SNXweave Weekly Recap 146

July 24, 2024

The next publish incorporates a recap of stories, initiatives, and vital updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.

👉TLDR

L1 Migration to V3: Legacy markets have been launched on L1 final week! The Treasury Council was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which is able to assist scale the brand new product.Second part: Migration will likely be open for all stakers, which is able to change how liquidation occurs (see beneath for particulars). There may also be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3, the bridge to maneuver debt from V2X on L1 to L2 will likely be suspended, and there will likely be a bridge obtainable to swap sUSD for the brand new snxUSD.SIP-398: Chainlink Information Streams for Synthetix V3 on Arbitrum presentation recap (see beneath)

Spartan Council and SIP updates

Current on the July 17, 2024 Spartan Council Weekly Mission Sync:Spartan Council: Afif, cyberduck, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalistsCore Contributors: 0xMithrandir, 0xrobin, Fred, jz, Kaleb, meb, Mike, pixelperfect, troy

Final week the workforce launched the legacy markets on L1! This implies there’s now a brand new market linked to V2X (just like the Spartan Council market on Base) that may maintain the Treasury Council place. The TC was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which is able to assist scale the brand new product.

Within the second part, doubtless prepared within the subsequent two weeks, migration will likely be open for all stakers. It will change how liquidation occurs — let’s get into how:

At present there’s a 6-hour ready interval after positions are flagged for liquidationIn the brand new system, liquidations will occur instantly and are socialized to all V3 staking positions (V2X will now not be part of the socialized liquidation pool)Self-liquidation will now not be obtainable in V3Liquidation rewards will now not be escrowed both — as a substitute, stakers who obtain these rewards will be capable of promote the SNX or use it to strengthen their c-ratio

Additionally within the second stage, there will likely be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3. The bridge to maneuver debt from V2X on L1 to L2 may also be suspended, and there will likely be a bridge obtainable to swap sUSD for the brand new snxUSD.

Subsequent, there was a SIP presentation final week: SIP-398, introduced by Raoul from Chainlink, which proposes integrating Chainlink Information Streams into the Synthetix V3 deployment on Arbitrum to bolster the protocol’s safety and efficiency. Let’s recap the presentation:

SIP-398: Chainlink Information Streams for Synthetix V3 on Arbitrum

Raoul defined that V3 was designed to be oracle agnostic and this SIP proposes including the choice for integrators to decide on between Chainlink or PythHe prompt a take a look at part the place Synthetix would combine the Chainlink oracle on 10 markets on Arbitrum to additional assess efficiency in comparison with different providersChainlink Information Streams boasts the next attributes:Reliability: Information Streams is secured by the identical decentralized infrastructure {and professional} node operators that secures many of the TVL in DeFiAccuracy: Information Streams tracks markets extraordinarily carefully, normally inside half a BIP, and that is verified by way of Chainlink information in addition to by third partiesSecurity: Because of the commit reveal structure, the worth isn’t revealed till the commerce is dedicated to. This structure additionally permits for hypothetical commerce execution with bid/ask information which protects the protocol from frontrunningLow Latency: Information from centralized exchanges is translated to Chainlink pricing in a short time (normally inside 1 second, in comparison with opponents’ 2–4 seconds)Chainlink has additionally supplied to tackle quite a lot of the mixing work on their finish, which would scale back the mixing burden for Synthetix CCsThe value (paid to Chainlink) will likely be 1.5% of the charges generated It will doubtless be pushed to finish customers within the type of greater transaction prices to make use of these low latency oraclesChainlink can also be working in the direction of having the ability to spin up worth feeds sooner than previously (hopefully, inside 24 hours of a token launch)They are going to be offering full API entry for keepers within the Synthetix ecosystemBurt introduced up a problem concerning use of a number of oracles on the identical networkRaoul confirmed that there wouldn’t be something technically prohibiting integrators from utilizing a number of oracles on a single networkBurt flagged that with the variations in worth studies, use of various oracles would doubtless require completely different market listings, which wouldn’t be supreme from a UX perspective