SNXweave Weekly Recap 29
March 8, 2022
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.
Spartan Council and SIP updates
Present at the March 1, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, BigPenny, bojan, jj, KALEB, redmarglar, TerraBellus
Core Contributors: db, Mike, Rafa
The Futures audit is done! And Core Contributor Arthur has gotten feedback from the auditors to update the SIP with all of the changes since it was first written. These changes will be reviewed in the SIP’s final presentation tonight at 21:00 UTC in the community-governance-stage, so be sure to tune in or catch the recording! Now that the audit is complete and the presentation is schedule, the Council is very hopeful that Futures will get into Kovan this week.
In other news, Kain and Afif have been working on putting together some drafts of the initial v3 SIPs — Afif hopes to have the important ones done by the end of the week. One of the crucial parts of the offsite was making sure the v2x engineers are prepared for what needs to happen on v3. JJ said “Overall, [the offsite] was really good. I think we had a lot of good sessions and have a good idea of who’s going to roll over to v3.”
As for what’s left on v2, several SIPs are currently in audit:
— SIP-148: Upgraded Liquidation Mechanism
- Mark is working on this SIP, and will be moved over to v3 after its completion.
— SIP-165: Debt Pool Synthesis
- Db is working on this SIP along with Synth Teleporters, which are his last v2 assignments before moving to v3.
— SIP-198: Update to Atomic Exchange Function
- Noah is working on this SIP and will also be moved to v3 after it’s released.
Synth Teleporters are a bit more work because they require running a validator and a keeper. Chainlink is building out their Cross-Chain Interoperability Protocol (CCIP), which will allow any chain to communicate with any other chain, but there’s no set release date for this yet. JJ said, however, with the ability to send trusted messages to L1, the team feels that they have a pretty good workaround while they wait for the CCIP from Chainlink.
The last couple SIPs of v2 are the Debt Migration and Volume Source Fee SIPs. Debt Migration, which is being worked on by Jackson, would allow users to easily migrate debt positions to L2.
During the Spartan Council meeting, Kaleb also started a discussion regarding the inflation split. The current split is 70/30 between L1 and L2, respectively, and most of the SNX on L2 is staked. Kaleb postulated that if more inflation were to be diverted to L2, then a lot of users might move over, which would increase the staking ratio. The distribution between networks can be changed via a SCCP, but this is still being discussed.
The Council also had a conversation about the methodology of the staking ratio, which is calculated with data from the Grafana dashboard. The ratio calculation includes the full wallet balance, rather than a portion of SNX in said staked wallet. Kaleb said right now the difference for the ratio is within 1–1.5%, but for the long term we need to account for that difference and get the actual staking percentage.
On a positive note, JJ said v3 will make it easier to know exactly how much SNX is staked. Kaleb also added that Chainlink will be providing a feed that calculates the staking ratio for users to mint, and we could use that calculation for the Target Staking Ratio SIP as well. Db has already made a change to the Grafana calculation to reflect this, and he and Kaleb have confirmed the calculation together.
Present at the March 3, 2022 Grants Council meeting:
Grants Team: beachmom, CT, cyberduck, joey, Mike
In Grants Council updates, the team met with a potential designer for the stats page last week and feel very aligned in terms of what they would like the stats page to look like. CT emphasized that this is an extremely important delivery for the Grants Council and the larger Synthetix ecosystem, and that proper, actionable data needs to be made available to the community. The team will therefore be scheduling a series of follow-ups with the designer to help guide them through the process.
For the ongoing NFT project, it’s been great seeing all of the excitement after the leak in the Discord — especially from all of our ecosystem partners. Like the Grants team mentioned in their leak, they have started working on some lore for the Synthetix NFT Universe and actually met with a lore writer last week. Expect another leak about this very soon ;)
Lastly for the Grants Council, the Hackathon that they are sponsoring is scheduled for mid-April, and the team has started a Discord channel with the Core Contributor who is representing Synthetix to start brainstorming topics and content for the event.
Present at the March 1, 2022 Ambassador Council meeting:
Ambassadors: GUNBOATs, Matt, MiLLiE
In Ambassador Council news, the Ambassadors published a Mirror blog post detailing the successes and failures of their Governance Participation Program (GPP). For the sake of time, we’ll review Matt’s TLDR version of the post:
- Delegators of UNI tokens were rewarded with 32,000 SNX over a 30-day epoch.
- One whale extracted a large portion of the rewards after the program became highly publicized, which went against the purpose of the program.
- Had it been the Ambassadors’ goal to take action with the delegated UNI, the GPP proved to be a powerful way to facilitate such a goal. They had enough UNI tokens delegated at the time (>2,000,000) to propose an on-chain vote.
- The Ambassadors have airdropped all of the remaining rewards directly on Optimism. Be sure to check your wallets if you participated!
- Close to 90% of the wallets who delegated in the GPP remain delegated even without ongoing incentives. The Ambassadors consider this a success, since they still have approximately 133k UNI delegated.
- The Ambassador Council may run another iteration of the GPP in the future and enhance the program based on what they learned from the first trial to maximize their votes in a targeted way.
Overall, it seems like this program was a success for the Ambassador Council and will prove to be a good basis for future programs like this to come.
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SIP/SCCP status tracker:
SIP-80: Futures, Status: SC review pending
SIP-148: Upgrade Liquidation Mechanism V2, Status: vote pending
SIP-165: Debt Pool Synthesis, Status: approved
SIP-204: Synth Teleporters, Status: draft
SIP-198: Update to Atomic Exchange Function, Status: SC review pending
SIP-208: Debt Migration, Status: draft
SIP-203: Volume Source Fee, Status: draft
SIP-202: Target Staking Ratio, Status: implemented