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SNXweave Weekly Recap 79

SNXweave Weekly Recap 79

March 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 March 1, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Adam, Cavalier, dsacks, Jackson, KALEB, SeliniCapital (representing Jordi), TerraBellus
Core Contributors: Afif, Ana, David, joey, noah

Last week the CCs got a major report back from the auditors looking at Debt Migration. It included some fixes and suggestions that are currently being processed, and the SIP is still on track to be the final major update for V2.

For this week’s V3 update, a bunch of the CCs just got back from ETHDenver where they made good use of the in-person collaboration time. They were working on getting as much of the code over from V2 to V3, and they have said that the main goal is to get markets going for the V3 system as soon as possible. SIP presentations for spot markets should be starting very soon.

During the Spartan Council sync last week, Terra brought up an issue regarding front ends displaying prices that are slightly off from what exchanges are reporting. He flagged that this divergence could be especially problematic for users using high leverage. Kaleb suggested raising this concern specifically with front ends so that they can go directly to the price source that Synthetix is currently using (Pyth oracle).

Adam mentioned also that if the long-term goal of Synthetix is to build the integrator base and offer the easiest track to integrate with the protocol, then maybe Synthetix should offer some support to resolve issues that many of the integrators are likely to face.

On the note of a better integrating experience, SIP-2004 was presented last week which, among other fixes, aims to improve DelayedOrder integration experience for frontends and trading experience for real end users. Some additional proposed updates to this SIP, included:

  • Allowing position closure without needing to specify size
  • Allowing a non-liquidatable position to be reduced/closed if that action would not cause liquidation
  • Removing the commitment fee required at order submission
  • Making the liquidation buffer ratio market-specific rather than a global parameter, and
  • Updating the slippage protection design

Many of these changes were being proposed as a direct result of feedback from integrators since the launch of Perps V2 on how to make the offering better. This SIP was approved with all 8 votes in favor.

Grants Council

Present at the March 2, 2023 Grants Council meeting:
Grants Team: Alexander, Ana, CT, JVK, synthquest

The Grants Council had a few updates last week on their various ongoing projects, including:

1. NFT project: lore document, everyone is reading for approval

2. Arb bot/funding rates status report, dev status

3. Governance readme, in progress, outlines

4. Budget: reached out to Treasury Council, loan on L1, V3 marketing budget, etc.

5. Attention to various Multisig payments, test transaction, works in progress

Ambassador Council

Present at the February 28, 2023 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt

In Ambassador updates, the team’s Euler proposal passed its temperature check! The next step now is just on-chain voting. As for their Hop proposal, Matt spoke with the Hop team and it turns out they do not need an on-chain vote for this, so their sUSD proposal should be live soon! And lastly for their governance updates, the team’s LEAP for Lyra to implement Perps V2 is still being discussed in Lyra’s Discord, so they’re hoping for an update there soon.

The Ambassadors also found another SNX Perps integration — with Nested Finance! Nested has said that they will implement Perps, but no timeline has been given at the moment.

And lastly, in external protocol updates, the Mux protocol integration is going smoothly. Their devs are currently talking to Synthetix’s devs to finalize this integration.

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SIP/SCCP status tracker:

SIP-237: Debt Migration, Status: draft

SIP-2004: Better DelayedOrder Integration/Trading Experience, Status: approved