February 15, 2023
The next put up comprises a recap of reports, initiatives, and vital updates from the Spartan Council and Core Contributors, in addition to the Grants Council and Ambassador Council from final week.
Spartan Council and SIP updates
Current on the February 8, 2023 Spartan Council Weekly Undertaking Sync:Spartan Council: Adam, Cavalier, dsacks, Jackson, KALEB, SeliniCapital (representing Jordi), TerraBellus, William87Core Contributors: Afif, Ana, Bex, Darius, David, db, joey, jz, meb, Mike, Nikita, noah, Peiman, Rafa, sunny
As a fast V3 replace, the CCs are hoping to get governance approval for SIPs 308, 309, and 310 earlier than launching V3 to mainnet. The workforce is contemplating a mushy mainnet launch for testing that received’t be plugged into the legacy markets till the SIP votes are in. There received’t be a cause to incentivize liquidity till the spot market is deployed, which ought to be in audit quickly. Exterior of that, the CCs are persevering with to work by the entire audit suggestions because it rolls in.
And in case you missed it, the entire new Perps markets are dwell! These 22 new markets had been accredited by SIP-295 and SIP-2000, and had configurable values set by SCCP-277. The CCs are actually engaged on the following launch, which ought to be within the subsequent few weeks.
There have been additionally a number of SIP displays final week, so let’s evaluate every of them:
SIP-306: V3 Migration
This SIP, offered by Noah, proposes a migration plan for V3 the place collateral can be migrated to V3 and account tokens can be minted to present stakers’ addresses (who will proceed to again all debt issued by V2X)Take a look at this convenient diagram that Noah shared to assist visualize this processThe main purpose of this plan is to attenuate friction for stakers and to keep away from disrupting the present utilization of synths, whereas permitting the system to learn from the improve to V3This SIP was simply offered as a refresher for the brand new council, however in any other case had no materials updates for the reason that final time it was presentedThe preliminary migration plan is meant to be a mushy launch and take away as a lot threat as possibleThere had been additionally a couple of questions on the finish of this presentation:
How will escrow entries be accounted for in V3?
Each entry because it exists in V2X could have a corresponding entry with the identical unlock date in V3Migrating escrow entries, nevertheless, can be a really gas-intensive course of, based on dbUsers is not going to be force-migrated till the liquidity is totally needed for V3 to operate
Is account merging attainable?
Accounts are represented by NFTs in V3 and a pockets can personal a number of NFTsBut as of proper now, these NFTs can’t be mixed to a single account
How will the transition be incentivized?
This isn’t at the moment specified on this migration SIP, however incentive will develop as V3 markets start to outperform V2XAnother chance is to shift a number of the inflation rewards to V3
SIP-307: Router Proxy Structure (V3)
Noah additionally offered this SIP, which proposes the bottom structure for the V3 system, in addition to all V3-related methods, comparable to governance cases (spartan-council, and so forth)This new structure minimizes complexity throughout releases, offers a novel approach of overcoming the EVM’s sensible contract measurement limits, and makes system upgrades very specific to the communityNoah defined that that is basically a diamond proxyOne of the principle variations is that V2X makes use of name and this new proposed structure for V3 makes use of delegatecallDelegatecall has some dangers related to it, comparable to storage collisions, which may be mitigated with correct toolingKaleb requested how we make sure that these upgrades don’t break contracts. Db stated sadly, solidity doesn’t present any of the mandatory instruments to stop storage collision however the CCs have tooling devoted to fixing this drawback, which prevents storage collisions from happeningVoting is open for this
SIP-316: Core System Precautionary Safety Options
The target of this SIP is to guard the protocol from loss by including an “interplay timeout” to Accounts, which prevents withdrawalsThis can be achieved with an SCCP-configurable parameter, withdrawTimeout, which can be added to the system to configure the wait time between account interplay and first-allowed withdrawalDb defined that this basically places an additional examine on probably the most delicate operation of the system (withdrawal)Moreover, it provides checks that enable disabling of most system capabilities in emergency conditions, much like SystemStatus in V2X (it is going to enable the “system proprietor” to shutdown protocol performance in case of emergency)Adam requested if the withdrawal timeout will create friction for attainable integrators. Db stated sure, it may create friction however this isn’t something new. This has to do with the system collateral (i.e. staking) and the CCs should not conscious of that being a goal for integrators. Even so, there are alternatives for overcoming this problem, however the principle goal of this SIP is securing the systemHe reminded the Council that that is an SCCP-configurable parameter. This implies at any level (with SC consensus) the timeout may be modified to zero, successfully turning it offTerra requested who the “proprietor” being specified within the SIP is, and if the intention of the proposal was to present the pDAO any extra privileges than they at the moment have. Db stated the plan in V3 is to ultimately cast off the pDAO and provides possession fully to the Spartan Council, and he clarified that the target of this SIP is to not give the pDAO any extra rights than they at the moment have in V2X. He has made adjustments to the SIP to replicate this clarification.The vote is open
