SNXweave Weekly Recap

  • Your Spartan Council members for the upcoming epoch will be Kain, SynthaMan, Danijel, Afif, calavera, ksett, JVK, and Mark
  • Serving the community on the Treasury Council this epoch will be artsychoke, Jordan, elliptic-crv, and Spartan Glory
  • Our upcoming Grants Council members will be BigPenny, ALEXANDER, CT, Mike, and cyberduck
  • And lastly, your Ambassadors for the coming epoch will be MiLLiE, Matt, and mastermojo83

Spartan Council and SIP updates

Present at the March 29, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, BigPenny, bojan, jj, Kain, KALEB, redmarglar, TerraBellus
Core Contributors: Cavalier, Mark, Rafa

  • Allow trading at the pure Chainlink price for certain synths.
  • Remove the restriction on the Source or Destination Currencies being sUSD.
  • SIPs 219 and 223 propose adding an APECOIN and a DYDX perpetual market (a futures synth market) on Optimism, respectively, to track the price of each of these tokens.
  • Both of these SIPs were presented by MiLLiE, who explained that these two were selected specifically because there is no Chainlink feed currently available on Optimism for them.
  • ApeCoin has shown a lot of trading volume recently and is a very “retail facing” coin, but it’s currently not offered for trading on any other DeFi exchange — the only way to trade Ape is to use a centralized exchange.
  • dYdX is also currently not offered on DeFi exchanges. Everyone trading on dYdX gets rewarded in its native token, so many users want to be able to hedge their exposure to dYdX since there is a lock period on the rewards.
  • “These assets are very high in demand, so there’s an opportunity for Synthetix to catch a lot of trading volume.” -Millie
  • These SIPs were both voted on and approved with 7 votes in favor
  • This SIP proposes lowering the collateralization ratio for SNX staking to 400% on Optimism.
  • During his presentation, Raffiegang explained that since the debt pools have been merged, every staker is now exposed to the same debt pool composition. Logically, the c-ratio should therefore be the same for both networks, so he has proposed that the it be set to 400% on both.
  • Normally a c-ratio change would just require an SCCP, but since this was such a big change, Afif proposed that it be presented as a SIP.
  • This SIP has been voted on and approved with 7 votes in favor

Grants Council

Present at the March 31, 2022 Grants Council meeting:
Grants Team: beachmom, CT, cyberduck, Mike

  • The team discussed some of the coordination challenges surrounding the stats page. Since the Grants Council is heavily reliant on the Core Contributors (CCs) for input and data sources, it has caused some setbacks.
  • The Grants Council plans to set a course of action with the Treasury Council in the new epoch to ensure that they have the development resources necessary to achieve what they need to be achieved.
  • This project is progressing well.
  • The designers have been working on the accessories for each of the characters.
  • The Grants Council also received another lore submission and hope to have a more definitive direction for the final version this week. Once they decide on the specific direction, the writer will go deeper into that particular storyline.
  • The team has been discussing whether or not it would make more sense for this project to go through the CCs/marketing team, rather than through community grants.
  • Since the translations will require ongoing updates, and are a sensitive area that require a certain level of trust, it might be better to just work with one CC lead in each country for this project. More to come here.

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SIP/SCCP status tracker:

SIP-198: Update to Atomic Exchange Function, Status: approved

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SNXweave

SNXweave

Covering all things Synthetix.