SNXweave Weekly Recap 129

March 13, 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

V3 itemizing grocery store dialogue: Burt requested which property are acceptable for itemizing inside supermarkets vs. which property must be listed out of the supermarkets & questioned if it might be complicated to maintain observe of a number of cross-margin accounts throughout a number of supermarkets ⬇️It was clarified that there could be only one grocery store in the principle SC pool the place cross-margin could be allowed, and different listings might be added to the SC pool outdoors of that grocery store, so they’d commerce as fully remoted markets backed by the SC pool (this is able to match centralized trade UX).Afif cautioned in opposition to including riskier property to the grocery store and urged a periodic liquidity evaluation to find out whether or not any listings within the grocery store must be switched to remoted marketsKain additionally introduced up the potential of making a liquidity-monitoring dashboard that will enable the SC to remain up-to-date in the marketplace conditionsSIP-365: Take away Core Payment Swap presentation recapSIP-366: Asynchronous Delegation presentation recapSIP-360: Synthetix V3 Cross-chain Elections System presentation recapSIP-341: Add Configurer Handle presentation recapSIP-361: Perps V3 — Integrator & CC Requests presentation recap

Spartan Council and SIP updates

Current on the March 6, 2024 Spartan Council Weekly Mission Sync:Spartan Council: bilby, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Burt, Cavalier, David, joey, jz, KALEB, Matt, meb, Mike, noah, Steve, sunny, troy

Burt began off the dialogue final week by asking how the Spartan Council intends to strategy listings in V3 primarily based on the brand new “grocery store” mechanism (i.e. which property are acceptable for itemizing inside supermarkets vs. which property must be listed out of the supermarkets).

Burt talked about that, from a consumer perspective, it would turn into complicated to maintain observe of a number of cross-margin accounts throughout a number of supermarkets, every with their very own set of property. It was clarified that there could be only one grocery store in the principle SC pool the place cross-margin could be allowed, and different listings might be added to the SC pool outdoors of that grocery store, so they’d commerce as fully remoted markets backed by the SC pool (this is able to match centralized trade UX). Later, a totally separate grocery store outdoors of the SC pool might be added for extra aggressive long-tail asset listings.

Afif additionally cautioned in opposition to including riskier property to the grocery store and urged a periodic liquidity evaluation to find out whether or not any listings within the grocery store must be switched to remoted markets. This change would entail opening a brand new remoted market and setting the marketplace for that itemizing throughout the grocery store to close-only. It was urged {that a} quantitative record of standards be formulated in a SIP to find out what property are eligible for grocery store itemizing. Kain additionally introduced up the potential of making a liquidity-monitoring dashboard that will enable the SC to remain up-to-date in the marketplace situations.

Subsequent up, there have been a number of SIP shows final week, so let’s briefly evaluation every of them:

SIP-365: Take away Core Payment Swap

Introduced by Noah, this SIP proposes eradicating the core price seize mechanism that was carried out in SIP-319 in favor of market-level price captureThe current mechanism works nicely for spot markets, however is much less appropriate for Perps markets since it might assess charges on the deposit and withdrawal of marginSince the price seize happens on the market implementation, this SIP proposes eradicating the core price moderately than including governance configuration variables

SIP-366: Asynchronous Delegation

This SIP is an enchancment on SIP-320 and seeks to eradicate the potential LP assault vectorsSIP-320 proposed a minimal delegation period, however even with that mechanism it was nonetheless potential to learn from well timed delegation/undelegation of collateralThis SIP proposes including a market-determined delay on both route relying on whether or not the delegated collateral is growing or lowering to make the delegation asynchronousThis is much like the order settlement asynchrony that was added to eradicate frontrunning assault vectorsThis is a change that may be turned on or off on a per market foundation relying on whether or not adversarial LP dynamics are a priority

SIP-360: Synthetix V3 Cross-chain Elections System

This SIP proposes a brand new system for facilitating on-chain electionsBetter cross-chain expertise has been launched because the authentic design and launch of the V3 governance module, so this proposes incorporating a few of this new tech to scale back reliance on Merkle bushes and create a extra modular election systemCritically, it should add flexibility to calculate voting energy from V2 and V3

SIP-341: Add Configurer Handle

This proposes including a configurer handle that will be capable of execute SCCPs, which is a primary step in direction of the objective of on-chain governanceThe NFTs issued by the governance module following elections would plug into this handle, moderately than the proprietor handle, to scale back protocol danger

SIP-361: Perps V3 — Integrator & CC Requests

Kaleb offered this final SIP, which proposes plenty of high quality enhancements urged by CCs and integrators

These enhancements embody:

Drop the getReportedDebt from the occasion emitted upon withdrawing sUSD from a given perp market (it will cut back price for customers)Incorporate a getOpenPositionSize that returns the dimensions of an open place when given a market ID and account quantity as inputEmit an occasion when an account is flagged for liquidation (requested by Kwenta in order that they have documentation of when customers are liquidated)Incorporate a view perform that returns the settlement conserving prices plus the settlement reward (requested by Polynomial for reporting of their UI)Require a strict staleness tolerance on margin withdrawal (worth freshness required for withdrawal — 30 seconds)Incorporate a required margin for order when given an execution worth (required for restrict orders & requested by Kwenta)Incorporate a secondary cap on open curiosity denominated in USD (essential to keep up OI caps throughout speedy worth will increase to guard the protocol)Take away the minimal conserving charges from getRequiredAccountMargins perform (this can be a bug repair)