September 17, 2021
The following post contains a recap of news, projects, and important updates from the Spartan Council and core contributors this week, as well as some performance highlights of those involved in governance. Future election coverage is also discussed.
Present at the September 14, 2021 Spartan Council Weekly Project Sync:
Spartan Council: Bojan, Brian, Danijel, Jackson, Kain, Michael, Spreek
Core Contributors: Afif, Andrew, Daniel, David, Jordan, Justin, Liam, Mark, Mike, Rafa
Starting off with some exciting news, Mirfak has been released to the EVM on Layer 1. The following four SIPs were included in this release:
- SIP-142 to Deprecate EtherCollateral Loans. This SIP officially deprecates old loan contracts that have already been wound down.
- SIP-145 for Debt Cache Event Consistency, which fixes an incorrect debt cache event value.
- SIP-170 for Inflation Diversion of L2 Incentives, which directs part of SNX inflation to L2 staking rewards.
- SIP-174 for Redeeming Deprecated Synths. This last SIP creates a synth redeemer contract that allows holders of deprecated synths to redeem them for sUSD at a frozen price from the time of deprecation.
While on the subject, Wezen is also being released this coming week. With the implementation of SIP-174 for Redeeming Deprecated Synths being implemented with Mirfak, synth deprecations will be much simpler going forward. Wezen will make use of this mechanism to deprecate several low-volume L1 synths with SIP-169. This release also includes SIP-158, which will deprecate all inverse synths in favor of synth shorting.
Next up is L2 Shorting — Mark says the audit came back and they’re just finishing up a few things there. He’s also been working with the Kwenta and Lyra teams to work on their integration points. It should be ready to be deployed on Kovan very soon.
The Atomic Exchange Function SIP is also almost ready to go out, Justin says it just needs some attention from the Core Contributors and that they should be able to get it out in the next couple of weeks.
There were also four SIPs that were presented this week:
- First, SIP-181, presented by Afif, proposes Simulated Liquidity for Synthetix Exchanges. This SIP proposes the implementation of a synthetic pricing curve with parametric liquidity constants to increase the cost of very large trades through Synthetix while still giving users the best price execution.
- Next, SIP-182 for a Wrappr Factory was presented by Mark and Daniel. This SIP will allow new Wrappr contracts to be deployed that can support virtually any ERC20 token. This new contract will behave just like its predecessor, the ETH Wrappr from SIP-112. This SIP also proposes a new abstract factory contract that can deploy new wrappers as needed, rather than creating another distinct SIP and contract for each new token to be added in the future.
- Lastly, SIPs 177 and 178 were presented this week by Andrew. These are the last two SIPs required for the Kwenta integration. Last week, SIP-179 for Kwenta’s Independence was approved with seven votes in favor and none against. Now, SIPs 177 and 178 will Formalize the Kwenta TreasuryDAO and the Kwenta Interim Council, respectively.
SCCP-138 to further Reduce the L2 Target C-Ratio to 600% was also voted on and approved this week with all eight Council members voting in favor. This will help bring much needed sUSD liquidity to Optimism.
Lastly for SIP updates, Jackson has been continuing with internal testing for Synthetic Futures and has a test net going. He’s currently working on a way to open the test net to the public, and is still working on the funding rate mechanism we discussed last week. As of now, he says the plan is to maybe have the Kwenta team pick up the Futures dApp to help make improvements so that the test net can be opened up for public trading. Jackson is also finishing up the specs for the Debt Shares SIP, which is scheduled to be presented next week.
As for the election, nominations opened this week for all Synthetix Governing Bodies! Be sure to get your nomination in by the end of the day UTC time September 21st by tagging Andy in the corresponding channel.
And in case you missed it, there will also be a vote for the newly formed Treasury Council this epoch. Functions of the Treasury Council will include treasury management, governance stipends, funding the Core Contributor Committee, providing budgets for the grantsDAO, funding operational cost of the protocolDAO, and issuing discretionary incentives.
As a reminder, SNXweave is hosting two panels for Spartan Council candidates. The first is for current Spartan Council members who are running again in this epoch, and the second is for Spartan Council candidates who have run in any previous epoch in the past. If this applies to you, please have your nomination in before Monday and tag ProofOfCake in the spartan-council-nominations channel if you’d like to take part in the panel and have a platform to discuss relevant issues and speak to your candidacy.
Both panels will be recorded privately and broadcast publicly on our Spotify podcast page next Wednesday before voting begins, so stay tuned!
SIP/SCCP status tracker:
SIP-142: Deprecating EtherCollateral Loans, Status: released on Mirfak
SIP-145: Debt Cache Event Consistency, Status: released on Mirfak
SIP-170: Inflation Diversion for L2 Incentives, Status: released on Mirfak
SIP-174: Redeem Deprecated Synths, Status: released on Mirfak
SIP-169: Deprecate Low Volume L1 Synths, Status: going out on Wezen imminently
SIP-158: Deprecate Inverse Synths, Status: going out on Wezen imminently
SIP-135: L2 Shorting, Status: approved
SIP-120: Atomic Exchange Function, Status: approved
SIP-181: Simulated Liquidity for Synthetix Exchanges, Status: SC Review Pending
SIP-182: Wrappr Factory, Status: SC Review Pending
SIP-177: Formalize Kwenta TreasuryDAO, Status: SC Review Pending
SIP-178: Formalize Kwenta Interim Council, Status: SC Review Pending
SIP-179: Kwenta Independence, Status: approved
SCCP-138: Reduce the L2 Target C-Ratio to 600%, Status: approved
SIP-80: Synthetic Futures, Status: feasibility