March 15, 2023
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 the Spartan Council Weekly Project on March 8, 2023:
Spartan Council: Adam, Cavalier, dsacks, Jackson, KALEB, SeliniCapital (Jordi representative), William87
Major contributors: Afif, Bex, Darius, Joey, jz, Matt, Mike, Nikita, Noah, Sunny
First and foremost, our top priority now is to activate the market with V3. Auditors are starting to look at spot market implementations, SIP Because this will be announced tomorrow. CC has done a lot to get the ball rolling for Perps V3 on ETHDenver — we still need to focus on pushing Perps V2 volume, but the team is working hard to get users to start testing Perps as soon as possible. We hope to prepare a V3 UI prototype. .
Adam asked if there is already a communication plan in place for integrators to share documentation and guides for getting started with system updates and new stablecoins. Noah definitely has to start prioritizing once everything is audited, he said.
As far as Perps V2 is concerned, all updates are code complete. The auditor should be able to complete the review next week as there are other active audits currently being worked on. Updates are a collection of improvements discovered through alpha and beta by CCs, integrators, and other active users. BTC and ETH open interest limits have also been increased.
There were several SIP presentations last week as well, so let’s take a quick look back.
SIP-237: Debt Transfer
- This SIP introduces a mechanism that allows stakers to migrate their debt positions from Ethereum to Optimism without having to burn their debt. This has been a long time coming and marks the end of V2X!!! Let’s celebrate the moment 🎉
- Current staking migration process requires stakers to burn all debt due to debt register design limitations
- Debtshare implementation now allows staking positions to be transferred without the need to burn debt
- During the presentation, Kaleb raised concerns about how escrow entries were handled using this.
- There has been some debate about what the new unlock date should be — Jackson has done this once in the past when escrow changes were made, so much has been considered
- Chainlink is ready, SIP could be released this week
SIP-2007: direct integration — peg balancing
- For background, the protocol is currently at wrappr caps on DAI and ETH, and sUSD may start trading at a premium again. As DAI wrappr increases, there is a risk of increased long skew due to non-perps usage.
- One possible solution is to make more DAI wrappers available to Optimism. that’s all let it go only to the perpetrator
- SIP-2007 proposes to allow free exchange of sUSD to sETH through direct integration with pDAO.
- This will give the pDAO more direct control over its debt composition and bias.
- This may be especially useful during the proposed OP trading incentive rewards as we anticipate an influx of active users
Terra asked why this should be a special pDAO privilege rather than a governance control action via SCCP if this mechanism is not intended to be used frequently.
- Kaleb explained that getting SCCP through governance may take too long to protect users from paying a premium for sUSD.
- Cavalier emphasized that this seemed like a mechanism by which the CC could ensure that the protocol’s components were functioning as designed, and that each action should not require governance procedures (the governance process should be because you have already approved the protocol’s intended function).
- Kaleb more clearly specifies the types of transactions that this SIP authorizes.
- It was also proposed to set up a channel announcing all transactions executed using this mechanism for greater transparency.
This SIP was rejected to make changes.
Podcast is also being distributed Youtube
SNXweave Anchor Podcast: https://anchor.fm/snxweave
Follow me on Twitter! @snx_weave
SIP/SCCP Status Tracker:
SIP-317: spot market, Status: Draft
SIP-237: Debt Transfer, Status: Draft
SIP-2007: direct integration — peg balancing, Status: Rejected