SNXweave Weekly Recap 58

September 28, 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 September 22, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, Ale, Burt, Danijel, Kain, ksett
Core Contributors: Cavalier, KALEB, Jakub, jz, noah, Steve, sunny

As everyone probably knows by now, the voting period is almost over! So if you haven’t voted yet, be sure to cast your ballots in the next 2 days. If you need some help making informed voting decisions, be sure to check out our Attendance & Participation Report for Q3 to see how your elected Council members fared over the past three months. And if you couldn’t make the panel, don’t forget to listen to the recording to hear this epoch’s Spartan Council nominees speak to their candidacy and discuss their vision for Synthetix!

Next, in V2X updates, the priorities and progress for these final SIPs remain the same as last week. But as for V3, Noah said they are essentially feature-complete in terms of what V3 is being rolled out with. The auditors have provided feedback for SIP-301 and it is being incorporated. The next major milestone will be migrating the staking side of the protocol over to V3, which Noah says they are confident can be done by the end of the year.

For perps V2, the re-architecture is currently under review and the first features are being scoped out. The SIP for this is in draft.

Last week the Council also discussed Atomic swaps improvements, with Kaleb saying the direct integration SIP is progressing well and is key to improving swap volume. He added that he is already in talks with 1inch about a potential integration, and expects volume to reach $100 million very quickly under this new framework.

Danijel then asked how reduced synth liquidity affects atomic swaps. Afif explained that, while scaling is a challenge, scaling to 10x or 100x the current volume is a whole different problem than just maximizing utility of curve pools (which is what their main focus is).

Lastly, there was one SIP presentation last week: SIP-278 to enable nominations during the voting period. Jordan presented this, explaining that it means including a change in the governance module that allows users to nominate themselves during the voting period. Community members have expressed a concern that legitimate candidates may miss the nomination period for a given council election and therefore be unable to run. Jordan said the primary focus of this SIP is to increase governance participation and give candidates every opportunity to nominate themselves. The SIP was approved with all 8 votes in favor, and has since been implemented.

Grants Council

Present at the September 22, 2022 Grants Council meeting:
Grants Team: ALEXANDER, CT, cyberduck, JVK, Mike

In Grants Council updates, JVK spoke with the developer who will be working on the NFT mint project to synch up with what he needs from the Grants team in order for him to proceed. The Council will be working through the details to get him what he needs to start. One of the bigger items to avoid delays is the whitelist — this ties into the Spartan Score project that we discussed last week, which will be used to generate the whitelist in order to avoid Sybil attacks on the mint.

As for the stats page, there are two main issues remaining to get the data to a place where the team will feel comfortable with its accuracy: it’s currently not picking up atomic swap data and loan data. They will be working to solve this before launching the page.

For the OP funding initiative, the Kwenta trading program is currently in progress and the Grants Council has also been moving forward with the dHEDGE documentation project. Cyrus, from dHEDGE, has requested sample documentation to guide their efforts, which Mike is currently working on providing.

Ambassador Council

Present at the September 22, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

In Ambassador updates, the website is developing nicely, as Jade joined the call last week to give a progress update. The design work is mostly done, so the team will now be creating a notion page to write out the remaining scope and any other feedback they have for the final site.

The Council was also approached by the Granary team after the Spartan Space they had with them about a potential incentive collaboration with Synthetix. It would start with a small amount for an initial test period, so the Ambassadors will be coordinating with the Treasury Council to see if this is something they would be interested in funding.

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SIP/SCCP status tracker:

SIP-301: Accounts (V3), Status: approved

SIP-267: Direct Integration, Status: approved

SIP-278: Enable nominations during voting period, Status: implemented