SNXweave Weekly Recap 134

April 17, 2024

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

👉TLDR

Elections: Nominations open tomorrow (April 18th) & voting begins subsequent Wednesday (April twenty fourth). SNXweave might be internet hosting the Spartan Council candidate panel subsequent Thursday (April twenty fifth).Andromeda: LP caps have been raised to $21 million and LP-backed collateral is at ~$10 million. BTC and ETH OI caps are additionally round $10 million, with 14k SNX cumulative burn, so the council is simply ready for extra LP to scale ETH and BTC caps previous $10 million.Migration of L1 SNX to V3 utilizing the V3 legacy market is in its closing spherical of audit checks. Anticipated to be prepared by the top of the month.L1 Perps is being launched to testnet as third and closing audit suggestions is carried out. Anticipated to be prepared by the top of the month.SIP-376: Listing 11 markets from Perps V2 on Perps V3 on Base presentation recapSIP-373: Preemptive Approval for Itemizing ENA Token on Perps V3 on Base presentation recapSIP-374: Preemptive Approval for Itemizing DEGEN Token on Perps V3 on Base presentation recapSIP-375: Listing BOME-PERP and ETHFI-PERP on Perps V3 on Base presentation recapGrants Council replace: GC is being remodeled right into a single Grants Lead place. This individual will coordinate with varied governance our bodies, in addition to the neighborhood, to handle and ship tasks throughout the new Grants scope. If that is one thing that you’re curious about, and assume you’ll make a great candidate for, click on right here to use by the top of the week!

Spartan Council and SIP updates

Current on the April 10, 2024 Spartan Council Weekly Challenge Sync:Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax FrensCore Contributors: Afif, Burt, Cavalier, David, Jade, KALEB, Matt, Mike, Nikita, Steve, sunny, troy

Earlier than we dive into this week’s replace, we have to first point out that the elections are upon us! Nominations will open tomorrow, April 18th, and voting will start subsequent Wednesday, April twenty fourth. SNXweave may also as soon as once more be internet hosting a panel for all Spartan Council candidates, which can happen Thursday, April twenty fifth. If you happen to plan to run for Spartan Council make sure to get your nomination in by then and attain out to ProofOfCake to be included within the Election Panel!

And for neighborhood members and voters, preserve your eyes peeled for a google type coming your approach the place you’ll be able to submit your questions for this epoch’s Spartan Council candidates.

Now onto our common updates — the LP caps on Andromeda have been raised to $21 million and LP-backed collateral is at present at about $10 million. BTC and ETH OI caps are additionally round $10 million, with 14k SNX cumulative burn, so the council is at present simply ready for extra LP to scale ETH and BTC caps previous $10 million.

The SIP emigrate L1 SNX to V3 is in its closing spherical of audit checks, and L1 Perps is being launched to testnet because the third and closing audit suggestions is being carried out. These are each anticipated to be prepared by the top of the month.

There have been additionally a number of SIP displays final week, so let’s briefly evaluation them:

SIP-376: Listing 11 markets from Perps V2 on Perps V3 on Base

Offered by Burt, this SIP proposes itemizing 11 Perps markets, which are already accessible for buying and selling on V2, to perps V3 on BaseList contains DOGE, AVAX, OP, ORDI, PEPE, RUNE, BONK, FTM, ARB, MATIC, and BNBLP caps have been not too long ago elevated, which can enable help for extra open curiosity (OI)These markets have been chosen based mostly on their excessive quantity on V2 and will make buying and selling on V3 extra engaging for brand new usersKwenta may also be including buying and selling incentives to V3 starting this week, which ought to dovetail properly with the brand new choices and elevated OI caps

SIP-373: Preemptive Approval for Itemizing ENA Token on Perps V3 on Base

This proposal will listing ENA to perps V3, pending an SCCP for closing itemizing parametersSynthetix is the L1 perps infrastructure supplier for the Ethena Labs stablecoin, and itemizing the ENA token on Perps V3 on Base will assist Synthetix ecosystem members get publicity to itBurt defined that there are already perps listings of ENA on centralized and decentralized exchanges, so this one is able to go, pending governance approvalAs of now, the LP constraint will restrict OI on many of those new markets to ~$250,000

SIP-374: Preemptive Approval for Itemizing DEGEN Token on Perps V3 on Base

Burt additionally offered this SIP, explaining that the DEGEN token is a fee token on the Farcaster app, which is powered by Base networkThis meme token could be very scorching proper now on BaseThe proposal is searching for preemptive approval in order that the market may be listed as quickly as there are hedging alternatives on different centralized or decentralized exchanges to seize as a lot of the early curiosity as possibleSC must approve an SCCP to set the parameters for this previous to itemizing

SIP-375: Listing BOME-PERP and ETHFI-PERP on Perps V3 on Base

Danny offered this SIP, which proposes itemizing BOME and ETHFI on Perps V3 on the Base networkBoth of those have already got fairly a little bit of perps quantity on centralized and decentralized exchangesBOME is a Solana memecoin that launched on March 14th and have become tradeable on Binance on March 16thETHFI is the governance token for Ether.Fi, a non-custodial liquid restaking protocol on Ethereum

The votes are nonetheless energetic for all 4 of those SIPs that have been offered final week, however all of them have already been accepted with 6 votes in favor.

Grants Council

In Grants Council replace, the DAO is being remodeled right into a single Grants Lead place. This new Grants Lead might be somebody with expertise as a technical undertaking supervisor, and might be appointed by the Spartan Council. They may coordinate with varied governance our bodies, in addition to the neighborhood, to handle and ship tasks throughout the new Grants scope. If that is one thing that you’re curious about, and assume you’ll make a great candidate for, click on right here to use by the top of the week! This place will begin with the brand new epoch, as quickly as Might 1st.