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SNXweave Weekly Recap 9

SNXweave Weekly Recap 9

October 8, 2021

The following post contains a recap of news, projects, and important updates from the Spartan Council and core contributors this week, as well a discussion regarding governance participation.

Present at the October 5, 2021 Spartan Council Weekly Project Sync:

Spartan Council: Afif, BigPenny, Bojan, Danijel, Justin, Kaleb, Michael
Core Contributors: Darius, Mark, Mike, Rafa

We’ve made it through the first week of the new epoch! First off, Optimism’s upgrade is coming up — it’s scheduled to go up on Kovan on October 14th and main-net on the 28th. Justin says for shorting on L2, however, he doesn’t want to wait for Optimism’s regenesis and would rather just get it going as soon as possible. There was a problem with the current Optimism setup with the transpiler that ended up requiring a lot of extra code and forcing it to run out of gas, however Mark and Daniel were able to work through this and get it fixed. So this is now up on Kovan. SIP-135 will go out on the L2-specific Sargas release, hopefully being pushed forward early next week. It will be great to have support for shorting BTC, ETH, and LINK on L2.

Mark also says the Wrappr Factory SIP is progressing well, and that he and Daniel are just fixing the integration tests before sending it to audit.

A new SIP was discussed this week — SIP-187 to Fix Partial Synth Updates in Debt Cache. This SIP, proposed by Jackson, recommends upgrading the debt cache contract to fix an issue with partial synth updates so that the cached debt is updated after minting and burning sUSD. This SIP is still in draft; however, the council hopes to see some movement and get it out in a week or so.

The Atomic Exchange Function SIP is in the process of being implemented, as Brett has deployed another version of the exchange rates contract that simulates what SIP-120 would be. Kaleb and Brett are continuing to do sandbox testing here.

Justin says the code for the L2 Bridged Governance SIP is pretty much ready to go, there’s just the last bit of information from the auditors to apply before it’s ready. However, this SIP is being pushed back in favor of implementing L2 Shorting first. Justin also said he’s been working with Andre on a solution for SIP-171, which will allow transfer of non fee reclamation balances, as it looks like it’s going to require 5–10% more gas. He hopes to have more information on this next week.

The dynamic exchange fee SIP was approved last week with six votes in favor (Michael, Kain, Spreek, Jackson, Bojan, and Danijel) and none against. Afif says Daniel, Lecky, and Mark are in the process of trying to simplify implementation, and that they are aiming to have it compute exchange fees on-the-fly for every exchange using Chainlink’s price history.

Lastly for the SIP updates, there’s been some additional internal testing on the Futures SIP with hopes to get it up on Kovan soon. However, Justin says there’s been some back and forth regarding how to handle the upcoming regenesis, as they would risk losing all of the history when Optimism updates if Futures is implemented now. The hope is to, therefore, line Futures up with Optimism’s regenesis on Kovan next week.

During the meeting, Kaleb also started an interesting discussion about how we can increase governance participation. This sparked some interesting ideas, such as BigPenny suggesting an add-on role for the Synthetix Guardians to seek potential governance candidates and serve in a “mentor-type” capacity for those new to governance. Mike emphasized that we need to replenish the Guardians, seeing as how many of the existing ones are now involved in the various DAOs. Justin noted that this is a good conversation to be having, and that it would be worth bringing it to a public session with the community.

SIP/SCCP status tracker:

SIP-135: L2 Shorting, Status: approved

SIP-182: Wrappr Factory, Status: approved

SIP-187: Fix Partial Synth Updates in Debt Cache, Status: draft

SIP-120: Atomic Exchange Function, Status: approved

SIP-167: L2 Bridged Governance, Status: approved

SIP-171: Allow transfer of non fee reclamation balances, Status: feasibility

SIP-184: Dynamic Exchange Fees, Status: approved

SIP-80: Synthetic Futures, Status: feasibility