SNXweave Weekly Recap 117

November 29, 2023

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

👉TLDR

SIP-337: Perps V3 presentation recapSIP-348: Allow USDC for Andromeda on Base presentation recapExplainer weblog submit for the Andromeda launch was printed yesterdayAmbassador Council replace: Staff mentioned potential future integrations/builders, find out how to help present integrators, and a framework to ensure all initiatives within the ecosystem learn about Optimism Grants/Retroactive funding. Ambassadors additionally created a Synthetix Ecosystem Public Items record for Optimism’s RPGF Spherical 3 the place different badgeholders can vote, and are engaged on an article on how new protocols can leverage V3.

Whereas a few of the Councils postponed their conferences final week for Thanksgiving within the US, we nonetheless have a fast replace for you guys this week on final week’s SIP displays and Ambassador updates! So let’s get into it:

SIP updates

Individuals on the November 21, 2023 SIP presentation:Spartan Council: Adam, Burt, cyberduck, Kain, Millie, ml_sudoCore Contributors: Afif, Cavalier, joey, KALEB, Matt, sunny

SIP-337: Perps V3

As mentioned in earlier weblog posts, this SIP proposes deploying Perps V2 to Synthetix V3 with a lot of function upgrades and improvementsUpgrades embody native cross-margining of positions, multi-collateral margin help, revamped liquidations, and improved deterministic settlement. Let’s overview what a few of these upgrades will entail:

1. Multi-collateral help

In Perps V3, all synths that the spot market creates will ultimately be enabled as collateralThis is completed in order that it’s simple for the perps market to have liquidity to promote synths when required, and permits it to simply get quotes to find out margin worth

2. Liquidations

Giant positions will probably be step by step liquidated, one non-sandwichable portion at a time, with a configurable delay between partial liquidationsThis eliminates the MEV sandwich assault vector, maintaining that worth with the protocol

3. Improved deterministic settlements

Delayed orders in Perps V2 have confirmed extraordinarily efficient in minimizing poisonous circulation, nonetheless the small print of the implementation might be improved to supply a extra resilient settlement flowIn Perps V3, the settlement course of ensures that the execution worth is the worth at dedication time and is executed within the obtainable window

4. Market construction

A lot of particular person Perps markets will probably be grouped collectively into a bigger “grocery store”That is to make sure all the danger from every market or collateral sort is appropriately distributed for LPs backing the supermarketThe grocery store could have variables that may be particularly configured for that marketThis might enable markets to be cut up up sooner or later based mostly on danger profile and liquidity

5. Staleness tolerance

As we already know, every perps market requires worth informationFrom the buying and selling competitors, it turned clear that the price of pushing that information on-chain was very highOptionality was added in order that worth staleness may very well be made strict for liquidations, for instance, and fewer strict for different transactionsThis will scale back transaction prices general by lowering the quantity of information being pushed on-chain

SIP-348: Allow USDC for Andromeda on Base

This SIP proposes utilizing the V3 spot and wrapper performance to permit customers to deposit USDC for a wrapped model for use as LP collateral or margin for tradingThe proposal particulars the entire V3 configurables for the Perps V3 deployment to Base, together with the enabling of USDC as LP collateralThe deployment to Base will probably be a brand new market with, doubtlessly, a brand new set of customers, so it made sense to launch with USDC help (some of the broadly used stablecoins in DeFi). Deciding on a single collateral sort additionally reduces the complexity of the deploymentThe max market measurement will probably be roughly $1 million every for BTC and ETH (a conservative cap to start out with, much like the launch of Perps V2)ML_sudo requested what the method can be for including new markets — Afif stated the technique would doubtless be much like the V2 rollout (begin with most liquid buying and selling pairs and low OI caps earlier than step by step including new markets and rising caps). He additionally burdened the significance of constant to construct on the optimistic repute that the protocol has developed over the previous yr for the reason that introduction of PerpsThere was some basic confusion on the council that the SIP appeared to be lacking key particulars in regards to the deployment that had been mentioned beforehand (particularly the payment sharing)Cav clarified that there are a variety of SIPs that will probably be a part of the Andromeda deployment (SIP-345: SNX buyback and burn and SIP-346: Integrator Payment share included)Kain prompt itemizing these as dependencies on this SIP, so Cav is updating it to mirror all dependencies

Matt additionally simply introduced an explainer weblog submit for the Andromeda launch yesterday, which might be discovered right here. The submit discusses some background on Perps V2, what upgrades Perps V3 will convey, the essence of testing in Andromeda, isolation of the Andromeda launch on Base, how success will probably be measured, what to anticipate for the preliminary rollout, the Andromeda expertise from an LP vs. dealer perspective, and the way forward for Synthetix with Andromeda. You’ll want to give the submit a learn!

Ambassador Council

Current on the November 21, 2023 Ambassador Council assembly:Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, for a fast Ambassador Council replace, the crew mentioned potential future integrations and builders, in addition to methods to interact and help present integrators. They then mentioned a framework to ensure all initiatives within the ecosystem learn about Optimism Grants/Retroactive funding.

The Ambassadors are additionally within the strategy of brainstorming an article on how new protocols can leverage V3, in addition to planning out future Spartan Areas. Lastly, the Council created a Synthetix Ecosystem Public Items record for Optimism’s RPGF Spherical 3 the place different badgeholders can vote. The initiatives on their record have put constructing first and have considerably contributed to the expansion of the ecosystem by onboarding builders, initiatives, LPs, and merchants.