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March 15, 2023
The next put up accommodates a recap of reports, initiatives, and essential 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 March 8, 2023 Spartan Council Weekly Venture Sync:Spartan Council: Adam, Cavalier, dsacks, Jackson, KALEB, SeliniCapital (representing Jordi), William87Core Contributors: Afif, Bex, Darius, joey, jz, Matt, Mike, Nikita, noah, sunny
First off, the highest precedence proper now’s getting markets up on V3. Auditors are beginning to have a look at the spot market implementation, and the SIP for that is being introduced tomorrow. The CCs additionally did so much to get the ball rolling on Perps V3 at ETHDenver — the main target ought to nonetheless be on driving Perps V2 quantity, however the crew is hoping to get a Perps V3 UI prototype prepared for customers to begin testing as quickly as doable.
Adam requested if there was already a communication plan in place to share documentation or guides for integrators to begin making use of the system replace and new stablecoin. Noah mentioned it’s positively one thing they’ll have to begin prioritizing as soon as every thing is in audit.
So far as Perps V2 goes, the entire updates are code-complete. Auditors ought to have the ability to full the overview subsequent week, since they presently produce other energetic audits that they’re engaged on. The updates are a set of enhancements found by way of the alpha and beta by the CCs, integrators, and different energetic customers. Open curiosity caps have additionally been raised for BTC and ETH.
There have been additionally a few SIP displays final week, so let’s briefly overview them.
SIP-237: Debt Migration
This SIP introduces a mechanism to permit stakers emigrate their debt place from Ethereum to Optimism with out the necessity to burn their debt. This has been a very long time coming and marks the tip of V2X!!! Let’s take a second to have a good time that 🎉The present staking migration course of requires stakers to burn all debt because of limitations within the debt register designThe implementation of debt shares has allowed for staking positions to be migrated with out the necessity for debt to be burnedDuring the presentation, Kaleb raised a priority about deal with escrow entries with thisThere was some dialogue about what the brand new unlock date must be — Jackson weighed in so much as a result of he did this as soon as earlier than when escrow modifications had been made within the pastChainlink is able to go and the SIP could possibly be launched as early as this week
SIP-2007: Direct Integration — Peg Balancing
As a background, the protocol is presently on the wrappr cap for DAI and ETH, which might trigger sUSD to begin buying and selling at a premium once more. The danger is that if the DAI wrappr is elevated, any utilization exterior of perps would enhance the lengthy skew.One doable resolution is to extend the DAI wrapper for availability to Optimism solely to make sure it solely goes to perpsSIP-2007 proposes permitting a direct integration with the pDAO to swap sUSD for sETH with no feeThis would give the pDAO extra direct management of the debt composition and skewThis additionally could also be particularly helpful in the course of the proposed OP buying and selling incentive rewards as a result of anticipated inflow of energetic customers
Terra requested why this must be a particular pDAO privilege moderately than a governance-controlled motion through SCCP if the intention was for this mechanism for use sometimes:
Kaleb defined that the period of time to get an SCCP by way of governance could also be too lengthy to guard customers from paying a premium on sUSDCavalier highlighted that this looks like a mechanism that may enable CCs to make sure elements of the protocol are performing as they’re designed to, and shouldn’t require a governance step at every motion (since governance processes already permitted the supposed perform of the protocol)Kaleb can be specifying extra clearly what kind of transactions can be licensed below this SIPIt was additionally steered {that a} channel be set as much as announce all transactions executed utilizing this mechanism for elevated transparency
This SIP was rejected to ensure that modifications to be made.
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SIP/SCCP standing tracker:
SIP-317: Spot Markets, Standing: draft
SIP-237: Debt Migration, Standing: draft
SIP-2007: Direct Integration — Peg Balancing, Standing: rejected
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