SNXweave Weekly Recap 114

November 8, 2023

The next submit accommodates 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

The SCCP for the Andromeda configuration is in draft — at the moment specifies no issuance and 125% liquidation ratioSC & CCs mentioned SIP-345 (buyback and burn SNX on Base) — mechanism is a dutch public sale, however another choice is a straightforward contract that holds USDC and could be referred to as by a keeper to execute market (Cavalier will likely be updating the SIP to replicate this)Millie voiced opinions in regards to the dutch public sale mechanism vs. a contractTestnet buying and selling competitors: enhancements that got here from the buying and selling comp have all been recognized. Sunny is updating the SIP with the modifications to be offered once more subsequent week.Grants Council replace: GC is discussing grant for a “Treasury Transaction blocking governance module” & have organized a “Maya Discord Ticketing System Demo” for CC Matt (who will likely be drawing up necessities for the trial interval that the GC will fund). Crew is assembly with the creator of Cryptofees, Notifi is up and working, and the NFTs are being processed to the testnet buying and selling comp winners.

Spartan Council and SIP updates

Current on the November 1, 2023 Spartan Council Weekly Undertaking Sync:Spartan Council: Adam, Burt, cyberduck, Genefaesius.eth (Gene), Jackson, Kain, MillieCore Contributors: Afif, Cavalier, joey, jz, KALEB, Leo, Matt, meb, troy

We’ve received a fast replace for you guys this week — the SCCP for the Andromeda configuration is at the moment in draft, and there was some dialogue final week round getting USDC to Base. Proper now, there may be loads of ETH on Base, however not as a lot USDC. Happily, Circle affords low cost bridging by way of CCTP.

The draft SCCP configuration specifies no issuance and 125% liquidation ratio. Duck questioned whether or not this was sufficient, and Cavalier mentioned there is no such thing as a borrowing towards USDC, so the one approach to get liquidated is that if the debt-pool is repeatedly dropping towards merchants. Kain advised a SIP explaining all of those particulars because it’s totally different from what we’ve in V2.

Duck questioned whether or not this was sufficient, and Cavalier mentioned there is no such thing as a borrowing towards USDC, so the one approach to get liquidated is that if the debt-pool is repeatedly dropping towards merchants. Kain advised a SIP explaining all of those particulars because it’s totally different from what we’ve in V2.

The Council additionally mentioned SIP-345 (buyback and burn SNX on Base), the place the mechanism specified within the proposal is a dutch public sale. Another choice is a straightforward contract that holds USDC and could be referred to as by a keeper to execute market purchases (to keep away from a sophisticated improvement) — Cavalier will likely be updating the SIP to replicate this.

Millie added {that a} dutch public sale would deliver SNX liquidity to Base, whereas a contract to market purchase SNX could not (with no different incentive for SNX to be on Base to start with). He additionally mentioned there is likely to be some extra out-of-the-box dutch public sale choices that different protocols have used previously which will work for this function. Matt chimed in saying that the aerodrome acquired from the Velodrome airdrop will likely be used to direct emissions to a Base pool, so there ought to be sufficient liquidity to accommodate what will likely be comparatively small buys. This SIP is being offered at this time.

As a markets replace, the enhancements that got here from the testnet buying and selling competitors have all been recognized. Sunny continues to be within the means of updating the SIP with the modifications to be offered once more subsequent week. Millie additionally requested how buying and selling would work on Base. The entire stablecoin pairs could be USDC (somewhat than sUSD), and merchants would deliver USDC to Base, then wrap it to commerce on Perps V3. Income will likely be paid out in USDC as effectively.

Grants Council

Current on the November 2, 2023 Grants Council assembly:Grants Crew: CT, MoneyManDoug

In Grants Council updates, CT has organized a briefing session for a Grant utility that proposes a “Treasury Transaction blocking governance module.” He has additionally organized a “Maya Discord Ticketing System Demo” for CC Matt, who will likely be drawing up necessities for the trial interval that the GC will fund.

The group can also be assembly with the creator of Cryptofees to see whether it is viable for the Grants Council to take over funding the upkeep and progress of the positioning, with a give attention to selling Synthetix. There’s nonetheless some dialogue happening right here, but it surely looks like the price is likely to be too excessive compared to the ROI.

Lastly, don’t neglect to take a look at Notifi, the Grants Council’s latest sponsorship that permits you to obtain prompt alerts about your staking positions, protocol updates, and different important reminders. And when you participated within the testnet buying and selling competitors and made it on the leaderboard, the GC is processing the NFT winners now!