SNXweave Weekly Recap

Spartan Council and SIP updates

Present at the July 28, 2022 Spartan Council Weekly Project Sync:
Spartan Council: Afif, Ale, Burt Rock, Danijel, Kain, ksett, SynthaMan, TerraBellus
Core Contributors: Cavalier, Darius, KALEB, Matt, noah, Steve, Sunny

  • A lot of the SIP-301 implementation is in a good spot to start getting things in audit after its approval
  • Db is working on a draft implementation for SIP-305
  • After that, there’s just SIPs 304 and 306 left — the team is hoping to have draft implementations and presentations ready for these over the next month
  • Burt presented this SIP, explaining that it will implement a volume program for Synthetic Futures that rewards partner protocols based on the proportion of overall Synthetic Futures volume that each partner generates on a weekly basis
  • He said this will directly benefit stakers since all of the volume generated by the programs would accumulate fees that are distributed
  • Proposed rewards: 4,000 SNX weekly
  • Terra asked what the approval process look likes, and Burt explained that the only mandate at the moment is a simple application process (but this is open to feedback from Council)
  • This is being proposed as an intermediate fix until Futures V2 brings the volume source
  • If you recall, this was first proposed as an SCCP by Terra, but has now been rewritten into this SIP, per the feedback received last week
  • This rewritten SIP proposes a clarification of the circumstances in which meta-governance votes conducted by the Spartan Council may be considered valid. If approved, it would mean that iYES votes from dismissed Council members would not be necessary for a unanimous vote result to pass
  • This is being put to a vote

Grants Council

Present at the July 28, 2022 Grants Council meeting:
Grants Team: ALEXANDER, CT, cyberduck, JVK, Mike

Ambassador Council

Present at the July 28, 2022 Ambassador Council meeting:
Ambassadors: mastermojo, Matt, MiLLiE

  • 30% — Synthetix Stakers
  • 5% — synthetix.exchange and early Kwenta Traders
  • 5% — Investment
  • 25% — Community Growth Fund
  • 15% — Core Contributors
  • 20% — Kwenta Treasury

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

Follow us on Twitter! @snx_weave

SIP/SCCP status tracker:

SIP-258: Trade Directionality In Pricing of Atomic Swaps,

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SNXweave

SNXweave

Covering all things Synthetix.