SNXweave Weekly Recap 131

March 27, 2024

The next submit comprises a recap of reports, tasks, and essential updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.

👉TLDR

SNX migration plan:The V2X portion has been audited and launched on L1 and the V3 portion was audited as wellThis is in its testing section; the subsequent step is to launch the V3 improve on L1How it’ll work:Upon migration, the legacy market contract will concern a V3 account with the customers’ migrated debt shares and collateral, which is able to embrace their locked vesting entries (just like L1 to L2 debt migration on V2X).Accounts beneath the vacation spot, V3, liquidation ratio could be liquidated through the migrations and socialized amongst V3 accounts.Customers with V2X sUSD may even be capable of burn and mint V3 sUSD, and L1 and L2 debt swimming pools on V3 are impartial so they won’t impression V2X debt oracle reporting.SIP-2058: Checklist Axelar Token (AXL) on Synthetix Perps presentation recapAmbassador Council updates:Most up-to-date Ambassador governance replace posted on TwitterResults from Spherical 1 of Optimism Grants Cycle 19 are within the replace. See notable winners from the Synthetix Ecosystem belowCurrent Optimism Grants deadline is todayPyth Spartan Area notes beneath

Spartan Council and SIP updates

Current on the March 20, 2024 Spartan Council Weekly Mission Sync:Spartan Council: Adam, bilby, cyberduck, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Ana, Burt, Cavalier, Jade, jz, KALEB, Matt, meb, Mike, Nikita, Steve, troy

First let’s talk about the SNX migration plan — the V2X portion has been audited and launched on L1 and the V3 portion was audited as effectively. That is presently within the dry run deployment and testing section, and the subsequent step is to launch the V3 improve on L1. At this level, the migration framework might be absolutely useful and customers can start voluntarily migrating — this might be one-click for customers. At some later governance-determined date, there might be a compelled migration to V3.

ML_sudo requested if there have been any compelled migrations previously. Kaleb responded saying there could have been one smaller migration on account of a bug within the early mortgage merchandise. He went on so as to add that, on this case, it’s extra of an emergency measure for accounts with misplaced keys, and many others. Cav added that after the voluntary migration section is reached, the entire incentives might be directing customers in the direction of that quite simple (one-click) migration course of.

Now let’s get into how this may work! Upon migration, the legacy market contract will concern a V3 account with the customers’ migrated debt shares and collateral, which is able to embrace their locked vesting entries (just like L1 to L2 debt migration on V2X).

Accounts beneath the vacation spot, V3, liquidation ratio could be liquidated through the migrations and socialized amongst V3 accounts. Duck requested if this meant that anybody who had not but migrated to V3 could be ineligible to obtain liquidation rewards. Meb clarified that sure, until you’ve got already migrated to V3 you’ll not obtain these rewards. Presently, no customers are susceptible to being liquidated throughout migration, so this shouldn’t be an enormous concern.

Customers with V2X sUSD may even be capable of burn and mint V3 sUSD, and L1 and L2 debt swimming pools on V3 are impartial so they won’t impression V2X debt oracle reporting. V2X wrappers, loans, and spot synths may even stay on V2 for now, and there might be a separate migration plan for these merchandise later.

There was additionally one SIP presentation final week, to checklist Axelar on Synthetix Perps, so let’s assessment that:

SIP-2058: Checklist Axelar Token (AXL) on Synthetix Perps

This SIP was introduced by Jason from Axelar, who defined that this is among the main interoperability options identified for being absolutely decentralizedAXL was not too long ago listed on Binance spot and Futures markets and has frequently generated $100 million in day by day volumeIt was additionally listed on dYdX within the final couple of weeks, and is within the means of being listed on HyperliquidThe proposal was written for itemizing on Optimism, however Burt and Duck really helpful itemizing on V3 (Base)

Ambassador Council

Current on the March 19, 2024 Ambassador Council assembly:Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

In Ambassador Council updates, the group launched their most up-to-date Ambassador governance replace on Twitter! The Tweet has a hyperlink to Optimism’s governance calendar, in addition to outcomes from the newest proposal votes the place the Ambassadors carried out their OP Token Home duties:

Additionally they shared sources for tips on how to apply for an Optimism Grant — the present deadline for submissions is right this moment, March twenty seventh, at 7pm GMT! And on the notice of Optimism Grants, the outcomes from Spherical 1 of Cycle 19 may be discovered within the replace. Some notable winners from the Synthetix Ecosystem embrace:

1. Synthetix for a Mission Request for Finest in Class Perps DEX: This grant will assist the constructing of an orderbook Perps DEX on Synthetix Perps, that includes a sophisticated orderbook, a number of order sorts (e.g., take revenue, cease loss), an open-source relayer, and the infrastructure to implement these buying and selling guidelines

2. Thales for a Progress Grant

3. Synthetix for a Progress Grant: Increase sUSD liquidity and assist Perps buying and selling competitions

4. ERC-7412 Tooling + Schooling for a Builders Grant

There’s much more content material within the governance tweet, so you should definitely test it out on Twitter!

The Ambassadors additionally launched notes from their Spartan Area with Pyth, with a TLDR of:

Jayant from Douro Labs mentioned Pyth Community as an oracle supplier with high-frequency, low-latency oraclesPyth offers market information from 1st celebration information suppliers and operates throughout 50+ blockchains, updating each 400mmIt makes use of a pull-based mannequin for decreased latency and enhanced safety, with over 100 high-quality information suppliers to make sure strong and correct dataPyth’s governance mannequin is impressed by Synthetix, with consultant councils (Pythian and Worth Feed) that concentrate on group involvement and long-term sustainabilitySynthetix Perps V2, powered by Pyth low-latency oracles, has pushed over $50 billion in buying and selling quantity