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SNXweave Weekly Recap 68

by CryptoFan
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December 8, 2022

The following posts contain summaries of news, projects and important updates from the Spartan Council and Core Contributors, Grants Council and Ambassador Council over the past week.

Spartan Council and SIP updates

Attend Spartan Council Weekly Project Sync on December 1, 2022:
Spartan Council: Adam, Afif, Burt, dsacks, ksett, nana, Terra Bellus
Major contributors: ana, cavalier, darius, joey, jz, caleb, noah, steve

Alpheca release is out!This includes SIP-299 — Minor upgrade to V2X to support V3 migration — Implemented last week with no downtime. This gave some special powers to the LegacyMarket contract that facilitated the transition to Synthetix V3. These upgrades set the groundwork for the staker to move collateral and debt from her V2X to V3. This is a huge milestone on the road to V3.

The remaining important SIPs for V2 are: 237 (debt transfer) and 255(Burning instead of splitting fees) — 299 is done, so these will happen in the coming weeks.

Kaleb also provided some updates on the Atomic Swap parameter, saying that this week he hopes to:

  • Switch Uniswap V3 pool to 5bp with direct integration with 1inch
  • Gradual reduction of fees to 5bp

Curve also implements some changes to pool parameters. We are reducing sETH and sUSD to 2bp and adjusting the amplification factor for the sUSD pool. Kaleb said he hopes these changes will make atomic swaps more competitive.

As for V3, Noah said the full range of Synthetix V3 cores were offered for audit!!!

Perps V2 is also almost ready for release. This means contributors can start working on all new markets rolled out in V3 once all audits are complete.

We had several SIP presentations last week, so let’s do a quick review.

SIP-290: Deprecated SIP/SCCP

— This SIP presented by Millie proposes a small change to Github’s organizational flow — Adds a “deprecated” category for SIP

— Currently Draft, Approved, Implemented, Feasibility, Pending Vote, Rejected

— However, no category of SIP has been deprecated or disused over time after being implemented.

— Applicable to many rates in different markets.Updated, old moved to deprecated

— Github will clarify which parameters no longer apply

— Terra: Who decides when SIP becomes irrelevant and deprecated?

  • Millie: The proposal only states if there are protocol governance upgrades to deprecate.
  • Probably in the hands of whoever the SIP editor is

— Terra: When decommissioning happens, will there be a SIP created to initiate decommissioning or is it just a housekeeping task?

  • Millie: It’s just housework.

— Terra proposed to do one SIP to retire all currently applicable SIPs. A future SIP can then include the deprecation in its proposal if it deprecates the current SIP. There was consensus about this update.

SIP-291: an independent working group

— Millie also published this SIP proposing some changes to the Ambassador Council’s structural workflow.

— He explained that the current ambassadorial mandate is a bit restrictive on how people can contribute.

— Initially, we thought Ambassador would just go through governance to change permissions as needed and move from there.

— but there is a lot of governance overhead for every small change.

— KPI mandate is a bit narrow — would require proposed SIP if they want to expand it

— Millie: “The KPI mandate was originally about transparency and accountability, but SNXweave already documents everything we do, so the transparency and accountability is already there. .”

— He added that KPI’s mandate ensures that Ambassador operates like a business, but he wants to make sure Synthetix’s governance represents the right DAO.

— No major changes. The election/governance process is the same.

— The Ambassador brand will also be maintained for a while for consistency, but Millie said the reason for “Workgroup” is to move away from the meaning of the word “ambassador.”

— If this SIP is passed, the current ambassador mandate will be repealed.

— There seems to be general support for this SIP, with Kaleb even saying he thinks it’s a really good improvement.Millie agreed and said she thinks more people will join in

SCCP-249 was proposed last week by the Gauntlet team, providing data and reasons for wanting to increase the target c-ratio from 400% to 425%. However, this SCCP of his was rejected by the Spartan Council.

Grants Council

Attend the Grants Council on December 1, 2022:
Grant Team: Alexander, CT, Cyberduck, JVK

An update from the Grants Council states that the team is working on an NFT project and is discussing it in detail as they continue to work out Mint’s contact details. Duck said the contract work itself is progressing well and may require another eye, such as a soft audit. He also plans to give the team an update on lore this week.

Duck also shared that he was approached by another DAO about the SIP/SCCP website and expressed interest in creating his own version using the site’s UI. The team has made some good suggestions on how to release this as a public good that anyone can use and deploy in their own repositories. They determined that this might be difficult with different DAO code structures, so Duck creates a short description so that the UI can fit into your own template.

Ambassador Council

Attend the Ambassador Council on November 29, 2022:
Ambassador: GUNNBOATs, Kevin, mastermojo, Matt, Millie

In an Ambassador update, in addition to Millie’s two SIPs last week, Mastermojo created a Delegate Communication Thread with the HOP protocol. I suggested setting his HOP incentive for Optimism’s sUSD and SNX pools at $5,000 per month. Ambassador now has 3.6k on the governance participation hop!The team is also working on getting more Euler delegated votes.

Podcast is also being distributed Youtube

SNXweave Anchor Podcast: https://anchor.fm/snxweave

Follow me on Twitter! @snx_weave

SIP/SCCP Status Tracker:

SIP-299: Minor upgrade to V2X to support V3 migration, Status: Implemented

SIP-237: Debt Transfer, Status: Draft

SIP-255: burn the tolls instead of distributing them, Status: Approved

SIP-290: deprecated SIP/SCCP, Status: Draft

SIP-291: Independent Working Group, Status: Draft

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