SNXweave Weekly Recap 145

July 10, 2024

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

👉TLDR

• Multi-collateral perps margin: On test net and in audit. CCs are working with integrators to iron out timelines and decide how it will be incorporated in the Arbitrum launch.
• Degenthetix: Work is in progress, could be launched on Base in the next 2 weeks. Launch plan: separate UI/URL for users to trade these new listings & Kwenta is prioritizing a more elegant solution.
• L1 migration: Should receive green light from auditors this week.
• L1 perps: In the process of having its audit feedback processed.
• Arbitrum: Scaling up nicely with enticing rewards that are being distributed!
• SIP-2057: Dynamic Gas Fee Module — Fjord  presentation recap
• SIP-397: Transaction Costs based Rewards — Perps V3 — Fjord  presentation recap

Spartan Council and SIP updates

Present at the July 3, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Cavalier, cyberduck, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalists
Core Contributors: Fred, Jade, Kaleb, Marcus, Matt, meb, noah, troy

While several members of the Synthetix team are at EthCC in Brussels this week, we’ve got a quick update for you guys! First up, multi-collateral perps margin is on test net now and in audit. The CCs are currently working with integrators to iron out timelines and decide how it will be incorporated in the Arbitrum launch.

Work is also in progress for Degenthetix and could be launched some time in the next 2 weeks on Base. Right now, the launch plan is to have a completely separate UI/URL for users to trade these new listings. The Kwenta team will also be looking to prioritize a more elegant solution after resources are freed up from the ongoing effort to support the Arbitrum launch.

Next, the L1 migration should receive the green light from auditors this week, and L1 perps is in the process of having its audit feedback processed.

Lastly for work in progress updates, Arbitrum is scaling up nicely with the enticing rewards that are being distributed!

There were also a couple of SIP presentations last week, so let’s go over them:

SIP-2057: Dynamic Gas Fee Module — Fjord

• Kaleb presented this SIP, which proposes adding a new dynamic gas fee module to replace the one currently implemented in SIP-2055
• This SIP is in response to Optimism’s Fjord upgrade, which aims to lower transaction costs even further
• The Fjord upgrade includes the RIP-7212 precompile, FastLZ gas pricing, Brotli channel compression, and several protocol parameter changes and goes live today, July 10th

SIP-397: Transaction Costs based Rewards — Perps V3 — Fjord

• This SIP proposes implementing a new gas fee logic, which will replace the one currently in place under SIP-362
• Kaleb explained that this is another change required to maintain compatibility following the Fjorde upgrade

Both of these SIPs are still in draft for now.

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SIP/SCCP status tracker:

SIP-2057: Dynamic Gas Fee Module — Fjord, Status: draft

SIP-397: Transaction Costs based Rewards — Perps V3 — Fjord, Status: draft