Weekly Recap 149: SNXweave

August 14, 2024

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

👉TLDR

Synthetix Perps launch on Arbitrum: USDx liquidity incentives flowing to Ramses and Curve pools while perps is still being deployed. The team is currently seeking out ARB extension and/or reallocation in collaboration with the Treasury Council.

Governance V3: The CCs are working to meet a tight timeline to be able to run the next election on Snaxchain.

Chainlink Oracle integration discussion: TLDR — this opportunity should be used to test the performance of new feeds (since Synthetix is oracle agnostic) and to make a data-driven decision regarding which is better once the data is clear. (see below for full conversation details)

SIP-402: Remove Account Cooldown Timer for Rewards Claim Function presentation overview (see below for recap)

Ambassador Council update: The AC assisted ecosystem partners in applying for Optimism’s Retro Funding Round 4. A total of 573,000 $OP was distributed to the following projects that received assistance from the Ambassadors: Synthetix, Kwenta, Thales_io, dHedge, Polynomial, TLX, Copin, Keng Lernitas, and Pyth Network. See links below for more info. Submissions are also open now for Optimism Grants — the Ambassadors recommend getting a proposal in ASAP if you plan to apply. The Council also expanded their governance reach into Kwenta — they ran in the recent Kwenta elections and were vote in by the community to be on the Kwenta Council.

Spartan Council and SIP updates

Present at the August 7, 2024 Spartan Council Weekly Project Sync:

Spartan Council: Cavalier, cyberduck, Millie, ml_sudo, Snax Frens, snxmaximalists

Core Contributors: Kaleb, Matt, meb, Mike, Mithrandir, robin, Steve, troy

Starting off with a few work in progress updates: the Arbitrum scaleup is seeing USDx liquidity incentives flowing to Ramses and Curve pools while perps is still being deployed. The team is currently seeking out ARB extension and/or reallocation in collaboration with the Treasury Council. And as for Governance V3, the CCs are working to meet a tight timeline to be able to run the next election on Snaxchain.

The Council also discussed the Chainlink Oracle integration, with ML bringing up UI logistics for an integration with another oracle. Since the price feeds would report slightly different data at any particular time, a different market would be required for each feed. Millie said it makes sense to test the bid/ask functionality that Chainlink is boasting in Data Streams, as it has the potential to help scale Synthetix Perps.

Fifa added that he generally agrees with the strategy outlined in the SIP, which proposes launching a small set of markets, gradually using new feeds to see what their performance is like under real trading conditions and allow the community to start interacting with them. That data can then be presented to integrators for them to choose how relevant or useful it may be to their user base. It would be possible to change feeds (from Pyth to Chainlink) at a later date, with some minor changes required to ensure a smooth handover.

TLDR for this conversation is basically that this opportunity should be used to test the performance of new feeds (since Synthetix is oracle agnostic) and to make a data-driven decision regarding which is better once the data is clear.

There was also a SIP presentation last week, presented by Robin, so let’s review it:

SIP-402: Remove Account Cooldown Timer for Rewards Claim Function

This proposal outlines a plan to remove the cooldown timer reset when users claim rewardsThe motivation behind this SIP is to remedy poor UX, as users are frequently confused when they wait 24 hours for funds to become withdrawable, claim rewards, and then realize that their previously withdrawable funds are now locked for another 24 hours
This has caused some confusion among LPs, so the SIP aims to resolve that issueThis fix would only apply to LP rewards, however (and not include any of the PnL distributions)

Ambassador Council

Present at the August 7, 2024 Ambassador Council meeting:

Ambassadors: dsacks, GUNBOATs, Mastermojo, Matt, Westie

In Ambassador updates, the Council assisted ecosystem partners in applying for Optimism’s Retro Funding Round 4, and as a result several projects were awarded OP for retroactive funding! The Optimism Collective is allocating 10M $OP to reward Superchain builders in this round, and a total of 573,000 $OP was distributed to the following projects that received assistance from the Ambassadors:

– Synthetix
– Kwenta
– Thales_io
– dHedge
– Polynomial
– TLX
– Copin
– Keng Lernitas
– Pyth Network

You can find the full results of Retro Funding Round 4 here, well as Optimism’s governance calendar for the month.

The Ambassadors also want it to be known that submissions are now open for Optimism Grants, and if you plan to submit a proposal they urge you to get your application in ASAP. Grant reviews are done in rounds that last 3 weeks, with the final grant review happening November 6th. Watch this video for a helpful tutorial on how to apply.

Lastly, the Ambassador Council has expanded their governance reach into Kwenta! They ran in the recent Kwenta elections and were voted in by the community to be on the Kwenta Council. Congrats as well to the other candidates who will serve alongside them: Andrew, Bulls-vs-Bears, 50, and Bjarko.eth.

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

Follow us on Twitter! @snx_weave

SIP/SCCP status tracker:

SIP-398: Chainlink Data Streams for Synthetix V3 on Arbitrum, Status: approved

SIP-402: Remove Account Cooldown Timer for Rewards Claim Function, Status: draft

In conclusion, the updates from the Spartan Council, Core Contributors, and Ambassador Council provide a comprehensive overview of the recent developments in the Synthetix ecosystem. From the launch of Synthetix Perps on Arbitrum to discussions about governance and Oracle integration, the community is actively working towards improving the platform for users and developers alike.

The involvement of the Ambassador Council in assisting ecosystem partners with funding applications and expanding governance reach into projects like Kwenta showcases the collaborative and supportive nature of the Synthetix community. By enabling projects to thrive and grow, the ecosystem as a whole benefits from increased innovation and adoption.

For more trending news articles like this, check out DeFi Daily News for the latest updates in the decentralized finance space.