SNXweave Weekly Recap 31

March 22, 2022

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 15, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, BigPenny, bojan, jj, KALEB, redmarglar, TerraBellus
Core Contributors: db, Mark, Matt, Rafa

Futures Beta is live on Optimism!!!!!🎉 You can now trade ETH, BTC, and LINK perpetual futures with up to 10x leverage on Kwenta’s dedicated trading UI. The SIP for Futures, which was originally created back in August of 2020, went out late last week on the Diphda release, along with SIPs 165 and 213.

SIP-165, for the Debt Pool Synthesis, has unfortunately been delayed by a few days. But once it goes out, it will merge the debt pools across all chains that Synthetix is deployed on, tracking the total synth debt with a Chainlink oracle. Having both Debt Pools synthesized into one will help pave the way for Synth Teleporters to allow transfers of synths between chains. Additionally, once the Debt Pool Synthesis is implemented, it will make it easier to migrate debt from L1 to L2, as opposed to the former system that required users to burn all debt on L1 before moving it over to L2.

Lastly for Diphda, SIP-213 added AAVE and UNI synths to Optimism was also implemented. This release has now just delivered three very large goals that Synthetix set for 2022 — and it’s only March.😱

In other exciting news, it’s election time for Synthetix! Since V3GM is not going to be ready in time for this election round, we’re going old school one more time. So, if you’d like to run for a Spartan, Treasury, Grants, or Ambassador Council position, please nominate yourself in the appropriate nominations channel before March 25th. Be sure to include your wallet address and a brief pitch to your candidacy as well, and tag Andy so he can add your details to the Google sheet.

If you’re planning to run for Spartan Council, be sure to nominate yourself by tomorrow, Wednesday March 23rd, if you’d like to participate in the Spartan Council Election Panel — this time being held live in the governance-stage! Be sure to tune in at 20:00 UTC to hear our Spartan Council incumbents and candidates speak to their candidacy and debate community questions.

Shifting back to SIP updates, now that Futures is out, and the Debt Pool Synthesis is imminent, priorities are being shifted towards v3. Noah has already moved over to v3 and db will be moved likely next week.

Currently, work is ongoing for Synth Teleporters, as the team has been trying to come up with the best solution. The Cross-Chain Interoperability Protocol (CCIP) is still a few months away, so Teleporters are still really in the “feasibility” stage while they decide how to proceed.

The Council also had a discussion regarding the DAI Wrapper SIP, which ultimately led to differing views and a 5 to 3 vote in favor of SIP-210. We’ll likely get to hear more in-depth thoughts from the Spartan Council candidates regarding this SIP during the panel tomorrow.

Lastly, the Spartan Council discussed the Stats page, with db raising the question of whether or not the Stats page should be made the official Synthetix dashboard. He also brought to light an issue with it where only the top 1,000 stakers can be measured, which means the final figures might be about 3% off. Kaleb said having some stats would be better than having none, so they will likely go ahead with it but add a disclaimer to emphasize the fact that the stats might be off by as much as 3%.

Grants Council

Present at the March 17, 2022 Grants Council meeting:
Grants Team: CT, cyberduck, joey, Mike

And speaking of the Stats page, that brings us to our Grants Council news. On the design front, the team is very happy with how the design of the stats page is coming along. The designer has been very responsive and is working closely with the Grants Council to make sure delivery is exactly what they envision. The idea of this Stats page is to provide a landing page with high-level stats, with a link to a Grafana dashboard where users can really drill down and find more specific data. The team will be meeting with the designer again this week for another follow-up.

In more exciting news, the Tools site has been published and shared in the Discord! Check out the site here. In their post, the Grants Council has also asked the community to help them refine and improve the content on the site. So if you have any ideas for specific tools or “packs”, want to help write descriptions for them, or can help create custom icons, please reach out!

Lastly, as for the ongoing NFT project, the lore development is still in progress and the team is working through some different iterations with the designer. CT said at the current rate, they could be looking at a release date around the end of the next epoch.

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SIP/SCCP status tracker:

SIP-80: Futures, Status: implemented

SIP-165: Debt Pool Synthesis, Status: approved

SIP-213: Add AAVE and UNI to Optimism, Status: implemented

SIP-204: Synth Teleporters, Status: draft

SIP-207: V3GM Election Module, Status: vote pending

SIP-210: Create Dai Wrapper and Adjust Wrapper Parameters, Status: approved