SNXweave Weekly Recap

April 17, 2024

The following post contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors, as well as the Grants Council and Ambassador Council from last week.

👉TLDR

• Elections: Nominations open tomorrow (April 18th) & voting begins next Wednesday (April 24th). SNXweave will be hosting the Spartan Council candidate panel next Thursday (April 25th).
• Andromeda: LP caps have been raised to $21 million and LP-backed collateral is at ~$10 million. BTC and ETH OI caps are also around $10 million, with 14k SNX cumulative burn, so the council is just waiting for more LP to scale ETH and BTC caps past $10 million.
• Migration of L1 SNX to V3 using the V3 legacy market is in its final round of audit checks. Expected to be ready by the end of the month.
• L1 Perps is being released to testnet as third and final audit feedback is implemented. Expected to be ready by the end of the month.
• SIP-376: List 11 markets from Perps V2 on Perps V3 on Base presentation recap
• SIP-373: Preemptive Approval for Listing ENA Token on Perps V3 on Base presentation recap
• SIP-374: Preemptive Approval for Listing DEGEN Token on Perps V3 on Base presentation recap
• SIP-375: List BOME-PERP and ETHFI-PERP on Perps V3 on Base presentation recap
• Grants Council update: GC is being transformed into a single Grants Lead position. This person will coordinate with various governance bodies, as well as the community, to manage and deliver projects within the new Grants scope. If this is something that you are interested in, and think you would make a good candidate for, click here to apply by the end of the week!

Spartan Council and SIP updates

Present at the April 10, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Burt, Cavalier, David, Jade, KALEB, Matt, Mike, Nikita, Steve, sunny, troy

Before we dive into this week’s update, we need to first mention that the elections are upon us! Nominations will open tomorrow, April 18th, and voting will begin next Wednesday, April 24th. SNXweave will also once again be hosting a panel for all Spartan Council candidates, which will take place Thursday, April 25th. If you plan to run for Spartan Council be sure to get your nomination in by then and reach out to ProofOfCake to be included in the Election Panel!

And for community members and voters, keep your eyes peeled for a google form coming your way where you can submit your questions for this epoch’s Spartan Council candidates.

Now onto our regular updates — the LP caps on Andromeda have been raised to $21 million and LP-backed collateral is currently at about $10 million. BTC and ETH OI caps are also around $10 million, with 14k SNX cumulative burn, so the council is currently just waiting for more LP to scale ETH and BTC caps past $10 million.

The SIP to migrate L1 SNX to V3 is in its final round of audit checks, and L1 Perps is being released to testnet as the third and final audit feedback is being implemented. These are both expected to be ready by the end of the month.

There were also several SIP presentations last week, so let’s briefly review them:

SIP-376: List 11 markets from Perps V2 on Perps V3 on Base

• Presented by Burt, this SIP proposes listing 11 Perps markets, that are already available for trading on V2, to perps V3 on Base
• List includes DOGE, AVAX, OP, ORDI, PEPE, RUNE, BONK, FTM, ARB, MATIC, and BNB
• LP caps were recently increased, which will allow support for more open interest (OI)
• These markets were selected based on their high volume on V2 and should make trading on V3 more attractive for new users
• Kwenta will also be adding trading incentives to V3 beginning this week, which should dovetail nicely with the new offerings and increased OI caps

SIP-373: Preemptive Approval for Listing ENA Token on Perps V3 on Base

• This proposal will list ENA to perps V3, pending an SCCP for final listing parameters
• Synthetix is the L1 perps infrastructure provider for the Ethena Labs stablecoin, and listing the ENA token on Perps V3 on Base will help Synthetix ecosystem participants get exposure to it
• Burt explained that there are already perps listings of ENA on centralized and decentralized exchanges, so this one is ready to go, pending governance approval
• As of now, the LP constraint will limit OI on many of these new markets to ~$250,000

SIP-374: Preemptive Approval for Listing DEGEN Token on Perps V3 on Base

• Burt also presented this SIP, explaining that the DEGEN token is a payment token on the Farcaster app, which is powered by Base network
• This meme token is very hot right now on Base
• The proposal is seeking preemptive approval so that the market can be listed as soon as there are hedging opportunities on other centralized or decentralized exchanges to capture as much of the early interest as possible
• SC will have to approve an SCCP to set the parameters for this prior to listing

SIP-375: List BOME-PERP and ETHFI-PERP on Perps V3 on Base

• Danny presented this SIP, which proposes listing BOME and ETHFI on Perps V3 on the Base network
• Both of these already have quite a bit of perps volume on centralized and decentralized exchanges
• BOME is a Solana memecoin that launched on March 14th and became tradeable on Binance on March 16th
• ETHFI is the governance token for Ether.Fi, a non-custodial liquid restaking protocol on Ethereum

The votes are still active for all 4 of these SIPs that were presented last week, but all of them have already been approved with 6 votes in favor.

Grants Council

In Grants Council update, the DAO is being transformed into a single Grants Lead position. This new Grants Lead will be someone with experience as a technical project manager, and will be appointed by the Spartan Council. They will coordinate with various governance bodies, as well as the community, to manage and deliver projects within the new Grants scope. If this is something that you are interested in, and think you would make a good candidate for, click here to apply by the end of the week! This position will start with the new epoch, as soon as May 1st.

Subscribe to our YOUTUBE

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

Follow us on Twitter! @snx_weave

SIP/SCCP status tracker:

SIP-306: V3 Migration, Status: approved

SIP-376: List 11 markets from Perps V2 on Perps V3 on Base, Status: approved

SIP-373: Preemptive Approval for Listing ENA Token on Perps V3 on Base, Status: approved

SIP-374: Preemptive Approval for Listing DEGEN Token on Perps V3 on Base, Status: approved

SIP-375: List BOME-PERP and ETHFI-PERP on Perps V3 on Base, Status: approved

SIP-364: Reconfigure Grants Council, Status: implemented