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SNXweave Weekly Recap 121

SNXweave

• 3 min read
SNXweave Weekly Recap 121

January 17, 2024

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

  • Election results
  • Synthetix Quarterly Report info
  • Andromeda is operating in private beta and is ready to begin scaling
  • SCCP to increase the maximum amount of liquidity that can be provided to Base Andromeda to 1 million USDC is making its way through governance — TC expected to contribute the majority of this initial $1 million
  • Perps V3 trades are being executed on Base Mainnet by multiple integrators
  • L1 Perps is being prepared for a second audit and testnet
  • The SC discussed SIP-2047, which will change low utilization markets to close-only in preparation for migration to Perps V3
  • SIP-2047: Begin migrating Perps V2 markets presentation recap
  • SIP-2048: MaxMarketValue Risk Control Module presentation recap

Welcome to 2024, Spartans! Let’s do a quick recap of what the end of 2023 brought us, including our new Council members:

🚨Election Results🚨

  • Your Spartan Council members for the epoch will be Adam, Bilby, Cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax Frens
  • Serving the community on the Treasury Council this epoch will be Bagg, Cavalier, CoKaiynne, and SpartanGlory
  • Our Grants Council members will be ALEXANDER, es MC, Mike, MoneyManDoug, and Synthquest
  • And lastly, your Ambassadors for the coming epoch will be GUNBOATs, Kevin, MasterMojo, Matt, and Westie

Thank you to all who ran, voted, and participated in governance this past epoch, and congratulations to our newly elected Council members!

And while we’re talking about the end of 2023, SNXweave just released the Quarterly Report for Q4 at Synthetix. So be sure to check it out for a full recap of the last few months of the year!

Spartan Council and SIP updates

Present at the January 10, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax Frens
Core Contributors: Afif, Bex, Cavalier, joey, KALEB, Matt, meb, Mike, Steve, troy

Now onto our regular updates — Andromeda is currently operating in private beta and is ready to begin scaling. SCCP-309, to increase the maximum amount of liquidity that can be provided to Base Andromeda to 1 million USDC, is making its way through governance. OI increases will follow — the Treasury Council is expected to contribute a substantial portion of this initial $1 million, providing a stable LP base and confidence to increase OI caps.

For markets, Perps V3 trades are being executed on Base Mainnet by multiple integrators, and L1 Perps is being prepared for a second audit and testnet.

And in other discussion, Burt questioned last week if the phasing out of V2 markets would continue at a similar pace (19 markets) as what is outlined in SIP-2047. Cav explained that these markets were selected based on their limited use (combined, they account for <1% of the total OI). Delisting some of the lesser used markets reduces the attack surface area and potentially makes room for more, better offerings. Kain added that these listings could be used in the future as Base-only offerings to incentivize traders to migrate to Base.

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

SIP-2047: Begin migrating Perps V2 markets

  • This SIP, which we just briefly mentioned, proposes changing a number of markets to “close-only” (no more new positions) in preparation for migration to Perps V3
  • Cav explained again that the criteria for selection was any markets that rely on off-chain oracle data and OI less than $10k over a week
  • Combined, these markets represent less than 1% of the total open interest and eliminating them would significantly reduce governance overhead and complexity of managing off-chain data
  • Burt and Millie asked that the list be broken down to separate the trad-fi markets (Au, Ag) and some of the more popular crypto markets (SHIB, RPL, APE, MEME) from the rest
  • Burt also stressed that the optics of having a long list of recognizable assets is an important factor to consider (this proposal would wipe out ~20% of all the listings)

SIP-2048: MaxMarketValue Risk Control Module

  • Proposed by Kaleb, this SIP will set up a max market value control module that is able to decrease the prevailing market value to zero
  • This would be a tool to be used by the Risk Committee
  • However, since the Risk Committee is not official yet, the Spartan Council may designate an Interim Risk Council that would operate under close supervision of the SC and operate the Risk Control Module
  • This module would only be available for certain markets (low OI, longtail assets)
  • This is intended for emergency use only, in the event that arbitrage is not feasible due to unusual market conditions, to safeguard liquidity providers

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SIP/SCCP status tracker:

SCCP-309: Increase Base LP limit to 1M USDC, Status: draft

SIP-2047: Begin migrating Perps V2 markets, Status: draft

SIP-2048: MaxMarketValue Risk Control Module, Status: draft

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