish of 2023, SNXweave simply launched the Quarterly Report for This fall at Synthetix. So be sure you test it out for a full recap of the previous couple of months of the yr!

Spartan Council and SIP updates

Current on the January 10, 2024 Spartan Council Weekly Venture Sync:Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax FrensCore Contributors: Afif, Bex, Cavalier, joey, KALEB, Matt, meb, Mike, Steve, troy

Now onto our common updates — Andromeda is presently working in personal beta and is able to start scaling. SCCP-309, to extend the utmost quantity of liquidity that may be supplied to Base Andromeda to 1 million USDC, is making its means by way of governance. OI will increase will comply with — the Treasury Council is predicted to contribute a considerable portion of this preliminary $1 million, offering a steady LP base and confidence to extend OI caps.

For markets, Perps V3 trades are being executed on Base Mainnet by a number of integrators, and L1 Perps is being ready for a second audit and testnet.

And in different dialogue, Burt questioned final week if the phasing out of V2 markets would proceed at an analogous tempo (19 markets) as what is printed in SIP-2047. Cav defined that these markets have been chosen based mostly on their restricted use (mixed, they account for <1% of the overall OI). Delisting a few of the lesser used markets reduces the assault floor space and doubtlessly makes room for extra, higher choices. Kain added that these listings could possibly be used sooner or later as Base-only choices to incentivize merchants emigrate to Base.

Subsequent up, there have been a few SIP shows final week, so let’s assessment them:

SIP-2047: Start migrating Perps V2 markets

This SIP, which we simply briefly talked about, proposes altering a lot of markets to “close-only” (no extra new positions) in preparation for migration to Perps V3Cav defined once more that the standards for choice was any markets that depend on off-chain oracle information and OI lower than $10k over a weekCombined, these markets characterize lower than 1% of the overall open curiosity and eliminating them would considerably cut back governance overhead and complexity of managing off-chain dataBurt and Millie requested that the record be damaged all the way down to separate the trad-fi markets (Au, Ag) and a few of the extra standard crypto markets (SHIB, RPL, APE, MEME) from the restBurt additionally careworn that the optics of getting a protracted record of recognizable property is a crucial issue to contemplate (this proposal would wipe out ~20% of all of the listings)

SIP-2048: MaxMarketValue Threat Management Module

Proposed by Kaleb, this SIP will arrange a max market worth management module that is ready to lower the prevailing market worth to zeroThis can be a software for use by the Threat CommitteeHowever, because the Threat Committee will not be official but, the Spartan Council could designate an Interim Threat Council that will function beneath shut supervision of the SC and function the Threat Management ModuleThis module would solely be accessible for sure markets (low OI, longtail property)That is meant for emergency use solely, within the occasion that arbitrage will not be possible attributable to uncommon market situations, to safeguard liquidity suppliers