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SNXweave Weekly Recap 11

SNXweave Weekly Recap 11

October 26, 2021

The following post contains a recap of news, projects, and important updates from the Spartan Council, Core Contributors, grantsDAO and ambassadorDAO from last week, as well a discussion regarding the ongoing meta-governance SIPs.

Spartan Council and SIP updates

Present at the October 19, 2021 Spartan Council Weekly Project Sync:
Spartan Council: Afif, BigPenny, bojan, Danijel, jj, Kain, KALEB
Core Contributors: DG

Optimism’s regenesis was successful on Kovan! Which means L2 shorting is working great on Kovan now, and should be the same on Mainnet once the full regenesis happens.

SIP-187 to fix partial synth updates in debt cache was approved last week, with all eight Council members voting in favor. Shortly after its approval, it was completed and released on L1 and L2. This SIP should alleviate the problem that occurs when a large holder burns and the debt snapshot isn’t completed.

The Wrappr Factory SIP is also progressing well, and should be ready in a couple of weeks. As a reminder, this SIP proposes a new abstract factory contract that can deploy new wrappers as needed, rather than creating another distinct SIP and contract for each new token to be added in the future. Once it’s deployed, it will be starting with ETH and LINK, and then each new Wrappr instance can be introduced to the factory via a SIP.

Futures is also getting there — it should be up on Kovan soon, the Kwenta team is just doing the final tests. The test net trading competition is also in progress now and is scheduled to end today.

The Council also discussed SCCP-142, which will increase L2 inflationary rewards from 50k to 75k SNX weekly. Kaleb says it’s ready to be put to a vote, however Kain and BigPenny would prefer raising it even higher to 100k SNX. It is likely, however, that the Council will wait to vote on this SCCP until after the Wrappr Factory SIP is implemented.

Remember the V2x scope we talked about a few weeks ago? Well, Phase 1 is almost complete! Check out the full V2x roadmap again here, we’re excited to be moving into Phase 2.

As for the meta-governance SIP discussion, the Spartan Council discussed these proposals a bit more, but nothing was finalized. Danijel urged that the V2x and Core Contributor Committee SIPs be pushed through, and that the Risk Committee SIP be put on hold for now while the discussion continues. BigPenny emphasized again that the Core Contributor Committee SIP still seems too detailed in its current form, and that it should be stripped down to a simple proposal that allows the Core Contributors to organize and vote their own representatives into the Committee. He also said that any mention of funding should be removed from this SIP, since that will be up to the Treasury Council, not the Spartan Council. Kain agreed with all of this.

Danijel also pointed out that the SIP doesn’t specify the voting process for how Core Contributors will elect their Committee members. Kain and BigPenny agreed that the proposal should specify this explicitly, and that further discussion is required with Andy to clarify what the election process will look like for the Core Contributor Committee.


Present at the October 21, 2021 grantsDAO meeting:

grantsDAO Team: ALEXANDER, CT, Mike, rubber^duck

As for the grantsDAO, the Treasury Council just distributed $32k sUSD to the gDAO for their short-term budget. One of the gDAO’s projects is a debt hedging bot that stakers can use to automatically hedge their debt externally. Since its initial announcement at the end of September, there has been some brainstorming around how to make it a little more user friendly. To do so, it was decided that a Heroku integration would be the best solution. This has been done and is in its final stage of testing, and once released, this integration will make setup and installation of the hedging bot much easier by allowing users to deploy to Heroku.

Mike is still working on The 300 article that we discussed last week, which will detail the vision and details of this role. The gDAO is also urging participation and self-communication amongst The 300 members, as Mike is putting together a few “lieutenants” of the group who will help get people engaged and find other community members to join. So far, The 300 channel in Discord has produced a lot of great ideas, but not as much action is being taken. The gDAO emphasizes that even small actions like retweeting posts on Twitter can go a long way. rubber^duck suggested doing more raffles for those involved in The 300 to encourage more participation.

And speaking of participation, community member Beachmom was nominated for another retroactive reward from the gDAO for his Staking article and Reddit posts (here and here). Thanks for your support, Beachmom!

You may have also seen from Clem’s tweet or from CT’s post in the gdao-announcements channel that Teleportr was temporarily decommissioned last week. It was falsely labeled as a phishing site by a small number of people, which led to it immediately being taken down by a centralized service. This incident, as well as the difficulties that the gDAO encountered in getting it back up, have proven the need for decentralized hosting services. As of yesterday, Teleportr is back up and running, but check out clem’s tweet to read more about the issue.

The grantsDAO is also still working on version 1.5 of the gDAO site. Last week, CT met with the coder to request an update to the grant application page for it to include multiple input fields, as well as a gDAO initiative page. These will both be exciting new additions to the site.

And speaking of exciting new initiatives, the grantsDAO has an NFT project on the horizon! They are currently partnering with ARCx and Universe as they actively work on making this project happen. Expect more info on this front soon ;)


Present at the October 20, 2021 ambassadorDAO meeting:

Ambassadors: andy, GUNBOATs, MiLLiE

As for the ambassadorDAO, the first Spartan City Hall is happening soon! As a reminder, this first city hall will happen with Lyra and will take place in the public Synthetix Stage-Community-Governance channel. The Ambassadors have been hard at work brainstorming campaign ideas for growth, and the Spartan City Halls are a top priority for this agenda. The aDAO looks forward to inviting partners and protocol leads to join them in a public call to chat about projects, governance, and more. Expect a more detailed announcement coming soon, but be sure to tune in this Thursday at 8pm EST/Friday 11am AU!

The Ambassadors are also looking forward to releasing their roadmap soon, which will detail the aDAO’s goals and projects for the rest of the epoch. Millie says he is still working on it and hopes to have it released soon, after receiving input from the other DAOs.

SNXweave Podcast:

SIP/SCCP status tracker:

SIP-135: L2 Shorting, Status: implemented

SIP-187: Fix Partial Synth Updates in Debt Cache, Status: implemented

SIP-182: Wrappr Factory, Status: approved

SIP-80: Synthetic Futures, Status: feasibility

SCCP-142: Increase L2 Inflationary Rewards to 75k, Status: SC vote pending

SIP-172: V2.X Governance Processes & Changes, Status: SC review pending

SIP-161: Core Contributor Committee, Status: SC review pending

SIP-186: Risk Committee, Status: SC review pending