SNXweave Weekly Recap 95

June 28, 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 21, 2023 Spartan Council Weekly Project Sync:
Spartan Council: Adam, Burt Rock, Cavalier, cyberduck, Danijel, Jackson, ml_sudo
Core Contributors: Afif, KALEB, meb, noah, Noisekit, sunny, troy

Auditors are currently reviewing the legacy market as well as the migration plan and Gnosis safe governance module. After that, they will begin their review of Perps V3, which should be code-complete any day now! It’s not necessarily code-frozen, as the CCs will have another opportunity to make changes with performance data collected during the test net competition that is currently scheduled for some time in July. And Kwenta will be one of the first integrators to integrate with Perps V3 on testnet.

Meb is currently tying up some loose ends on the CCIP teleporters, but they are in a good place according to Noah. And db is working with Chainlink on a proof of concept for cross-chain debt synthesis using CCIP functions on testnet. The CCs are also looking into updating the election system code base in order to integrate it with V3, a process which meb is spearheading.

Later on in the Perps V3 discussion, Cavalier asked if there are any technical blockers to enabling permissionless pools. Noah explained that there’s a SIP for the feature flag system (SIP-310), which created a whitelist of addresses that are able to call protocol functions. Disabling this would allow the creation of permissionless pools and could be done via SCCP.

He then added that it makes sense to hold off for a bit on permissionless pools, from a risk management standpoint, while the CCs are getting the rest of V3 up. The long-term goal is to make everything permissionless, so it’s more of a risk management and sequencing question. Cav is drafting a SIP for an “innovation pool” that would be backed by the Spartan Council to encourage developers to make use of V3.

Next, the team discussed the V3 SNX staking pool SIP, which has been updated with reward details. The Treasury Council plans to commit 200,000 SNX over ten weeks, and they have the capability to execute this plan unilaterally, so there was consensus to do it in V3 (which still requires SC approval). There are still some concerns, however, that this pool may attract current stakers away from traditional SNX staking, which would reduce the protocols total collateral. But as a governance-approved pool, the SC would have authority to shut it down if this became an issue.

Lastly, ML_sudo is proposing a business development SIP that would allocate funds for a fulltime position for approximately six months. This person would ideally be well versed in TradFi and DeFi in order to help bridge the gap for funds/institutional traders that may not have the resources to come to Synthetix to learn about the various offerings. This person would essentially go to them to educate and bring them on board, while also working closely with the CCs to identify service improvements that would help bridge the gap as well. This will ultimately be up to the Treasury Council, so more to come here.

Grants Council

Present at the June 22, 2023 Grants Council meeting:
Grants Team: Alexander, CT, JVK, sunny, synthquest

Next up, in Grants Council updates, the team has made some edits to their NFT website and has requested a new Discord channel where they can direct the flow of traffic. The second draft of the governance doc is currently in progress, and they are working with a previous SC member on this initiative.

Matt also dropped in on the Grants meeting last week to address Notifi, which powers personalized interactions and cross-chain communications between web3 builders and their users. He emphasized wanting to move away from Twitter and Discord and the only forms of communication, and Notifi checked all of the boxes.

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SIP/SCCP status tracker:

SIP-310: Feature Flags (V3), Status: implemented

SIP-324: V3 SNX staking pool, Status: draft