January 17, 2023
The next submit incorporates a recap of stories, tasks, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
👉TLDR
Election resultsSynthetix Quarterly Report infoAndromeda is working in personal beta and is able to start scalingSCCP to extend the utmost quantity of liquidity that may be offered to Base Andromeda to 1 million USDC is making its manner by way of governance — TC anticipated to contribute nearly all of this preliminary $1 millionPerps V3 trades are being executed on Base Mainnet by a number of integratorsL1 Perps is being ready for a second audit and testnetThe SC mentioned SIP-2047, which can change low utilization markets to close-only in preparation for migration to Perps V3SIP-2047: Start migrating Perps V2 markets presentation recapSIP-2048: MaxMarketValue Threat Management Module presentation recap
Welcome to 2024, Spartans! Let’s do a fast recap of what the top of 2023 introduced us, together with our new Council members:
🚨Election Outcomes🚨
Your Spartan Council members for the epoch can be Adam, Bilby, Cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax FrensServing the neighborhood on the Treasury Council this epoch can be Bagg, Cavalier, CoKaiynne, and SpartanGloryOur Grants Council members can be ALEXANDER, es MC, Mike, MoneyManDoug, and SynthquestAnd lastly, your Ambassadors for the approaching epoch can be GUNBOATs, Kevin, MasterMojo, Matt, and Westie
Thanks to all who ran, voted, and took part in governance this previous epoch, and congratulations to our newly elected Council members!
And whereas we’re speaking concerning the finish of 2023, SNXweave simply launched the Quarterly Report for This fall at Synthetix. So you should definitely test it out for a full recap of the previous few months of the 12 months!
Spartan Council and SIP updates
Current on the January 10, 2023 Spartan Council Weekly Venture Sync:Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, and Snax FrensCore Contributors: Afif, Bex, Cavalier, joey, KALEB, Matt, meb, Mike, Steve, troy
Now onto our common updates — Andromeda is presently working in personal beta and is able to start scaling. SCCP-309, to extend the utmost quantity of liquidity that may be offered to Base Andromeda to 1 million USDC, is making its manner by way of governance. OI will increase will comply with — the Treasury Council is predicted to contribute a considerable portion of this preliminary $1 million, offering a secure LP base and confidence to extend OI caps.
For markets, Perps V3 trades are being executed on Base Mainnet by a number of integrators, and L1 Perps is being ready for a second audit and testnet.
And in different dialogue, Burt questioned final week if the phasing out of V2 markets would proceed at the same tempo (19 markets) as what is printed in SIP-2047. Cav defined that these markets have been chosen based mostly on their restricted use (mixed, they account for <1% of the full OI). Delisting a few of the lesser used markets reduces the assault floor space and doubtlessly makes room for extra, higher choices. Kain added that these listings could possibly be used sooner or later as Base-only choices to incentivize merchants emigrate to Base.
Subsequent up, there have been a few SIP displays final week, so let’s assessment them:
SIP-2047: Start migrating Perps V2 markets
This SIP, which we simply briefly talked about, proposes altering quite a lot of markets to “close-only” (no extra new positions) in preparation for migration to Perps V3Cav defined once more that the standards for choice was any markets that depend on off-chain oracle information and OI lower than $10k over a weekCombined, these markets symbolize lower than 1% of the full open curiosity and eliminating them would considerably scale back governance overhead and complexity of managing off-chain dataBurt and Millie requested that the listing be damaged right down to separate the trad-fi markets (Au, Ag) and a few of the extra standard crypto markets (SHIB, RPL, APE, MEME) from the restBurt additionally careworn that the optics of getting an extended listing of recognizable belongings is a vital issue to contemplate (this proposal would wipe out ~20% of all of the listings)
SIP-2048: MaxMarketValue Threat Management Module
Proposed by Kaleb, this SIP will arrange a max market worth management module that is ready to lower the prevailing market worth to zeroThis could be a device for use by the Threat CommitteeHowever, for the reason that Threat Committee just isn’t official but, the Spartan Council might designate an Interim Threat Council that may function underneath shut supervision of the SC and function the Threat Management ModuleThis module would solely be out there for sure markets (low OI, longtail belongings)That is supposed for emergency use solely, within the occasion that arbitrage just isn’t possible because of uncommon market situations, to safeguard liquidity suppliers
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SIP/SCCP standing tracker:
SCCP-309: Enhance Base LP restrict to 1M USDC, Standing: draft
SIP-2047: Start migrating Perps V2 markets, Standing: draft
SIP-2048: MaxMarketValue Threat Management Module, Standing: draft
