SNXweave Weekly Recap 152

September 4, 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

• 🚨Election info: Voting opens tomorrow, September 5th. Nominations will go through the end of the voting period, September 15th.
• 🚨Spartan Council Election Panel: Wednesday, September 11th @9PM UTC. Fill out this google form to submit question suggestions for the panelists, and RSVP for the event here. If you plan to run for Spartan Council, be sure to get your nomination in as soon as possible to be included in the panel.
• L1 Perps: On schedule for a Mainnet release soon. Integrator outreach started last week to determine who will support Perps frontend and Vault functionality. The CCs are currently in discussion with Kwenta regarding front end details.
• Arbitrum scaleup: Multi-collateral perps is live, but the CCs are waiting for integrators to release the front end before raising the caps (currently at zero). CCs are also working on some additional backend fixes to improve UX, then multi-collateral perps will be ready for a Base launch.
• V3 migration:
  • Mainnet release is complete, and the UI is in review ahead of enabling a soft launch.
  • Audits wrapped up last week with minor feedback items to be resolved.
  • Once there’s a working frontend (hopefully within a week), the migration can then be opened to all stakers.
  • The next elected Spartan Council will need to decide how to get users to migrate to V3, either through incentives or forced migration.
  • Once this migration happens, CCs will begin on a plan for getting Perps V3 on Optimism, as well as the associated migration from V2X. The Optimism integrators have already been made aware, and most are already working on their V3 integrations.
• SIP-405: Temporarily Distribute fees to V2 stakers presentation overview (see below for recap)
• Ambassador Council update: Last week the Council discussed Synthetix Perps on Arbitrum, potential Optimism Mission Grants, and the latest Optimism retroactive funding round where they helped TLX secure a 50,000 OP grant!

Spartan Council and SIP updates

Present at the August 28, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Cavalier, cyberduck, fifa, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalists
Core Contributors: Fred, Kaleb, Matt, meb, Mike, Mithrandir, moss, Steve, troy

First up, another reminder about the election schedule:

• Voting opens tomorrow, September 5th
• Nominations are already underway, and will go through the end of the voting period: September 15th
• The Spartan Council Election Panel will take place next Wednesday, September 11th @9pm UTC — if you plan to run for Spartan Council, be sure to get your nomination in before then and message ProofOfCake on Discord to be included in the panel
• Lastly, fill out the google form to suggest questions for us to ask this epoch’s Spartan Council candidates at next week’s panel!

Now onto our regular updates, L1 perps is on schedule for a Mainnet release soon, and integrator outreach started last week to determine who will support Perps frontend and Vault functionality. The CCs are currently in discussion with Kwenta regarding front end details.

As for the Arbitrum scaleup, multi-collateral perps is live, but the CCs are just waiting for integrators to release the front end before raising the caps (which are currently at zero). The core contributors are also working on some additional backend fixes to improve UX, then multi-collateral perps will be ready for a Base launch as well.

The Mainnet release of the V3 migration is complete, and the UI is in review ahead of enabling a soft launch. Audits wrapped up last week with minor feedback items to be resolved, none of which would hold up the release. Once there’s a working frontend (which there hopefully will be within a week) the migration can then be opened to all stakers. The next elected Spartan Council will need to decide how to get users to migrate to V3, either through incentives or forced migration.

Once this migration happens, CCs will begin turning their focus towards a plan for getting Perps V3 on Optimism, as well as the associated migration from V2X. The Optimism integrators have already been made aware, and most are already working on their V3 integrations.

Lastly, there was a SIP presentation last week, which was presented by Gene from snxmaximalists. So let’s review it:

SIP-405: Temporarily Distribute fees to V2 stakers

• With SIP-385, for the Perps V3 fee sharing model, fees will no longer be used to buyback and burn SNX. Instead, they will be sent to the Treasury Council for later use.
• This SIP proposes having the Treasury burn those fees in the form of sUSD, which would reduce debt for all stakers
• Gene expects that this would make staking more attractive than it currently is
• The idea is to keep this going until the protocol is fully migrated over to V3 and then maybe change course, but the primary distinction from the current track is to send those fees directly to stakers instead of the Treasury
• It was decided after the presentation that this SIP will be put to a vote for the current SC before the new epoch

Ambassador Council

Present at the August 28, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, Mastermojo, Matt

Last week the Ambassadors mainly discussed Synthetix Perps on Arbitrum, potential Optimism Mission Grants, and the latest Optimism retroactive funding round where the Council helped TLX secure a 50,000 OP grant!

SNXweave Anchor Podcast: https://anchor.fm/snxweave

Follow us on Twitter! @snx_weave

SIP/SCCP status tracker:

SIP-383: Multi-Collateral Margin Support — Perps V3, Status: approved

SIP-405: Temporarily Distribute fees to V2 stakers, Status: draft