SNXweave Weekly Recap

September 3, 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.

Present at the August 31, 2021 Spartan Council Weekly Project Sync:

Spartan Council: Brian, Danijel, Jackson, Kain, Michael, Spreek
Core Contributors: Afif, Daniel, David, Jordan, Justin, Mike, Rafa

Starting off with some positive news, Kain says the V2x scope is pretty clear now with two phases of SIPs to be implemented. The resourcing has been lined up, and a roadmap was posted this past weekend that lists all the relevant SIPs, contextualizes them into categories, and splits them up into two phases. The first phase includes some minor improvements and several deprecations, while the second phase includes most of the work necessary for merging the debt pools. Kain says the second phase is anticipated to start sometime in the next month or so. Check out the roadmap here.

On another positive note, Kain and Afif have been working on an initial V3 product scope and have been making good R&D progress there on both product and architecture for V3. The V3 engineering team has also been hard at work and they’re getting close to an MVP implementation of the new architecture. This is likely going to significantly improve the censorship resistance and permissionlessness of the protocol.

Back to V2x, three SIPs and two SCCPs were voted on an approved this past week. SIP-155 to Deprecate the sDAO was approved with the entire council voting in favor. SIP-120 for the Atomic Exchange Function and SIP-169 to Deprecate Low Volume L1 Synths were both approved with five votes in favor and none against. SCCP-135 to Open Account Merging Continuously and SCCP-136 for Increasing L2 Inflationary Rewards to 50k were both approved with the entire council voting in favor of both.

To aid in future voting, the potential development of a notification system was discussed to help increase voting participation by notifying council members when a proposal’s voting period is coming to an end. This idea is being passed to the grantsDAO.

Now that SIP-155 to Deprecate the sDAO has been approved, Jordan says there should be more to share next week on the Core Contributor Committee SIP after he syncs up with those involved this week.

As for the Governance V3 SIP, Kain thinks this SIP needs some more revisions and will work on it with Andy and CT offline. It’s possible that this SIP will get split into two separate ones because of how dense it is.

The Kwenta SIPs are also progressing well, as Kain has been working with Andrew in the background on these. SIP-177 will formalize the Kwenta treasuryDAO, 178 will formalize the Kwenta Interim Council, and 179 will formally have Kwenta transferred from a Synthetix project to an independent protocol.

It’s important to note, however, that the Kwenta treasuryDAO and Interim Council will both be aligned with the existing Synthetix epochs. In both cases, there will be an open nomination and then a process to select members for the governance bodies of Kwenta. But for now, these will just be interim bodies that will last only until the Kwenta token is released; after which Kwenta token-holders can directly engage in governance. These three SIPs are expected to be presented soon.

Last week we discussed Synthetic Futures and the alpha test that was working on open OVM. Kain says they are now working on getting it deployed on Kovan to run a two-week incentivized test net. After getting results from that, there will potentially be a second incentivized test net based on any changes or feedback.

This week there are also three SIPs that are ready to be deployed. SIP-142 to Deprecate EtherCollateral Loans is ready to go out with the Mirfak release, as is the Inflation Diversion for L2 Incentives SIP. The L2 Bridged Governance SIP is also ready to be deployed, however it will be going out with the release after Wezen.

Lastly, as an update to last week’s LINK wrappr discussion: this SIP was moved to rejected and will be replaced by a future “Wrappr Factory” SIP that will serve as a more generalized and diverse wrappr contract. This is good news as it will mean only a variable change when wrapping new tokens in the future, rather than having to create an entirely new contract each time.

SIP/SCCP status tracker:

SIP-155: Deprecating the sDAO, Status: approved

SIP-120: TWAP Exchange Function, Status: approved

SIP-169: Deprecate low volume L1 Synths, Status: approved

SCCP-135: Open Account Merging Continuously, Status: vote in progress

SCCP-136: Increase L2 Inflationary Rewards to 50K, Status: vote in progress

SIP-161: Core Contributor Committee, Status: draft

SIP-172: Governance V3, Status: draft

SIP-177: Formalize Kwenta TreasuryDAO, Status: draft

SIP-178: Formalize Kwenta Interim Council, Status: draft

SIP-179: Kwenta Independence, Status: draft

SIP-80: Synthetic Futures, Status: feasibility

SIP-142: Deprecating EtherCollateral Loans, Status: approved, ready to be implemented

SIP-167: L2 bridged governance, Status: approved, ready to be implemented

SIP-170: Inflation Diversion for L2 Incentives, Status: approved, ready to be implemented

SIP-153: LINK Wrappr, Status: rejected

Covering all things Synthetix.