SIP-2001: Pay DAO Stipends from Inflation
Artsychoke offered this SIP, which proposes paying the DAOs’ month-to-month stipends from inflation moderately than from the Treasury Council’s (TC) assetsRight now, council members obtain a predetermined month-to-month stipend for his or her participation, which is at the moment paid manually by the TCThe motivation behind this proposal is to extend self-sufficiency for the DAOs, when it comes to working prices, and to raised align stakeholdersArtsychoke defined that this SIP would additionally assist set a benchmark for a terminal inflation charge to cowl protocol bills into perpetuityIt was selected the decision that the SIP must be meta-governance voteHowever, William87 already introduced that his vote could be “NO” so this SIP is not going to be voted on this epoch
SIP-2002: Revised Quantity Supply Payment Program
Proposed by Mike, this SIP will set up a program administered by the Treasury Council to reward Synthetix integrators who drive quantity by the protocolThis proposes a tiered system for quantity rebates paid by the TC to integratorsPerps shouldn’t be at the moment included in any quantity supply program and this SIP intends so as to add that incentive by way of a program administered by the TCMike emphasised that it will present a very robust useful resource to exit and begin pitching different established protocols on getting Synthetix added to their system
SIP-2003: Perps V2 Buying and selling Incentives
This final SIP, additionally offered by Mike, goals to distribute the remaining OP from the section 0 Optimism grantRewards can be distributed over 17 weeks beginning with 50k OP the primary week, 100k the following 2 weeks and 200k each week after that till the fund is exhaustedThe main focus of this incentive program is perps buying and selling, and the thought is hopefully to develop the consumer base whereas additionally driving volumeThe rewards calculation will probably be achieved off chain, however the technical specs of the distribution are nonetheless being hashed outKaleb introduced up that the OP belongs to the TC and the burden to distribute it lies with them, so a SC vote is extra of a signaling train than an enforceable vote
Current on the February 6, 2023 Grants Council assembly:Grants Crew: Ana, CT, synthquest
The workforce had an extended dialog final week relating to the Stats web page, the place they mentioned various information sources, choices, entrance ends, expectations, and what the Grants Council ought to and mustn’t take duty for.
On a excessive degree, they need to take their previous stats web page and substitute the info sources with the brand new Dune API, and have a look at establishing a brand new information supply with a special service supplier.
The Council additionally mentioned the NFT undertaking, and have many various duties actioned for this week.
Current on the February 7, 2023 Ambassador Council assembly:Ambassadors: GUNBOATs, Kevin, mastermojo, Matt, MoneyManDoug
In Ambassador updates, the workforce mentioned future Spartan Areas, in addition to how the Threshold Protocol Spartan House went. The recording is now up on their YouTube channel, so test it out right here!
The workforce additionally mentioned governance updates, together with RFP Badgeholder nominations achieved by Matt and Mojo, with Matt nominating Synpress and Mojo nominating Cannon.
In addition they submitted a HOP proposal, which you’ll try right here.
Lastly, the workforce attended an Curiosity Protocol Name, Optimism Governance name, and submitted quite a few Gearbox, Euler, Hop votes!
Podcast now additionally on YOUTUBE
SNXweave Anchor Podcast: https://anchor.fm/snxweave
Comply with us on Twitter! @snx_weave
SIP/SCCP standing tracker:
SIP-308: Market-provided Collateral (V3), Standing: draft
SIP-309: Market-locked Collateral (V3), Standing: draft
SIP-310: Characteristic Flags (V3), Standing: draft
SIP-295: Including Perps V1 perps markets to Synthetix Perps V2, Standing: applied
SIP-2000: Add ATOM, AXS, FLOW, FTM, NEAR, AUD/USD and GBP/USD to Perps V2, Standing: applied
SCCP-277: Allow Perps V2 Markets / Replace Parameters, Standing: applied
SIP-306: V3 Migration, Standing: vote pending
SIP-307: Router Proxy Structure (V3), Standing: vote pending
SIP-316: Core System Precautionary Safety Options, Standing: vote pending
SIP-2001: Pay DAO Stipends from Inflation, Standing: draft
SIP-2002: Revised Quantity Supply Payment Program, Standing: vote pending
SIP-2003: Perps V2 Buying and selling Incentives, Standing: vote pending