SNXweave Weekly Recap 75
February 8, 2023
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 February 1, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Adam, Cavalier, Jackson, KALEB, SeliniCapital (representing Jordi), TerraBellus, William87
Core Contributors: Afif, Bex, Darius, David, db, joey, noah, Regina, sunny
First, a couple of releases have gone out so let’s briefly review each of them.
The Mintaka release last week just included some bug fixes for Perps V2 liquidation fee calculations, parameters for delayed orders, and funding rate calculations.
The Sadr release was also just one SIP, which deprecated low volume synths (sAAVE, sLINK, sDOT, sADA, sMATIC, sUNI, sAVAX, sSOL). Perps will soon support these markets and provide a much better experience for traders, with support for leverage, 5–10bps trading fees, and deep liquidity.
Lastly, the Eltanin release began on Monday, and will add 22 new markets to Perps! These markets include those from Perps V1 (BTC, LINK, SOL, AVAX, AAVE, UNI, MATIC, XAU, XAG, EUR/USD, APE, DYDX, BNB, OP, and DOGE), as well as several new markets (ATOM, AXS, FLOW, FTM, NEAR, AUD/USD, and GBP/USD). These new markets were presented in a SIP last week, where it was explained that they were selected based on oracle availability (feeds are already available from Chainlink and Pyth) and reasonable spot volume.
Next up will be SIP-237 for Debt Migration and SIP-255 to burn fees, both of which are pending audit. 255 is scheduled to go to audit the second week of February, and auditors have already come back with some initial feedback regarding gas optimizations for Debt Migration.
Things are also moving along with V3, the CCs are just waiting on a big batch of audit feedback. They have also been working on the spot market implementation in parallel, and Noah says the last piece there is using the on-demand oracle that Chainlink and Pyth have put together.
Later in the meeting Jackson also brought up that GMX is offering up to 100x leveraged positions on BTC and ETH perps. The open interest is managed by the GLP Pool, which is their equivalent community debt pool. Jackson was wondering how that would look within the Synthetix system — Afif said the design of perps is to auto-hedge by default (within +/- 500 ETH), essentially passing zero exposure to stakers. He added that spot synths are the only exposure stakers need to manage, which is easily accomplished by buying the dHEDGE debt pool hedge, but may not be as attractive in the long-term since perps are more capital-efficient.
Grants Council
In Grants Council updates, Synthquest and Ana got the Dune API up and running for the Stats page, and they are deciding on the best path forward to build out a front end. There are a lot of benefits to pulling the data off of dune: it is visually more appealing, there are more composable ways to represent data, it allows streaming of multiple data sources (which means subgraph data can be integrated when V3 is launched), and it doesn’t look like dune.
Ana and CT also went through the provided NFT lore, and they decided to try out another writer to get the story to the point where everyone is happy — the next step is to find a professional fantasy writer. They have also created a page to track tasks and progress on the NFT project.
Ambassador Council
Present at the January 31, 2023 Ambassador Council meeting:
Ambassadors: Kevin, mastermojo, Matt, MoneyManDoug
In Ambassador updates, last week the team discussed future Spartan Spaces, governance updates, and updates on external project integrations/co-marketing. Matt gave an update on the YouTube page, and a couple Spartan Space recordings were added to it.
Matt also gave a quick update regarding Optimism Grants, and Matt and Mojo updated the rest of the Ambassadors about Optimism RFP badgheholders. The team also discussed some Euler Governance, and planned a future proposal for them, and then discussed a Hop proposal to add sUSD incentives.
Lastly, the Ambassadors attended an Optimism delegate governance call, and did some voting!
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SIP/SCCP status tracker:
SIP-297: Perps V2 Fixes, Status: implemented
SIP-293: Deprecate Low Volume Synths, Status: implemented
SIP-295: Adding BTC, SOL, AVAX, MATIC, LTC, DOGE, APE, BNB, ADA, NEAR to Synthetix Perps V2, Status: approved
SIP-2000: Add ATOM, AXS, FLOW, FTM, NEAR, AUD/USD and GBP/USD to Perps V2, Status: approved
SIP-237: Debt Migration, Status: draft
SIP-255: Burn fees instead of distributing them, Status: approved