June 14, 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 June 7, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Cavalier, cyberduck, Danijel, dsacks, Jackson, ml_sudo
Core Contributors: Afif, Darius, db, jz, KALEB, Matt, meb, Mike, noah, Rafa, sunny
In case you missed it, the V3 spot market alpha was announced publicly last week with a blog post written by Noah. QA is still in progress on Optimism, but was paused during the Bedrock update, and there is currently some TVL so the new ETH synth is tradable.
And speaking of the Bedrock update, transaction costs have dropped significantly since it went live! This was a primary objective of the release and Optimism has confirmed that the change is permanent.🎉
The majority of dev resources have now been directed towards Perps V3 at this point, and cross-chain plans are also currently being discussed (mainly timelines and what chains V3 will be available on). Perps V3 is actually very close to being code-complete in the next week. It will go through rigorous testing over the next couple of weeks and hopefully will be in audit by the beginning of July (after the auditors finish their review of the legacy market). At the moment, the CC’s goal for the testnet competition is near the end of the summer.
During the SC/CC meeting last week, Danijel also brought up his previous request for a cross-DAO sync. Kaleb suggested that it be initiated by the Spartan Council vs. the CCs, and Danijel agreed to take on the responsibility and get it scheduled. More to come here.
And as an inflation update, inflation is essentially fixed at this point. The staking ratio is currently around 70%, which is consistent with the historical average.
Next, there were two SIP presentations last week, both presented by Artsychoke, so let’s briefly discuss them.
SIP-2017: Stop legacy Volume Partner rewards
- This SIP proposes stopping L1 volume partner rewards and re-distributing the 10,000 SNX monthly rewards to stakers
- The Synthetix DAO currently distributes 10,000 SNX tokens pro rata per month to all L1 spot partners and this SIP would essentially end that
- Artsychoke explained that the program doesn’t seem to be having a huge impact on volume and there may be more effective ways to distribute those tokens
- There is currently a volume source fee incentive that more efficiently incentivizes integrations by sharing an uncapped percentage of transaction fee revenue
- Consensus is to end these programs and address incentive gaps in V3 in different SIPs
- Before the SIP was put to a vote, Kaleb asked that it be specified whether the 10k would be directed towards stakers or if it would reduce inflation
- This was approved with 7 votes in favor, and has been implemented
SIP-2019: Stop Curve 10,000 SNX inflation rewards
- Lastly, this SIP proposes stopping the weekly distribution of 10,000 SNX tokens to Curve LPs and instead distributing them directly to SNX stakers
- The Synthetix DAO currently distributes 10,000 SNX tokens per week from inflation to Curve LPs
- Artsy explained that this distribution is not materially impacting liquidity and the tokens may be more efficiently distributed to stakers
- This SIP was also approved with 7 votes in favor, and has since been implemented
Present at the June 6, 2023 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, mastermojo, Matt, Westie
During the Ambassador’s weekly sync last week, the team discussed future Spartan Spaces, Governance updates, and any updates on external project integrations/co-marketing.
Next, the Ambassadors were asked to help with the Synthetix V3 Gitbook to go over the V3 Docs and provide any feedback and/or comments. And the team has actually created a document discussing Synthetix Perps vs. GMX Perps and the different stats.
Lastly, in governance updates, the Council discussed the new Optimism Alliances, and the recent Optimism Call that discussed this. The Optimism Alliance forming workshop YouTube video can be found here, and the Ambassadors’ recent voting activity can be tracked here and here.
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SIP/SCCP status tracker:
SIP-2017: Stop legacy Volume Partner rewards, Status: implemented
SIP-2019: Stop Curve 10,000 SNX inflation rewards, Status: implemented