SNXweave Weekly Recap 63

November 2, 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 October 27, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Adam, Afif, Burt, Danny (dsacks), Ethernaut, ksett, nana, TerraBellus
Core Contributors: Ana, Darius, jz, KALEB, Max, Mike, noah, Rafa, sunny

First off, a couple of SCCPs were implemented last week: one to update the DEBT-PERP max open interest and one to raise the target c-ratio to 400%. SIP-267 for the direct integration contract was supposed to go out last week, but Mark needed a bit more time for review, so it should be out this week. The SIP to incorporate dynamic fees into atomic swaps will likely go out after 267, followed by SIP-299 with minor V2X upgrades.

As for the 1inch integration, 1inch has not provided a timeline on when they expect the integration to go live, but it may be as early as this week. As soon as Kaleb hears that they’re ready, he will draft a SIP for community presentation.

Two of the three Perps V2 SIPs are currently in audit, and Leo is working on feasibility for potential oracle changes. David has finished work on the new funding rate model and it is currently under review — his next assignment will be the premium discount function. The team is currently leaning towards user self-migration for Perps V2, which was originally ruled out for bad UX and for being too chaotic. But now Kwenta is planning a similar procedure for their new cross-margin contracts.

Lastly, for V3, the team just did a re-release on testnet following a few fixes to the proxy architecture. Noah said they’re cleaning up the existing code, adding more tests, and working on a spot market implementation and a preliminary synth teleporter implementation. The team expects a code freeze by the middle of December for the auditors, and their top priority in November will be collecting community feedback and getting any remaining SIPs through governance.

Grants Council

Present at the October 27, 2022 Grants Council meeting:
Grants Team: ALEXANDER, CT, cyberduck, JVK, Max

In Grants Council updates, the SIP submission site is still being worked on by seb, Duck, and Terra to troubleshoot the issues that it has. Terra has requested some additional services for this project that the team is reviewing quotes for currently. And just today, the Council shared that the site now has a WYSIWYG editor and image embedding! So be sure to check it out here: https://pr.synthetix.io/

For the NFT project, JVK has contacted ecosystem DAOs for the information needed for the whitelist. He received all of the eligibility data from ecosystem partners, and Max will be putting together the staking eligibility data for Synthetix. There are a couple of minor items remaining before the work can be passed on to the smart contract developer, and the Council is still working out the rest of the minting contract details. After this, the next piece of the project is building out the mint website, which Duck has a developer possibly already lined up for.

Lastly, for the dHEDGE project, the dHEDGE team is in the process of creating a document detailing the integration process for perps V2. The idea is that this document could be shared with potential future integrators and hopefully reduce the burden on the grants team in terms of integration funding. Max will be sharing some feedback on how dHEDGE can improve this document with instructions that dHEDGE should update it to reflect the process in perps V2.

Ambassador Council

Present at the October 25, 2022 Ambassador Council meeting:
Ambassadors: GUNNBOATs, Kevin, mastermojo, Matt, MiLLiE

Tune in for the Spartan Space tomorrow with Roger from Chainlink who will be discussing the upcoming off-chain oracle system!

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SIP/SCCP status tracker:

SCCP-237: Update DEBT-PERP Market Parameters, Status: implemented

SCCP-240: Raising the target c-ratio to 400%, Status: implemented

SIP-267: Direct Integration, Status: approved

SIP-272: Atomic Swaps — Dynamic Fees, Status: approved

SIP-299: Minor upgrades to V2X to support V3 migration, Status: approved

SIP-280: PerpsV2 (Perps Upgradability), Status: draft

SIP-281: PerpsV2 (Trading fixes & improvements), Status: draft