SNXweave Weekly Recap 121

January 17, 2023

The next publish accommodates a recap of reports, tasks, and essential 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 method by means 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 is able to change low utilization markets to close-only in preparation for migration to Perps V3SIP-2047: Start migrating Perps V2 markets presentation recapSIP-2048: MaxMarketValue Danger Management Module presentation recap

Welcome to 2024, Spartans! Let’s do a fast recap of what the tip 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 group 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 make sure you 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 Challenge 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 method by means of governance. OI will increase will observe — the Treasury Council is anticipated to contribute a considerable portion of this preliminary $1 million, offering a steady 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 an analogous tempo (19 markets) as what is printed in SIP-2047. Cav defined that these markets had been chosen primarily based 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 may very well 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 overview them:

SIP-2047: Start migrating Perps V2 markets

This SIP, which we simply briefly talked about, proposes altering quite a few 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 knowledge and OI lower than $10k over a weekCombined, these markets symbolize lower than 1% of the full open curiosity and eliminating them would considerably cut back governance overhead and complexity of managing off-chain dataBurt and Millie requested that the record be damaged right down to separate the trad-fi markets (Au, Ag) and a few of the extra fashionable crypto markets (SHIB, RPL, APE, MEME) from the restBurt additionally careworn that the optics of getting an extended record of recognizable belongings is a crucial issue to contemplate (this proposal would wipe out ~20% of all of the listings)

SIP-2048: MaxMarketValue Danger 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 instrument for use by the Danger CommitteeHowever, for the reason that Danger Committee just isn’t official but, the Spartan Council could designate an Interim Danger Council that may function underneath shut supervision of the SC and function the Danger Management ModuleThis module would solely be obtainable for sure markets (low OI, longtail belongings)That is meant for emergency use solely, within the occasion that arbitrage just isn’t possible on account of uncommon market circumstances, to safeguard liquidity suppliers