SNXweave Weekly Recap

Spartan Council and SIP updates

Present at the May 31, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, calavera, Danijel, JVK, Kain, ksett, Mark, SynthaMan
Core Contributors: Ale, Cavalier, KALEB, Matt, Mike, Noah

  • This SIP adds another required check to the onlyTrustedMinters modifier in Issuer in order to greatly increase the overall security of the system going forward
  • Approved with 8 votes in favor
  • This SIP will modify the system so that users will only be allowed to interact with SNX, as well as synths, via their proxies, and stop allowing transfers via their implementations
  • Not yet voted on
  • This SIP Liquidates the correct amount of debt for accounts with mostly escrowed SNX
  • At last week’s presentation, Mark explained that SIP-240 corrects an issue in the new liquidation mechanism that was a niche case and luckily only impacted a few users
  • Approved with 6 votes in favor
  • This SIP will deprecate sDEFI and open it for redemption at the latest price available on chain
  • GUNBOATs presented this last week, explaining that the reason for this SIP was the index had LUNA in it, and the team doesn’t have the manpower to manage the index manually.
  • Redemption for this synth would be in sUSD at the current price — effectively similar to equity synth deprecation.
  • Approved with 5 votes in favor

Grants Council

Present at the June 2, 2022 Grants Council meeting:
Grants Team: ALEXANDER, CT, cyberduck, Mike

Ambassador Council

Present at the June 2, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

  • SIP-241: KPI-based Ambassador Mandate (update)
  • SIP-242: OP Token Distribution
  • 1,855,598 OP delegated from 1,635 delegators (as of June 6th)
  • Made introduction between Velodrome and the Treasury Council for launch partners (Treasury Council now has a veNFT representing 1% of VELO emissions, credits to Mojo)

Podcast now also on YOUTUBE

SNXweave Anchor Podcast: https://anchor.fm/snxweave

Follow us on Twitter! @snx_weave

SIP/SCCP status tracker:

SIP-239: Liquidator Rewards Restitution, Status: implemented

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
SNXweave

SNXweave

Covering all things Synthetix.