SNXweave Weekly Recap 113

November 1, 2023

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

👉 TLDR

Deploy Synthetix V3 Core on Base: testing on Base Goerli is pending SCCP affirmation with some attainable parameters: collateral caps (begin small and regularly improve LP and OI caps to permit low-risk monitoring of stay knowledge), c-ratio on completely different collateral sorts (will probably begin between 125–150%), wrapper charge (probably no charge to start with)Testnet buying and selling competitors: report has been revealed with full breakdown of the competitors — practically $2.7 billion was traded, with over 2,200 trades being executed and 133 distinctive tradersIntegrator charge share subject: integrator suggestions inquired as as to whether there can be a unique proposal for various networks and whySIP-2037: Record MNT, IMX amd TRB on Synthetix Perps presentation recapSIP-2038: Record wstETH on Synthetix Perps presentation recapNotifi: Synthetix simply introduced a brand new integration with Notifi, a number one supplier of DeFi alerts that brings real-time notifications to customers — learn beneath for how you can make the most of this instrument. Shout out to the Grants Council for funding this!

Spartan Council and SIP updates

Current on the October 25, 2023 Spartan Council Weekly Undertaking Sync:Spartan Council: Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Millie, ml_sudoCore Contributors: Bex, Cavalier, jz, KALEB, Matt, Steve, sunny, troy

As a core system replace, the SC and CCs mentioned SIP-336, which is able to deploy Synthetix V3 to Base. Testing on Base Goerli is pending SCCP affirmation, with these attainable parameters:

Collateral caps

Since this would be the first mainnet deployment of V3, the plan will probably be to start out small and regularly improve LP and OI caps to permit low-risk monitoring of stay dataThere is a fragile stability between buying and selling exercise and liquidity, howeverToo little liquidity will limit OI caps, however an excessive amount of liquidty (and never sufficient merchants) will dilute yield for LPs

C-ratio on completely different collateral sorts

Dialogue began at someplace between 125–150percentDraft will specify 150% c-ratio with liquidations at 120% (additional dialogue is important)

Wrapper charge

There was some consensus that there shouldn’t be any charge to start with (which might assist to construct liquidity for buying and selling)

ML_sudo additionally requested how success can be measured usually. From the LP aspect, a profitable deployment can be measured by how a lot curiosity there may be in liquidity-providing. Whereas on the dealer aspect, quite a few metrics can be should be thought of, however efficiency could possibly be fairly clearly assessed based mostly on comparisons with the Optimism Perps product.

ML steered a twice weekly replace or dashboard in order that the CCs and SC can intently monitor the efficiency of the deployment. Troy mentioned one thing alongside these traces is already within the works and has been requested already for the Base deployment. Initially, it will simply be an inside useful resource, however may finally grow to be one thing that could possibly be shared publicly.

Subsequent, the testnet buying and selling competitors report is out — try the complete breakdown right here! As detailed within the roundup, merchants obtained a part of a complete prize pool of $15,000 price of SNX, 15 KWENTA tokens, and unique NFTs due to the Synthetix Grants Council. And together with the first buying and selling competitors, individuals had been additionally inspired to report bugs and glitches, which led to enhancements in Perps V3 contracts and integrator frontends. Most of those modifications are minor, akin to enhancements round liquidation keeper prices, and are anticipated to be accomplished by subsequent week.

Almost $2.7 billion was traded all through the competitors, with over 2,200 trades being executed and 133 distinctive merchants. Overal the buying and selling competitors was an incredible success, so congrats to the merchants who made it on the leaderboard and because of everybody who participated!

In different dialogue, for the integrator charge share subject, one of many greatest suggestions objects from integrators was if there can be a unique proposal for various networks and why. Optimism is at present the one/greatest quantity supply (and subsequently the one charge generator), so leaving it out of the charge dialogue is probably not a full step ahead.

Millie steered that the differentiator right here is V3 vs. V2 deployments — he agreed that the charge also needs to apply to Optimism as soon as the V3 migration occurs on Optimism. Base deployment is form of a pre-requisite for a ultimate migration plan for V3 on Optimism, as it would probably present helpful details about collateral sorts on V3.

There have been additionally a few SIP displays final week, so let’s briefly assessment them:

SIP-2037: Record MNT, IMX amd TRB on Synthetix Perps

GUNBOATs introduced this proposal, which seeks to checklist Mantle, Immutable X and Tellor Tributes tokens on Synthetix PerpsPretty easy SIP right here — these are being proposed based mostly on buying and selling quantity

SIP-2038: Record wstETH on Synthetix Perps

Additionally introduced by GUNBOATs, it is a proposal to checklist Wrapped Staked Ether from Lido futures on Synthetix PerpsThis market has been requested by Pyth and Lido as a technique to hedge wstETH on chainGene known as consideration to the truth that the stETH providing doesn’t appear to be seeing a lot demandKaleb recognized the potential for merchants to frontfun the rebase mechanism

Nonetheless ready on the oracle feeds for these SIPs, so extra to come back quickly.

Lastly, Synthetix simply introduced a brand new integration with Notifi, a number one supplier of DeFi alerts that brings real-time notifications to customers. With Notifi now you can obtain on the spot alerts about your staking positions, protocol updates, and different important reminders. These alerts may be enabled immediately throughout the staking UI utilizing the bell icon.

It’s tremendous simple to set this up — simply search for the notification bell on the Synthetix Staking UI when you’ve linked your pockets, and click on on it to pick and activate the alerts of your alternative. Kinds of alerts embrace Synthetix bulletins, liquidation warning and affirmation, account snapshots, declare reward reminders, governance updates, and c-ratio well being alerts. And these may be obtained on Discord, Telegram, and electronic mail.

The Grants Council funded this initiative, so shout out to them for his or her assist in bettering the staking expertise. Go try Notifi!