SNXweave Weekly Recap 36

SNXweave -

April 26, 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 April 19, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, calavera, Danijel, JVK, Kain, ksett
Core Contributors: Cavalier, jj, KALEB

SIPs 198 and 222, to update the atomic exchange function and the exchange fee system, respectively, are both on Kovan awaiting release, pending the next update. Kaleb said fees and circuit breakers for atomic exchanges still need to be calibrated, and he still needs to test the change in fee structure that’s required for exotic pair fees to be additive based on the source and destination synth. The Council is anticipating a release early this week with these SIPs, as well as hopefully the SIPs to add ApeCoin and dYdX perpetual markets.

As for the volume source fee SIP, there are still a couple of implementation details that need to be clarified. Once there is more consensus and understanding, it will be put to a vote.

The work on Futures automation is almost done as well, it should be mostly complete by the end of this week. The main concern for this is regarding the dynamic circuit breakers. Kaleb said they are not sure if the current pausing methodology contains the necessary logic to pause markets. And unfortunately, there is not currently a feed available to confirm whether a market is trading or not. As a result, open interest caps are set at $1 million.

Next, the Council discussed SIP-229. With Synth Teleporters delayed, there still needs to be a way for synths to be fungible across L1 and L2. In the meantime, SIP-229 will do this with an Optimism Bridge for synths. Kain said in order to do this, they’re thinking of leveraging the existing Optimism bridge that’s currently being used for SNX. Unfortunately, this will not be a fast teleporter solution, as L2 to L1 will take 7 days. Fortunately, L1 still has the highest volume of sUSD and synths right now, so the direction that most synths will be moving will still be very quick.

There was a question about other possible bridging solutions, such as Hop Protocol. The Council said the focus is still to build towards using the Optimism bridge for now, and other bridge protocols can then piggyback off of that functionality once it’s set up. Kain also reiterated that the long-term solution is still Chainlink’s Cross-Chain Interoperability Protocol (CCIP), and that this bridge will just be an interim solution until CCIP is available.

Grants Council

Present at the April 21, 2022 Grants Council meeting:
Grants Team: ALEXANDER, BigPenny, CT, cyberduck, Mike

In Grants Council updates, the developer is currently working on the Stats page, as well as integrating the data. He is using subgraphs and doesn’t seem to have any issue getting the data needed from them so far, so the RPC Node process may not be necessary — this is great news!

The team is also continuing to work on the specifics for the 300 Lieutenant position. As announced in the 300 channel, this role is part of a new shakeup coming to the 300 group, as well as additional Coordinape incentives and community organization tools. The Lieutenant position will work alongside Mike and Matt, with a focus on generating marketing ideas, community involvement, competitions, etc.

Mike also put out an announcement about the new Country Leads initiative. Stemming from the Grants Council’s translation project, this initiative is now being led by the marketing and communications Core Contributors. They are looking for country/language leads to help grow the Synthetix ecosystem communities in some of its top-trafficked countries and regions. These roles will start as paid, part-time positions with the following responsibilities:

— Weekly translation of blog posts and other key announcements

— Manage and grow the active community members in your respective region:

  • Set up and manage any regional communications tech on behalf of Synthetix
  • Ownership of your respective language channel in discord
  • Organize monthly AMAs and live audio events
  • Run quarterly community competitions

There is an application typeform to apply for this part-time role in Mike’s announcement. And as you demonstrate success in this role, more advanced responsibilities will be made available, as well as the ability to join as a Core Contributor. If you have demonstrated activity in the Synthetix ecosystem communities and have experience running community marketing campaigns in the past, please consider applying!

The Grants Council has also been working on funding a UI for various Synthetix Wrappr contracts, in order to allow for the minting/burning of synths on a simple interface. They had a meeting with the designer, who is currently working on the design concepts.

Lastly, you may have seen cyberduck’s tweet asking @RevokeCash for some quick Optimism support. Just as a quick background, there is currently no way to revoke contract approvals for tokens on Optimism other than a browser plugin called Rabby. Cyberduck therefore reached out to the dev, who is willing to build this for Synthetix. The Grants Council will be awarding him a SNX bounty for doing this, and it will be added to the tools site when it is ready.

Ambassador Council

Present at the April 20, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

In Ambassador Council updates, the team is currently investigating how other DAOs handle delegations. They are looking into other projects that align closely with Synthetix and will possibly be campaigning to get more delegations, as well as leveraging the exposure of Twitter Spaces to do this.

And speaking of Twitter Spaces, the Ambassadors have a L222 Tuesday call scheduled for today at 10pm UTC. So be sure to tune in on Twitter where they’ll be speaking with Kain, as well as the co-founders of Lyra and Polynomial. This time they’re going to be talking about L222, DeFi Options trading and volume, Lyra’s Avalon release, potential new strategies and cap increases on Polynimal, the roadmap ahead for both projects, and much more.

The Ambassadors will also be hosting a Spartan City Hall with EthernautDAO on Thursday, so be sure to tune in then as well. See you there!

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SIP/SCCP status tracker:

SIP-198: Update to Atomic Exchange Function, Status: approved

SIP-222: Update Exchange Fee System, Status: approved

SIP-219: APECOIN PERP, Status: approved

SIP-223: DYDX PERP, Status: approved

SIP-203: Volume Source Fee, Status: SC review pending

SIP-229: Optimism Bridge for Synths, Status: draft