SNXweave Weekly Recap 120

SNXweave -

December 20, 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.

👉TLDR

  • 🚨Spartan Council Election Panel TOMORROW Dec. 21st at 10pm UTC!! Event RSVP here
  • Andromeda: initial launch integrators will include Kwenta and Polynomial
  • Infinex is planning an invite-only Alpha launch for Base
  • Parameters will stay tight for this until at least the beginning of next year
  • Markets: multiple integrators are actively testing Perps trading on Base goerli and L1 Perps is pending its final audit feedback.
  • SIP-2044: List ORDI on Synthetix Perps presentation recap
  • SIP-2045: List JITO on Synthetix Perps presentation recap
  • SIP-2046: List Axelar Token (AXL) on Synthetix Perps presentation recap
  • SIP-352: Deploy SNX token as xERC20 for crosschain bridging presentation recap

Spartan Council and SIP updates

Present at the December 13, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson,
Core Contributors: Afif, Cavalier, David, joey, KALEB, Matt, Max, Mike, Nikita, Steve, troy

The final testing of Andromeda is complete and the contracts have been deployed to mainnet. SIP-348, which outlines the Andromeda release configuration, aims for a conservative initial deployment mostly for integrators to perform test transactions on mainnet. Launch integrators will include Kwenta and Polynomial, and Infinex is planning an invite-only Alpha launch for Base as well.

These will likely stay tight until at least the beginning of next year, but there is no set schedule yet. Improvements are also being made to the deployment process and the CCs are assisting integrators on testnet.

And as a quick markets update, multiple integrators are actively testing Perps trading on Base goerli and L1 Perps is pending its final audit feedback.

Next up, there were a few SIP presentations last week, so let’s briefly review them:

SIP-2044: List ORDI on Synthetix Perps

  • This SIP proposes listing ORDI on Synthetix Perps
  • ORDI is a BRC-20 token, which would be the first listing of its kind on Synthetix
  • Adam questioned whether an asset on another chain would create any challenges for the debt pool if the entire token platform were to fail or be shut down

 — This has not been a concern for previous listings as they have all been ERC-20, and an ERC-20 failure would be a catastrophic event for the protocol anyway

 — The exposure would be limited to the OI cap of that listing

 — Burt also brought up that for this listing specifically, a bitcoin fork that shut down BRC-20 tokens would be announced ahead of time which would give the council a window to react

 — Adam would still like to have the framework in place before committing to listing the asset

SIP-2045: List JITO on Synthetix Perps

  • SIP proposes listing JITO on Synthetix Perps
  • JITO, which launched just a couple of weeks ago, is a validator governance token for Solana

SIP-2046: List Axelar Token (AXL) on Synthetix Perps

  • SIP proposes listing AXL on Synthetix Perps
  • Axelar delivers secure cross-chain communication for Web3. Axelar recently got listed on Upbit spot market and Bybit Futures which is an opportunity to expand offering on Synthetix Perps.

All three of these listings were picked based on volume and Perps availability on other exchanges.

SIP-352: Deploy SNX token as xERC20 for crosschain bridging

  • This SIP proposes deploying SNX xERC20 and Lockbox to facilitate bridging between Ethereum and Base and allow for additional fast bridge solutions while retaining sovereignty
  • The biggest difference between this SIP and other bridging proposals so far is that it proposes creating an SNX bridging standard that would allow the protocol to maintain full control of the token
  • The solution would still be compatible with other third-party bridges
  • Adam added that the Spartan Council has decided to put a hold on any integrations with non-canonical bridges until the CCs are satisfied with the initial testing on Base, so this SIP will be on hold until then

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SIP/SCCP status tracker:

SIP-348: Enable USDC for Andromeda on Base, Status: implemented

SIP-2044: List ORDI on Synthetix Perps, Status: vote pending

SIP-2045: List JITO on Synthetix Perps, Status: vote pending

SIP-2046: List Axelar Token (AXL) on Synthetix Perps, Status: draft

SIP-352: Deploy SNX token as xERC20 for crosschain bridging, Status: draft