SNXweave Weekly Recap 146

July 24, 2024

The next submit accommodates a recap of stories, tasks, and vital updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.

👉TLDR

L1 Migration to V3: Legacy markets have been launched on L1 final week! The Treasury Council was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which can assist scale the brand new product.Second part: Migration will likely be open for all stakers, which can change how liquidation occurs (see under for particulars). There will even be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3, the bridge to maneuver debt from V2X on L1 to L2 will likely be suspended, and there will likely be a bridge out there to swap sUSD for the brand new snxUSD.SIP-398: Chainlink Knowledge Streams for Synthetix V3 on Arbitrum presentation recap (see under)

Spartan Council and SIP updates

Current on the July 17, 2024 Spartan Council Weekly Undertaking Sync:Spartan Council: Afif, cyberduck, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalistsCore Contributors: 0xMithrandir, 0xrobin, Fred, jz, Kaleb, meb, Mike, pixelperfect, troy

Final week the crew launched the legacy markets on L1! This implies there’s now a brand new market linked to V2X (just like the Spartan Council market on Base) that can maintain the Treasury Council place. The TC was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which can assist scale the brand new product.

Within the second part, seemingly prepared within the subsequent two weeks, migration will likely be open for all stakers. It will change how liquidation occurs — let’s get into how:

At the moment there’s a 6-hour ready interval after positions are flagged for liquidationIn the brand new system, liquidations will occur instantly and are socialized to all V3 staking positions (V2X will now not be part of the socialized liquidation pool)Self-liquidation will now not be out there in V3Liquidation rewards will now not be escrowed both — as an alternative, stakers who obtain these rewards will be capable of promote the SNX or use it to strengthen their c-ratio

Additionally within the second stage, there will likely be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3. The bridge to maneuver debt from V2X on L1 to L2 will even be suspended, and there will likely be a bridge out there to swap sUSD for the brand new snxUSD.

Subsequent, there was a SIP presentation final week: SIP-398, offered by Raoul from Chainlink, which proposes integrating Chainlink Knowledge Streams into the Synthetix V3 deployment on Arbitrum to bolster the protocol’s safety and efficiency. Let’s recap the presentation:

SIP-398: Chainlink Knowledge Streams for Synthetix V3 on Arbitrum

Raoul defined that V3 was designed to be oracle agnostic and this SIP proposes including the choice for integrators to decide on between Chainlink or PythHe urged a check part the place Synthetix would combine the Chainlink oracle on 10 markets on Arbitrum to additional assess efficiency in comparison with different providersChainlink Knowledge Streams boasts the next attributes:Reliability: Knowledge Streams is secured by the identical decentralized infrastructure {and professional} node operators that secures a lot of the TVL in DeFiAccuracy: Knowledge Streams tracks markets extraordinarily carefully, often inside half a BIP, and that is verified by Chainlink information in addition to by third partiesSecurity: Because of the commit reveal structure, the worth shouldn’t be revealed till the commerce is dedicated to. This structure additionally permits for hypothetical commerce execution with bid/ask information which protects the protocol from frontrunningLow Latency: Knowledge from centralized exchanges is translated to Chainlink pricing in a short time (often inside 1 second, in comparison with opponents’ 2–4 seconds)Chainlink has additionally provided to tackle an excessive amount of the mixing work on their finish, which would cut back the mixing burden for Synthetix CCsThe value (paid to Chainlink) will likely be 1.5% of the charges generated It will seemingly be pushed to finish customers within the type of increased transaction prices to make use of these low latency oraclesChainlink can be working in the direction of having the ability to spin up worth feeds quicker than prior to now (hopefully, inside 24 hours of a token launch)They are going to be offering full API entry for keepers within the Synthetix ecosystemBurt introduced up a difficulty concerning use of a number of oracles on the identical networkRaoul confirmed that there wouldn’t be something technically prohibiting integrators from utilizing a number of oracles on a single networkBurt flagged that with the variations in worth studies, use of various oracles would seemingly require totally different market listings, which wouldn’t be superb from a UX perspective