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SNXweave Weekly Recap 5

SNXweave Weekly Recap 5

September 10, 2021

The following post contains a recap of news, projects, and important updates from the Spartan Council and core contributors this week, as well as some performance highlights of those involved in governance. The presentation of SIP-179 is also discussed, as well as upcoming election coverage from SNXweave.

Present at the September 7, 2021 Spartan Council Weekly Project Sync and SIP Presentation:

Spartan Council: Danijel, Jackson, Kain, Michael, Spreek, Synthaman
Core Contributors: Afif, Ana, Andrew, Daniel, Darius, David, Jakub, Jordan, Justin, Liam, Mark

Starting off with the deprecation of the sDAO — since its approval last week Jordan has been working with Andy to get the voting process set up for the Treasury Council, so we should get more updates on this soon. On that note, the Core Contributor Committee proposal is still in draft; however, Jordan says there has been significant internal progress made on this SIP.

In other news, SIP-180 to establish the Aelin Protocol was proposed this past week. Kain says there’s still some work to be done, and that he is waiting on some additional feedback, but that he’s aiming to have it presented soon. For those who are unfamiliar, Aelin is an open and permissionless set of factory contracts that enables anyone to instantiate a pool of capital that can be used to source deals within the Ethereum ecosystem. This SIP aims to leverage the decentralized governance framework of Synthetix in order to transparently launch this new protocol. If approved, SNX stakers will receive a portion of AELIN tokens as a sign of appreciation for the effort that has gone into Synthetix governance enabling Aelin to launch.

Next up is futures, which continues to be a major focus for the core contributors. Jackson says testing for Synthetic Futures is going well. The first alpha phase that’s been deployed on Kovan OVM is really helping with internal testing and in making sure things like the liquidation mechanism work as intended. He noted that they’re looking to improve the funding rate model, as they’ve been doing some R&D with cryptecon to update it. Once the dApp is improved and any possible issues have been fixed, the plan is to have an initial incentivized test-net open to the public on Kovan OVM.

Also in feasibility this week is SIP-171 to allow transfer of non fee reclamation balances. Justin has been reviewing this SIP and is in contact with Andre as they clarify and finalize a few elements. He hopes to present it next week.

Additionally, since the Atomic Exchange Function’s approval last week, Brett has added some contract addresses to the SIP. The council, however, deemed these changes minimal and not significant enough to require an additional vote. This SIP is now in audit so we should see more progress towards implementation soon.

Also sitting in approved this week is SIP-135 for L2 shorting. Mark says this SIP is being audited right now and that there hopefully won’t be any contract changes necessary, depending on the feedback received from audit. So this week, 135 is just being cleaned up a bit with hopes of getting it primed for release in the next couple of weeks. Mark is also working with the Kwenta team on the front-end integration for L2.

Speaking of Kwenta, SIP-179 proposing that Kwenta become an independent protocol was presented to the Council this week by Andrew. This SIP will formally enable Kwenta to have its own governance system, its own token, and its own community framework.

The motivation behind this SIP is to enable the Synthetix trading experience to move beyond a simple frontend for Synthetix. Up until now, Kwenta has been managed from within Synthetix, which is more of an infrastructure provider, rather than a user-facing product. The transition to move to a fully independent project will enable Kwenta to drive its own community and governance while also getting the focus it needs to produce a product that meets user demand.

If approved, there will be two follow-up SIPs (177 and 178) which will involve an open ballot box where anyone in the community can sign up to become an interim council member or Kwenta treasuryDAO member. The Spartan Council will then choose the most qualified candidates from that list.

Andrew is hoping to have this list of candidates up within a week of SIP-179 being approved, during which he will create the ballot box for anyone to nominate themselves. Interim council members will not be restricted from running again for the first formal council.

At the end of the presentation, Danijel articulated that before voting on this SIP he would like to see the amount of Kwenta tokens that will be distributed to SNX stakers explicitly specified in the proposal. This is still being decided.

In other exciting news, with the end of the epoch now just a few weeks away, SNXweave is going to be hosting panel interviews with current Spartan Council members as well as select Spartan Council candidates. This way, we’ll have a chance to hear more about their individual outlooks, voting trajectories, debating arguments, and overall values in order to help support well-informed voting around election time. We’ve asked you, the community, for input in regards to questions you’d like answered by the Spartan Council, and we’ve compiled a list based on that. So be sure to check out the SNXweave Spotify in the coming weeks for this exciting election content!

SIP/SCCP status tracker:

SIP-155: Deprecating the sDAO, Status: approved

SIP-161: Core Contributor Committee, Status: draft

SIP-180: Aelin Protocol, Status: draft

SIP-80: Synthetic Futures, Status: feasibility

SIP-171: Allow transfer of non fee reclamation balances, Status: feasibility

SIP-120: Atomic Exchange Function, Status: approved

SIP-135: L2 Shorting, Status: approved

SIP-179: Kwenta Independence, Status: SC review pending

SIP-177: Formalize Kwenta TreasuryDAO, Status: draft

SIP-178: Formalize Kwenta Interim Council, Status: draft

SIP-142: Deprecating EtherCollateral Loans, Status: ready for execution, going out on Mirfak this week

SIP-145: Debt Cache Event Consistency, Status: ready for execution, going out on Mirfak this week

SIP-174: Redeem Deprecated Synths, Status: ready for execution, going out on Mirfak this week

SIP-158: Deprecate Inverse Synths, Status: ready for execution, going out on Wezen

SIP-166: Removing sCEX, iCEX and adding sCEFI, Status: ready for execution, going out on Wezen

SIP-169: Deprecate Low Volume L1 Synths, Status: ready for execution, going out on Wezen