SNXweave Weekly Recap 153

September 25, 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 Results
• Snax chain: Mainnet has been deployed, along with crosschain governance. Governance V3 was deployed on snax chain where the recent election was hosted.
• Multi-collateral Perps: On Arbitrum Mainnet with small caps; the CCs are working with Kwenta on the UX to go live for integrators — the target date is October 11th.
• V3 Migration: Still in a soft launch phase; 2 million SNX migrated so far (in addition to the Treasury Council).
• L1 Perps: Testnet is being finalized and the requirements are being prepared for a Mainnet release — targeting launch October 16th. The team is still working on finding integration partners.
• LP app: The update to support yield-generating collateral is stable – target launch is September 30th.
• SIP-408: Synthetix Referendum presentation overview (see below for recap)
• Ambassador Council update: The team introduced their newest member Robin to the Council. They discussed Optimism’s Retroactive Funding Round 5, the latest OP Mission Request, Superchain grants, and the results from Round 27 of OP Grants (unfortunately no grants for the SNX ecosystem in this round). Lastly, they discussed Kwenta and the TLX council that they preside on.

Spartan Council and SIP updates

Present at the September 18, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Cavalier, Fenway, fifa, Ray Zhu, SynthaMan
Core Contributors: Fred, Kaleb, Matt, meb, Mithrandir, moss, Nikita, Steve, Tim, troy, wasp in bush

Welcome to the new epoch, Spartans! ICYMI, here are your newly elected Councils:

🚨Election Results🚨

• Spartan Council: Cavalier, Cyberduck, Fenway, fifa, ml_sudo, Ray Zhu, SynthaMan (Spartan.eth), and 0x3776
• Treasury Council: CoKaiynne, slinky, 256ben, and 0x27Cc
• Ambassador Council: GUNBOATs, MasterMojo, Matt, Robin, and Westie

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

Now onto our regular updates — last week the new Spartan Council started out by going over some work-in-progress updates. The highlights are:

• Mainnet has been deployed for Snax chain, along with crosschain governance – as we know, governance V3 was deployed on snax chain where the recent election was hosted
• Multi-collateral Perps is on Arbitrum Mainnet with small caps, and the CCs are working with Kwenta on the UX to go live for integrators – the target date is October 11th
• The V3 Migration is still in a soft launch phase, with 2 million SNX migrated so far (in addition to the Treasury Council)
• Testnet is being finalized for L1 Perps and the requirements are being prepared for a Mainnet release, targeting launch October 16th, but the team is still working on finding integration partners
• The LP app update to support yield-generating collateral is stable, with a target launch of September 30th

Next, there was a SIP presentation last week, so let’s review it:

SIP-408: Synthetix Referendum

• This SIP, presented by Fenway, proposes introducing a mechanism by which specific changes or upgrades could be put to a tokenholder vote (rather than being voted on by the SC, which is a representative governance body)
• Quorum would require voter participation of 75 million SNX with 67% voting in favor, and the voting window for referendum votes would be 7 days
• 75 million SNX is approximately 50% of all staked tokens and 25% of all circulating tokens, not including those held by the TC
  •  75 million SNX also represents 400% of the participation in the most recent SC election
• There was some discussion as to whether this mechanism should include all token holders or be limited only to stakers
  • There was some agreement that directionally, all token holders should have a vote or at least be counted as 1 token = 1 vote for the purposes of quorum. Cav also drew comparisons to shareholder voting in other corporate governance structures.
  • Afif, however, highlighted that much of the unstaked SNX is sitting on centralized exchanges and it’s unclear how many of those holders would be willing to take all the steps necessary to vote on chain, therefore making it difficult to calibrate this process based on total outstanding SNX holders
• Fenway explained that the Treasury and centralized exchange wallets (holding SNX on behalf of other users) would not be counted toward the quorum
• Another question was raised about repeat referendum proposals on the same issue
  • Although not specified in the SIP, Fenway acknowledged that there should be some cooldown period before putting the same issue up for a referendum vote (possibly 6 months, at the discretion of the SC)
• Burt highlighted that since this is being introduced via meta-governance, it would technically be possible for a sitting SC to alter the referendum process by unanimous vote in response to a referendum
  • Fenway agreed that this would not be aligned with the spirit of a referendum vote where the intention is to give the community the opportunity to override SC decisions
  • He will add a note that states any changes to the process would be temporarily paused during a referendum to avoid this
• Afif suggested adding language about a minimum support threshold before anything gets put to a vote
  • 10 million SNX, for example, being required in initial support before a change could be put to an actual token holder vote that requires the higher quorum standard of 75 million SNX
• At the end of the call, the SC generally voiced support on the direction of the SIP but agreed to hash out the details asynchronously (regarding minimum support requirement, quorum, staked vs. unstaked, etc.)

Ambassador Council

Present at the September 18, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, MasterMojo, Robin, Westie

Lastly, in Ambassador updates, the team introduced their newest member Robin to the Council. They discussed Optimism’s Retroactive Funding Round 5, the latest OP Mission Request, Superchain grants, and the results from Round 27 of OP Grants (unfortunately no grants for the SNX ecosystem in this round). Lastly, they discussed Kwenta and the TLX council that they preside on.

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SIP/SCCP status tracker:

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

SIP-408: Synthetix Referendum, Status: draft