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Might 24, 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.
Spartan Council and SIP updates
Current on the Might 17, 2023 Spartan Council Weekly Mission Sync:Spartan Council: Cavalier, cyberduck, Danijel, dsacks, Jackson, ml_sudoCore Contributors: Afif, db, joey, KALEB, meb, Nikita, Rafa, sunny, troy
Getting proper into it — the primary precedence for V3 proper now could be high quality assurance and testing on the V3 spot market. Iosiro is trying on the code and the preliminary audit from Open Zeppelin is full, and Noah stated the CCs are loosely concentrating on this week for the spot market deployment with the ETH synth. The V3 docs must also be shareable by the point the spot market is reside, so the subsequent step would then be to bootstrap V3 with some liquidity to make sure the whole lot capabilities as meant with actual cash. Lastly, as soon as teleporters are wrapped up, which continues to be pending CCIP launch, the CCs will then have the ability to shift all of their focus to Perps V3.
Kaleb additionally gave an replace final week on SIP-2013, for the Dynamic Fuel Charge Module. It launched final week and is working as anticipated! Previous to implementation, it was not out of the abnormal to see 40–50 order cancellations in every week, and that has been dropped to ZERO, by offering extra up-to-date incentives for execution by keepers.
The Optimism Bedrock improve date was additionally introduced final week — it’ll happen with some downtime on June sixth, and a SIP for that is coming quickly. It will basically alter how gasoline costs are set on Optimism, so the CCs are drafting a brand new SIP to account for the adjustments.
And talking of the Optimism Bedrock, the Spartan Council and CCs had a fairly intensive dialogue throughout their assembly final week in regards to the particulars of the discharge. Relating to the beforehand talked about downtime, the present plan, pending governance, is to pause the opening of recent positions two days earlier than the scheduled launch date (June sixth) in order that customers would solely have the ability to shut positions throughout that point.
Danijel questioned whether or not this size of downtime was crucial, and after lots of dialogue, everybody got here to the conclusion that it’s in all probability crucial. For example, over the past interval of downtime, a extremely leveraged place that was very near liquidation was allowed to hold by way of the downtime. Liquidations couldn’t occur throughout this time, nevertheless, so the place went past its liquidation threshold and prompted a $1 million loss to the protocol.
Afif advised presumably reducing leverage to 10x starting every week earlier than the scheduled launch, justifying it by saying that regardless of this inflicting a break within the momentum, there will probably be decrease charges, sooner settlements, and an total crisper consumer expertise that ought to get the momentum going once more after the whole lot resumes.
Lastly, the OP Reward Program was mentioned, with Afif stating that quantity is sustaining a a lot larger degree ever because the rewards program started. Normally, this system quantities to a roughly 50–60% charge rebate for merchants and, total, there appears to be lots of natural arbitrage taking place. That is, in fact, solely the primary week of the full-scale rewards, so there’ll hopefully be one other huge push following the discharge of bedrock.
Grants Council
Current on the Might 18, 2023 Grants Council assembly:Grants Workforce: Alexander, CT, JVK, sunny, synthquest
The Grants Council mentioned the next matters at their assembly final week:
Price range goalsBots, internet hosting, and the place the GC can have controlNTF challenge — no notable adjustments right here from final week
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SIP/SCCP standing tracker:
SIP-2013: Dynamic Fuel Charge, Standing: carried out
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