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July 19, 2023
The next submit incorporates a recap of reports, tasks, 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 July 12, 2023 Spartan Council Weekly Undertaking Sync:Spartan Council: Adam, Burt Rock, Cavalier, Danijel, ml_sudoCore Contributors: Afif, KALEB, noah, Peiman, troy
FIRST, in case you missed it, we simply printed the Quarterly Report for Q2 at Synthetix so make sure you verify that out!
Subsequent, in thrilling information, Synthetix has built-in Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into V3. This milestone integration marks one of many first-in-production makes use of of Chainlink’s CCIP and can allow extremely environment friendly, safe, and dependable cross-chain transfers of sUSD by means of the Synthetix Teleporter (solely sUSD minted on the Synthetix V3 structure will be despatched through Teleporter).
Initially, this integration will allow V3 sUSD to maneuver between Ethereum and Optimism, however it has been configured to permit transfers to any EVM-compatible chain if accredited by the Spartan Council. Synthetix can be exploring the utilization of CCIP for extra use instances, together with cross-chain artificial perpetual futures, cross-chain staking swimming pools, and extra.
As for a piece in progress replace, work is constant on Perps V3. Kwenta and Polynomial are additionally getting ready for the upcoming testnet competitors — they’re engaged on organising entrance ends, and Synthetix is utilizing an in-house prototype to check the system. Auditors are additionally constructing out take a look at instances and have begun reviewing the code.
Lastly for V3, the audit for the governance secure module is full and progress on the election module has been made, SIP-328 is again from audit, and far of the staff is at ETHCC this week in Paris so we ought to be seeing a pleasant enhance in productiveness from the in-person collaboration.
For Perps V2, ETC and COMP feeds ought to be accessible this week and the ETH/BTC ratio feed ought to be accessible subsequent week. Each have made it by means of governance and are clear to proceed.
In different dialogue, Kaleb introduced up a problem with the MAV value feeds. Oracle suppliers have indicated that the variety of knowledge sources is under the place they like it to be, and the feed wouldn’t meet the minimal security standards. Primarily based on this new data, some council members have modified their votes on this SIP (it was initially 6–2 in favor, however has now been rejected with 6 votes in opposition to).
The Spartan Council additionally mentioned various collateral, as Cav introduced up some Discord conversations about attainable use of different collateral. He needed to get a temperature verify from the council on the place everybody stands on the prevailing proposal and if there have been any updates required. Cyberduck talked about that he’s placing a proposal collectively and is on the lookout for methods to just accept different collateral whereas additionally maximizing yield for SNX.
Cav instructed an ETH mortgage mechanic (just like V2 ETH loans) that might construct out protocol liquidity with out diverting any payment sharing away from SNX LPs. Duck is worried that because it hasn’t labored prior to now, it might not be a viable possibility now both. Adam instructed organising one other devoted name for this dialogue with the neighborhood, and he additionally flagged the widespread neighborhood concern with including further collateral (worth transferring away from SNX token holders). Duck responded saying if further collateral permits the protocol to scale, rewards for SNX LPs could also be much less when it comes to protocol share and would possibly even enhance in absolute phrases.
ML_sudo requested if any modeling has been performed to help this, and volunteered to collaborate with Duck on that entrance. Burt additionally introduced up the truth that many locally suppose issues have functioned completely nicely with out exterior collateral. A part of correcting it is a comms subject, and it might be useful to elucidate a number of the points which have provide you with that restriction to the neighborhood (along with proposal).
Subsequent up, there have been just a few SIP displays final week so let’s briefly evaluation them:
SIP-2026: Add YFI and MKR to Perps V2
Offered by GUNBOATs, this SIP proposes the addition of YFI and MKR perps marketsThere was normal help from the Spartan Council on this SIP
SIP-2027: Add RPL to Perps V2
Additionally offered by GUNBOATs, this SIP proposes the addition of an RPL perp marketThere was some consensus from council members to attend for suggestions on the oracle feed earlier than deciding easy methods to proceed right here
SIP-2009: Including ETH/BTC ratio to Synthetix Perps V2
Burt offered this SIP, which proposes providing ETH/BTC as a tradeable market, denominated in USD. For instance, an ETH/BTC ratio of 0.0700 would correspond to ETH/BTC perp priced at $0.0700This pair is quite common on centralized exchanges, which makes the execution of this SIP a bit simpler than making a customized ratio setupAn oracle feed is on the best way from each Pyth and ChainlinkIf the feed isn’t frontrun, this would be the first DEX providing of this buying and selling productThere was additionally normal help from the Spartan Council for this SIP
Grants Council
Current on the July 13, 2023 Grants Council assembly:Grants Group: ALEXANDER, CT, JVK, synthquest
In Grants Council updates, the staff obtained a brand new grant utility that they’ve been reviewing. After discussing the appliance, which requested an enormous grant to cowl the whole improvement on V3, CT requested that the staff clearly outline their funding coverage. This might be drafted by Synthquest and Alexander, to then be reviewed by everybody.
The Council has additionally been engaged on ENS resolving and looking, fixing “seek for account” vs Kwenta/Polynomial sensible account, engaged on a few Dune pages (Protocol PnL and Perps V2 Open Curiosity), in addition to coordinating with the Dev who says the NFT sensible contract is able to go dwell.
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SIP/SCCP standing tracker:
SIP-328: Debt Distribution View Capabilities, Standing: accredited
SIP-2025: Add MAV to Perps V2, Standing: rejected
SIP-2026: Add YFI and MKR to Perps V2, Standing: draft
SIP-2027: Add RPL to Perps V2, Standing: draft
SIP-2009: Including ETH/BTC ratio to Synthetix Perps V2, Standing: draft
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