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SNXweave Weekly Recap 14

SNXweave Weekly Recap 14

November 16, 2021

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

Spartan Council and SIP updates

Present at the November 9, 2021 Spartan Council Weekly Project Sync:
Spartan Council: Afif, BigPenny, bojan, jj, KALEBn
Core Contributors: Darius

In case you missed it, Optimism’s regenesis this past Thursday was successful! This was their biggest update in history, meaning EVM Equivalence is now live on Optimistic Ethereum. This means that deployment is now easier, network stability is at an all-time high, and tooling works better. Optimism tweeted that the core network is back online, so you can go transact, deposit, etc., but some supporting services will be coming back on a rolling basis.

For instance, this upgrade implements a new lower transaction fee framework, but wallets aren’t updated yet. Additionally, all of the great infrastructure providers that Optimistic Ethereum supports have been testing everything against the recent Kovan upgrade. Synthetix has been doing the same over the past month, and has had its focus on this regenesis for the implementation of several SIPs. So we should see those very soon!

Speaking of SIPs that are coming soon, the Atomic Exchange Function was delayed one more week due to some minor changes that needed to be audited again. However, it is now ready to go out and L1 will be upgraded later today to support this SIP. Like we discussed last week, the cap will initially be set low — likely at about 250 or 300k block volume — to see how it behaves and to ensure nothing goes wrong.

As for the Wrappr Factory, the ETH wrapper does not need to be altered for the regenesis, so that’s good. During the Spartan Council meeting, however, Kaleb raised the question: what do we need to proceed with the LUSD wrapper? And what is the next step for this so that we can transition away from the Dai wrapper? He also added that it would be great to have it done before sUSD demand picks up again ahead of the next Lyra trading round. Justin said the Liquity team will have to take a look at it to make sure they don’t have any concerns. And now that the regenesis is complete, it’s likely the best time to proceed with LUSD. There is a public discussion being held in stage-community-governance voice channel of Discord with the Spartan Council and Liquity Team today at 21:00 UTC to discuss the LUSD Wrappr SIP on L2. Tune in!

Dynamic Exchange Fees should hopefully be out in a couple of weeks. Afif says it still needs to be audited, but they’re trying to get it on Kovan as fast as they can.

Lastly for Spartan Council updates, the Futures beta will be on Mainnet L2 soon. It will be a beta version because the max open interest is going to be kept constrained early on. Before the full version of Futures is rolled out, Dynamic Fees will need to be ready in order to mitigate frontrunning risk. And like we discussed the past couple of weeks, there will be two fee tiers: next price fulfillment that creates a lower-fee tier for arbitragers, and the usual atomic exchanges for a higher fee.

After the implementation of the aforementioned SIPs, Phase 1 of the v2x roadmap will be complete.


Present at the November 11, 2021 grantsDAO meeting:
grantsDAO Team: ALEXANDER, clem, CT, rubber^duck

In grantsDAO news, I’m sure you saw the announcement yesterday about the gDAO’s upcoming Retroactive Public Goods project! But if not, check out the article that we partnered with the grantsDAO to write by clicking here. This form of grants funding was first proposed by Vitalik Buterin a few months ago, and is an amazing model once you understand how it works and how much good it can do. By funding public goods projects after the fact, or retroactively, it provides a way to maximize value in the DeFi community. The Synthetix grantsDAO is extremely excited to be incorporating this into their mandate, so be sure to stay tuned for how you can get involved, and share the article that the grantsDAO tweeted to spread the word!

Another exciting upcoming project that the gDAO has been working on is their much-anticipated NFT project. CT and Duck met with the designer last week, who is currently working on getting the basic design concepts complete for each of the “Tribes” of NFTs.

There haven’t been any responses to the request for proposal that the grantsDAO put out to fund a smart contract tool that enables Synthetix stakers to fix their c-ratio by buying SNX. This raised a discussion in the Synthetix Discord to possibly hire a full-time developer to lose the overhead of proposals and evaluating grantees for these types of requests. Alexander and Clem raised concerns that the gDAO might not have enough projects to justify a full-time position. Clem added that if they did bring on a developer, it would be better to have them on a project-basis rather than full-time basis.

It was suggested that the grantsDAO use EthernautDAO to find potential people for this position. EthernautDAO — created by Core Contributor Ale — is a community of solidity developers, or “Ethernauts”, who mentor and train other developers to build the next generation of Ethereum developers. The grantsDAO will be looking into EthernautDAO to possibly find a developer who could work with them on a project-basis.

You may have seen that Teleportr is down — the grantsDAO picked up an issue in the contract after the OE Regenesis. But they are working on it, and Teleportr will be back up after the fix has been applied. Clem is also continuing to work on a way to decentralize Teleportr.

Tools.Synthetix is coming along nicely — the gDAO has a developer working on it, and has some great mockups for the website. This will be a great site to find all of the Synthetix-related resources that have been built overtime.

Lastly in grantsDAO updates, community-member and Guardian BiGs has been working on the Docs update and has recently shared it with the Guardians and The 300 to get some edits. Once all feedback is applied, this will be shared publicly.


Present at the November 10, 2021 ambassadorDAO meeting:
Ambassadors: andy, GUNBOATs, MiLLiE

In ambassadorDAO news, the Ambassadors hosted their second Spartan City Hall with Hop Protocol last week! We got to meet Chris and Lito, who gave us a background and overview of Hop Protocol and answered several great questions that were posed by community members in the #ambassador-dao Discord channel. But, if you weren’t able to make it, be sure to check out the recording by clicking here. And this week the aDAO is hoping to have their third City Hall with Aelin, so stay tuned!

The Ambassadors will also be releasing a blog post soon detailing the outcome of their Governance Participation Program. GUNBOATs is doing some dune analytics on the results to produce graphs for the blog post, so we look forward to seeing that.

In case you missed it, the Tokemak C.o.R.E. Round 2 ended today. For those who are unfamiliar, Tracer announced that it has acquired Toke in its treasury and now has the ability to utilize that TOKE to build partnerships through this second round of Tokemaks C.o.R.E.2 Reactor voting. The #1 voted candidate will receive 50% of the Tracers voting power, the #2 voted candidate will receive 30%, and the #3 voted candidate will receive 20% of the Tracers voting power. Synthetix secured third place, therefore receiving 20% of the Tracers voting power. Thank you to everyone who voted to make this possible!

Lastly in aDAO updates, you probably also know about the $ENS airdrop that happened last week — and based on feedback from the community, the ambassadorDAO applied as delegates for $ENS governance. So feel free to delegate your $ENS to the aDAO multi-sig if you want to help support their mission!

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SIP/SCCP status tracker:

SIP-120: Atomic Exchange Function, Status: approved

SIP-182: Wrappr Factory, Status: implemented

SIP-184: Dynamic Exchange Fees, Status: approved

SIP-189: Add LUSD/sUSD Wrappr, Status: feasibility

SIP-80: Synthetic Futures, Status: feasibility