SNXweave Weekly Recap 52

SNXweave -

August 17, 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 August 11, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, Burt, Danijel, Kain, ksett, TerraBellus
Core Contributors: Cavalier, KALEB, noah, Steve

The Core Contributors have started using Notion to track SIPs in progress, here’s a screenshot of last week’s Notion page:

Their top priorities at the moment are improving atomic swaps, continuing work on Debt Migration, and starting to get V3 SIPs to audit. There are also now 3 engineers working on version 2 of perps, and there should be a SIP presentation for this in the coming weeks.

And in V3 updates, SIP-301 is next on the list for a draft implementation, and Db is currently working on the draft implementation of SIP-305. These proposals are for V3 accounts and staking incentives, respectively. Noah also explained that SIP-307 for the V3 RouterProxy Architecture has been simplified a bit by Ale. These simplified changes include:

  • Some of the responsibility out of the deployer has been descoped
  • The SIP will now just generate the router contract that allows for the contract size workaround that Ale described last week
  • There will be a peripheral tool to get the contract on chain
  • The SIP can just focus on the generation of the contract rather than the deployment

The Spartan Council wanted another presentation of SIP-307 before putting it to a vote, so it was presented again yesterday.

Last week there was also a discussion regarding merge prep. It’s possible that Synthetix may need to pause all on-chain activity just prior to the merge, and resume once it goes live, which would require governance input. The Council is proposing pausing minting, burning, trading, and liquidations, so Kaleb will be drawing up a SIP detailing this procedure.

Kain also recommended specifying a number of blocks that the protocol would be paused for rather than making the resume function dependent on the Spartan Council. The consensus was that the plan should be finalized and communicated as soon as possible because the implications may reach beyond just Synthetix users (sUSD, for example, is used on several partner protocols).

There were also a few SIP presentations last week, so let’s briefly review them:

SIP-266: Deprecation of the dilution function outlined within SIP 104 and referenced within SIPs 152, 191 and 201

  • Terra presented this SIP, which proposes the deprecation of the dilution function used within the Spartan Council governance system outlined within SIP-104 and referenced within SIPs 152, 191 and 201
  • Objective here is to deprecate the dilution mechanism to pass SCCP-300 defining unanimity
  • SCCP-300 has been put to a vote 3 times and hasn’t passed due to the unanimous requirement for meta-governance proposals
  • There were some suggestions arguing that specific definitions of non-participation be laid out before moving forward with the other related SIP (SIP-263)
  • Danijel: “Sure, we can hand off the dismissing of SC members to the pDAO, but the reasons would be more anecdotal at this point. I think we need to fully define what non-participation looks like.”

SIP-269: Create OP-PERP

  • This SIP, presented by bangrygoose, is a proposal to offer OP-PERP futures on Optimism
  • $OP already has the highest volume on Optimism currently
  • Chainlink also already has a feed ready, so Kaleb will be reviewing this feed to see what the fees would look like on this offering

SIP-268: Curve Integration

  • Lastly, Kaleb presented this SIP which builds on top of SIP-267’s direct integration functionality in order to offer an end-to-end cross-asset swap function at reduced fees, built on top of Synthetix’s atomic exchanges and Curve’s stableswap pools.
  • This is the first integration proposed within the Direct Integration framework that Kaleb presented last week
  • This SIP would allow users to trade between non-synths at reduced fees, where the trade is executed by hopping over Curve’s stableswap pools using Synthetix’s atomic swap function
  • Danijel asked how far along in the implementation this currently is, and Kaleb said they should be able to provide timelines after it is voted on

Grants Council

Present at the August 11, 2022 Grants Council meeting:
Grants Team: ALEXANDER, CT, cyberduck, JVK, Mike

In Grants Council updates, the Wrapper UI is done and ready to go! Joey is just cleaning up the source code to make it more consistent with Synthetix practices for security reasons.

As for the Stats page, perps still need to be integrated into it, but the developer should easily be able to integrate data from Kwenta, which includes 99.9% of all Futures trading. Kaleb has also provided the developer with the script he uses to calculate the correct staking percentage. Longer term, the dev will be building a mechanism that allows for easy data import from multiple protocols once perps V2 is out and there are new integrators.

There is currently no update on the mint contract for the NFT project, but the team provided some creative input on the lore and the writer will be taking that feedback and incorporating it.

Ambassador Council

Present at the August 10, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

In Ambassador Council updates, the team is in the process of working on their new website! Jade is handling the designs for this site, and has given the Ambassadors some initial ones to review. The Notion page is currently ready, and the team is working on the process for sharing it with the community!

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SIP/SCCP status tracker:

SIP-301: Accounts (V3), Status: vote pending

SIP-305: Staking Incentives (V3), Status: draft

SIP-307: Router Proxy Architecture (V3), Status: draft

SIP-266: Deprecation of the dilution function outlined within SIP 104 and referenced within SIPs 152, 191 and 201, Status: draft

SIP-263: Clarify the Definition of Unanimity in Meta-Governance Votes, Status: draft

SIP-269: Create OP-PERP, Status: draft

SIP-268: Curve Integration, Status: draft

SIP-267: Direct Integration, Status: draft