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SNXweave Weekly Recap 100

SNXweave Weekly Recap 100

August 2, 2023

The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors, as well as the Grants Council and Ambassador Council from last week.

Spartan Council and SIP updates

Present at the July 26, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Burt Rock, cyberduck, Danijel, dsacks, Jackson, ml_sudo
Core Contributors: Afif, jz, KALEB, meb, noah, troy

Synthetix CCs have returned from a successful and very productive EthCC, and are now continuing work on a number of core system SIPs, which are in various stages of completion. Some additional small core changes were identified during ETH CC (SIPs for these will be presented today).

Last week the protocol also announced the addition of seven new perpetual futures markets that are now available for leverage trading on Synthetix Perps. The full list of new perpetual markets includes ETH/BTC, XMR, ETC, COMP, MAV, YFI, MKR, and RPL. These markets were approved in six different SIPs, and had initial configurable values set by SCCP-2029.

As for Perps V3, it is essentially feature-complete and we should be expecting a SIP to be ready in the next couple of weeks. Partners are working on front ends right now, so the next step is to plan and get ready for the testnet competition.

Lastly for a work in progress update, the V3 Elections System is also nearly feature-complete and will now have cross-chain support that implements CCIP. A SIP is in the works for this election system, as well as one to roll out the Safe Module for governance.

The Spartan Council also discussed Infinex, Kain’s exchange, which was brought up by Danijel. There was some Discord discussion regarding what role the SC would play in governing Infinex, as well as some confusion on where this responsibility should lie. A couple of Council members explained that their understanding was that SNX holders would be directly voting on governance items.

The Council then discussed the Overtime V3 integration, which Duck said he discussed with Sunny at EthCC. They planned to have a meeting to put together a functional spec for the project. After that, the work will be outsourced to a Grants Council developer.

Danijel asked if V3 is ready to be integrated with, and Noah answered saying spot markets and Perps markets have already been built on that interface, and the market manager likely won’t change. Since Thales uses sUSD for Overtime markets, an integration at this point would not be a functional product until liquidity migrates to V3. As soon as Perps V3 is underway, V3 will need as much liquidity as possible (and the incentives will need to reflect that), but the details and timeline are not fully clear yet.

Lastly, SIP-2028 was presented last week by GUNBOATs to add Worldcoin to Perps V2. This SIP was approved, pending feedback on oracle feasibility (which should be available shortly).

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SIP/SCCP status tracker:

SIP-2009: Adding ETH/BTC ratio to Synthetix Perps V2, Status: implemented

SIP-2023: Add XMR to Perps V2, Status: implemented

SIP-2024: Add ETC and COMP to Perps V2, Status: implemented

SIP-2025: Add MAV to Perps V2, Status: implemented

SIP-2026: Add YFI and MKR to Perps V2, Status: implemented

SIP-2027: Add RPL to Perps V2, Status: implemented

SCCP-2029: Enable Perps V2 Markets / Update Parameters, Status: implemented

SIP-2028: Add WLD to Perps V2, Status: approved