SNXweave Weekly Recap

Spartan Council and SIP updates

Present at the May 3, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, Danijel, JVK, ksett, Mark
Core Contributors: Cavalier, db, jj, KALEB, Matt, Noah

  • In V2X, you stake, get sUSD, and then you’re immediately exposed to every asset in the debt pool
  • Afif said that in V3, the proposal is that every new synth or trading product will exist as its own market, and debt gets passed to any user who is staked in that market
  • In the V3 staking model, users would be able to decide which synths or products they want to stake into
  • This creates a much more flexible infrastructure
  • Will introduce the concept of an NFT representing the account
  • Noah said this will allow for positions to be transferred from one wallet to another without having to exit and re-enter
  • Governance will vote on which types of collateral are let into the system
  • The primary UX will be the ability to stake into the Spartan Council fund (collateral voted by governance)
  • Collateral can be split across different funds (for example: 50% to the Spartan Council fund and 50% to a different fund)
  • Each fund would have its own c-ratio
  • “Funds” nomenclature still TBD
  • Market manager will allow users to register their market contracts (this is what the individual market implementation would interact with to determine what liquidity has been provided)
  • Noah said the big objective is to make the architecture more permissionless and silo risk
  • Risk of a particular fund is only assumed by those participating in it

Grants Council

Present at the May 5, 2022 Grants Council meeting:
Grants Team: ALEXANDER, BigPenny, CT, cyberduck, Mike

Ambassador Council

Present at the May 4, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

  • SIP-224: KPI-based Ambassador Mandate (author: Millie)
  • SCCP-187: Update Open Interest Limits — Increase sGOLD (sXAU) (authors: Matt, mastermojo, Millie)
  • SCCP-189: Change SNX Inflationary Distribution Ratio (author: Matt)
  • ARC: Enable sUSD as collateral on AAVE V3 on Optimism (authors: Matt, Millie)
  • Conversation from CryptoTesters Discord
  • Gabriel Haines referred for a grant to produce a video explainer series on Synthetix. Gabriel has a large following on Twitter and YouTube.

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SIP/SCCP status tracker:

SCCP-189: Change SNX inflationary distribution ratio, Status: implemented



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