SNXweave Weekly Recap

Spartan Council and SIP updates

Present at the April 12, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, calavera, Danijel, JVK, Kain, ksett, Mark, Synthaman
Core Contributors: Cavalier, jj, KALEB

  • Presented by Kain, this SIP proposes adding an optional source fee as a transaction parameter that can be passed from any frontend to the Synthetix Exchange Contracts. Kain explained that the existing volume program is capped, so it’s insufficiently incentivizing to get other integrations over the line. Adding a source fee at the protocol level will allow integrators to capture fees from the volume they route through Synthetix.
  • The initial SIP proposed a subtractive fee; however, the SIP has been changed to make it additive to create competition on as many dimensions as possible.
  • Ksett asked if there is a maximum, and Kain said there will need to be a cap — possibly 100 basis points.
  • Danijel asked if the volume partner has total control over fees after setting it originally, and Kain replied yes, they can change it any time.
  • Millie presented this SIP, which will introduce a series of key performance indicators (KPIs) for the Ambassador Council.
  • These KPIs include things such as delegated voting power, number of social events and their audience, grant referrals, SIPs written by the Council, and more.
  • Kaleb questioned what kind of reporting mechanism will be used with regard to transparency. Millie said the plan is to compile data monthly, adding that there is very little overhead in the tracking process.
  • Kain and Danijel challenged whether a SIP is necessary for this kind of change. Matt emphasized, however, that if it were just a spoken mandate, future Ambassador Councils could choose to not adhere to it. It therefore makes more sense as a formalized SIP, rather than a self-imposed measuring stick.
  • Kaleb presented this SIP, which proposes allowing the Spartan Council to vote on adding new synths, futures markets and shorts via SCCP rather than SIP.
  • The idea behind this SIP is to decrease governance fatigue and expedite the listing of new assets that are straightforward and might not warrant the slow governance process of a SIP and presentation.
  • Consensus was reached that only asset instruments with existing Chainlink feeds can be added via SCCP.
  • Both of these SIPs were also presented by Kaleb, who explained that the plan is to add these products to the futures market with low interest caps.
  • The idea is to bring more volume to the futures functionality.
  • Kain brought up that with SIP-227, adding SNX for futures would allow spot SNX to be added later via SCCP, which he is opposed to. Kaleb will be adding language to the SIP that requires other SNX products to be added via SIP in the future.
  • These will be placed on hold until there is more consensus and other synths are rolled out.

Grants Council

Present at the April 14, 2022 Grants Council meeting:
Grants Team: ALEXANDER, BigPenny, CT, Mike

Ambassador Council

Present at the April 13, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

  • Disputes are handled primarily through dispute council
  • 3 of 5 votes are required to resolve a vote in either direction
  • Thales council is a backstop for this — they can pause the contract at any time if there is an issue
  • Any user can establish a market
  • Users must capture the full range of outcomes in whatever market they are proposing
  • Users can then take their positions on that market which must happen before the event happens
  • The odds are determined at the end of the positioning phase
  • Then there is the maturity phase where anyone can set the result (this is where disputes come in)
  • There is a 24-hour period from the end of the event to the claiming phase
  • If a dispute is filed and the oracle council resolves this dispute, the window drops to 4 hours
  • Anyone can ask a question to the oracle
  • Anyone can propose an answer
  • The default challenge window is 2 hours but that can be changed
  • If it’s disputed, all the UMA voters go to the interface and propose their vote secretly
  • Voting period is 24 hours
  • All the voters who voted correctly receive token rewards and get their gas cost rebated
  • At least 5% of token holders must vote or it gets put to a revote
  • Average voter participation is 30–40%

Podcast now also on YOUTUBE: https://www.youtube.com/channel/UCb8dkE5QtfyIYSt0VrHXU4g

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

Follow us on Twitter! @snx_weave

SIP/SCCP status tracker:

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

--

--

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