November 1, 2023

The next put up incorporates 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

• 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 dwell knowledge), c-ratio on totally different collateral varieties (will possible begin between 125–150%), wrapper charge (possible no charge to start with)
• Testnet buying and selling competitors: report has been revealed with full breakdown of the competitors — almost $2.7 billion was traded, with over 2,200 trades being executed and 133 distinctive merchants
• Integrator charge share matter: integrator suggestions inquired as as to if there can be a distinct proposal for various networks and why
• SIP-2037: Listing MNT, IMX amd TRB on Synthetix Perps presentation recap
• SIP-2038: Listing wstETH on Synthetix Perps presentation recap
• Notifi: Synthetix simply introduced a brand new integration with Notifi, a number one supplier of DeFi alerts that brings real-time notifications to customers — learn under for the way to make the most of this software. 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_sudo
Core Contributors: Bex, Cavalier, jz, KALEB, Matt, Steve, sunny, troy

As a core system replace, the SC and CCs mentioned SIP-336, which can 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 likely be to begin small and regularly improve LP and OI caps to permit low-risk monitoring of dwell knowledge
• There’s a delicate stability between buying and selling exercise and liquidity, nevertheless
• Too little liquidity will limit OI caps, however an excessive amount of liquidty (and never sufficient merchants) will dilute yield for LPs

C-ratio on totally different collateral varieties

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

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 normally. From the LP facet, a profitable deployment can be measured by how a lot curiosity there’s in liquidity-providing. Whereas on the dealer facet, a variety of metrics can be have to be thought-about, however efficiency may very well be fairly clearly assessed based mostly on comparisons with the Optimism Perps product.

ML recommended 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 strains is already within the works and has been requested already for the Base deployment. Initially, it will simply be an inner useful resource, however may finally grow to be one thing that may very well be shared publicly.

Subsequent, the testnet buying and selling competitors report is out — try the total breakdown right here! As detailed within the roundup, merchants acquired 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, similar to enhancements round liquidation keeper prices, and are anticipated to be accomplished by subsequent week.

Practically $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 excellent success, so congrats to the merchants who made it on the leaderboard and due to everybody who participated!

In different dialogue, for the integrator charge share matter, one of many largest suggestions objects from integrators was if there can be a distinct proposal for various networks and why. Optimism is at present the one/largest quantity supply (and due to this fact the one charge generator), so leaving it out of the charge dialogue might not be a full step ahead.

Millie recommended 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 type of a pre-requisite for a last migration plan for V3 on Optimism, as it can possible present helpful details about collateral varieties on V3.

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

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

• GUNBOATs offered this proposal, which seeks to listing Mantle, Immutable X and Tellor Tributes tokens on Synthetix Perps
• Fairly easy SIP right here — these are being proposed based mostly on buying and selling quantity

SIP-2038: Listing wstETH on Synthetix Perps

• Additionally offered by GUNBOATs, it is a proposal to listing Wrapped Staked Ether from Lido futures on Synthetix Perps
• This market has been requested by Pyth and Lido as a strategy to hedge wstETH on chain
• Gene referred to as consideration to the truth that the stETH providing doesn’t appear to be seeing a lot demand
• Kaleb recognized the potential for merchants to frontfun the rebase mechanism

Nonetheless ready on the oracle feeds for these SIPs, so extra to return 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 could be enabled instantly inside 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 out and activate the alerts of your selection. Forms of alerts embody Synthetix bulletins, liquidation warning and affirmation, account snapshots, declare reward reminders, governance updates, and c-ratio well being alerts. And these could be acquired 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!

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SIP/SCCP standing tracker:

SIP-336: Deploy Synthetix V3 Core on Base, Standing: authorised

SIP-2037: Listing MNT, IMX amd TRB on Synthetix Perps, Standing: draft

SIP-2038: Listing wstETH on Synthetix Perps, Standing: draft