April 12, 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 April 5, 2023 Spartan Council Weekly Project Sync:
Spartan Council: KALEB, SeliniCapital (representing Jordi), TerraBellus
Core Contributors: Afif, Darius, Matt, Mike, noah
Quick update for you guys today! For the V3 core system, SIPs 318, 319, and 320 are all ready for audit and Kaleb has set up votes for them. Quick reminder what these SIPs are:
SIP-318: Market-specific Minimum Liquidity Ratio
· This SIP proposes allowing custom minimum liquidity ratios to be set for specific markets via SCCP
· In anticipation of allowing existing integrators — and ultimately anyone — to connect market implementations with the core system, it would be valuable to allow governance to adjust this risk parameter depending on the specifics of a market’s behavior.
SIP-319: Core System Fee Capture Mechanisms
· This will add functionality for governance to set custom fee capture strategies when stablecoins are minted, burned, deposited, and withdrawn
· The motivation behind SIP-319 is providing governance with maximum flexibility in controlling fees where they may be levied by the core protocol
SIP-320: Minimum Collateral Delegation Duration
· Proposes adding functionality that allows markets to control the time before which collateral delegation can be modified, which will achieve a similar effect as the “burn lock” on the Synthetix V2 protocol
· It is also similar to the market-locked collateral functionality already implemented in Synthetix V3
The current focus now on the smart contract side is processing the feedback from open zeppelin for the spot market implementation. Noah is expecting some notes from them on the fixes, but after that, the focus will be shifted to Perps V3. CCs have also made some progress in the effort to shift all of the web hosting over to IPFS so community members can help run and host all of the front ends.
For V2X, the team just wrapped up the Perps Update SIPs that have been approved (SIP-2004: Better DelayedOrder Integration/Trading Experience and SIP-2005: Perps V2 — Slippage protection for liquidations). Also, Debt Migration has been deployed on chain but is not yet available because it requires an update from Chainlink (deadline for which is pending).
Present at the April 5, 2023 Grants Council meeting:
Grants Team: Alexander, CT, JVK, synthquest
In Grants Council updates, the team used their meeting last week to work through budget, priorities, projects, etc. for the next epoch. A lot of their future planning has a particular focus on V3 and planned community support for that.
Present at the April 4, 2023 Ambassador Council meeting:
Ambassadors: Kevin, mastermojo, Matt, MoneyManDoug
Lastly, in Ambassador updates, the Council spent last week reviewing their recent Spartan Space with Polynomial and going over some governance updates.
First up, you can now delegate $ARB to their new Arbitrum wallet! They currently have almost 100,000 voting power. The team is also still monitoring their Lyra LEAP for Synthetix Perps V2, and made numerous Gearbox, Hop, andOptimism votes last week.
And for their external protocol updates, the Mux protocol integration is going smoothly, and their devs are talking to Synthetix devs to finalize this integration. Meanwhile, the Ambassadors are also in talks with Nested, Unidex, and DefiSaver.
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SIP/SCCP status tracker:
SIP-318: Market-specific Minimum Liquidity Ratio, Status: approved
SIP-319: Core System Fee Capture Mechanisms, Status: approved
SIP-320: Minimum Collateral Delegation Duration, Status: approved
SIP-2004: Better DelayedOrder Integration/Trading Experience, Status: approved
SIP-2005: Perps V2 — Slippage protection for liquidations, Status: approved