March 6, 2024
The next submit comprises a recap of stories, initiatives, and necessary updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
Andromeda quantity has picked up, but it surely’s not but pushing in opposition to the restricted OI caps, so incentives might be added within the coming weeks for LPs in preparation for OI increasesAsymmetric funding charge SIP is required for the open curiosity caps, however SIP-354 is being despatched again to the auditor for modifications — possible 2–3 weeks awayL1 Perps is anticipated to complete its second audit as early as this week. Adam requested for clarification if the collateral could be SNX or sUSD, see under for discussionSIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone presentation recapSIP-2057: Checklist STX on Synthetix Perps presentation recapSynthetix listed 3 new markets this week: PENDLE, JUP (Jupiter change), and CVX (Convex). STRK from StarkWare is coming later this week 🔜
Spartan Council and SIP updates
Current on the February 14, 2024 Spartan Council Weekly Undertaking Sync:Spartan Council: Adam, cyberduck, Jackson, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Burt, Cavalier, David, Jade, joey, KALEB, meb, Mike
Getting proper into it — Andromeda quantity has picked up, but it surely’s not but pushing in opposition to the restricted OI caps, so incentives might be added within the coming weeks for LPs in preparation for OI will increase. SIP-354 (for the Perps V3 uneven funding charge) is a prerequisite for rising the open curiosity caps, however the implementation of this SIP wants modifications and is due to this fact being despatched again to the auditor. It’s presently on testnet, however with the required modifications it is going to in the end be about 2–3 weeks away (and a few backend enchancment SIPs for integrators may even exit on this launch).
Subsequent, the proposal to launch L1 Perps is anticipated to complete its second audit as early as this week. Adam requested if the collateral could be SNX or sUSD, and Kaleb clarified that there are two forms of collateral being mentioned: LP collateral, which might be SNX, and dealer “collateral” (or margin), which might be ETH and wstETH. The c-ratio will nonetheless be 500% and it was defined that this might be a direct import of all of the V2 mechanics into V3, apart from multicollateral perps margin, which can mitigate the challenges of merchants being unable to get that collateral.
There have been additionally a few SIP displays final week, so let’s briefly assessment them:
SIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone
Introduced by Kaleb, this SIP proposes placing a brand new gasoline payment logic in place, which can change the one presently applied underneath SIP-356The new implementation would incorporate the required modifications in transaction prices related to Optimism’s Ecotone upgradeThis improve is vital to the operate of V3 as a result of it straight impacts the core systemV2 will proceed to operate with out this modification, however the keeper payment won’t replace so it will definitely wants this improve to take full benefit of EIP-4844A core distinction between this implementation and the V2 implementation is: for V3 it is going to robotically detect Ecotone activation and instantly go into impact.
SIP-2057: Checklist STX on Synthetix Perps
This SIP proposes itemizing STX on Synthetix PerpsSTX is the native token of Stacks, which is the main Bitcoin L2Adam once more raised a priority about non-ERC Perps listings and what the plan could be if the token ceased to existKaleb defined that the identical protections could be in place for this itemizing, together with restricted OI caps and the power to scale back these caps to zero in an emergencyMillie highlighted that EOS, which presents most of the similar issues, has been listed on Perps for some time with none subject
And talking of latest Perps, Synthetix truly listed three new markets this week: PENDLE, JUP (Jupiter change), and CVX (Convex). And STRK from StarkWare is coming later this week! 🔜
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SIP/SCCP standing tracker:
SIP-354: Perps V3 Uneven Funding, Standing: authorized
SIP-362: Transaction Prices primarily based Rewards — Perps V3 — Ecotone, Standing: vote pending
SIP-2057: Checklist STX on Synthetix Perps, Standing: vote pending
