SNXweave Weekly Recap 146

July 24, 2024

The next publish accommodates a recap of stories, initiatives, and essential updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.

👉TLDR

L1 Migration to V3: Legacy markets have been launched on L1 final week! The Treasury Council was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which is able to assist scale the brand new product.Second section: Migration can be open for all stakers, which is able to change how liquidation occurs (see beneath for particulars). There will even be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3, the bridge to maneuver debt from V2X on L1 to L2 can be suspended, and there can be a bridge out there to swap sUSD for the brand new snxUSD.SIP-398: Chainlink Knowledge Streams for Synthetix V3 on Arbitrum presentation recap (see beneath)

Spartan Council and SIP updates

Current on the July 17, 2024 Spartan Council Weekly Challenge Sync:Spartan Council: Afif, cyberduck, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalistsCore Contributors: 0xMithrandir, 0xrobin, Fred, jz, Kaleb, meb, Mike, pixelperfect, troy

Final week the workforce launched the legacy markets on L1! This implies there’s now a brand new market linked to V2X (much like the Spartan Council market on Base) that can maintain the Treasury Council place. The TC was the primary account emigrate and can proceed to again sUSD liquidity on V3, in addition to the brand new L1 Perps Market, which is able to assist scale the brand new product.

Within the second section, probably prepared within the subsequent two weeks, migration can be open for all stakers. It will change how liquidation occurs — let’s get into how:

Presently there’s a 6-hour ready interval after positions are flagged for liquidationIn the brand new system, liquidations will occur instantly and are socialized to all V3 staking positions (V2X will now not be part of the socialized liquidation pool)Self-liquidation will now not be out there in V3Liquidation rewards will now not be escrowed both — as an alternative, stakers who obtain these rewards will be capable of promote the SNX or use it to strengthen their c-ratio

Additionally within the second stage, there can be a suspension of sUSD minting and staking on V2X on Ethereum to encourage stakers to maneuver over to V3. The bridge to maneuver debt from V2X on L1 to L2 will even be suspended, and there can be a bridge out there to swap sUSD for the brand new snxUSD.

Subsequent, there was a SIP presentation final week: SIP-398, offered by Raoul from Chainlink, which proposes integrating Chainlink Knowledge Streams into the Synthetix V3 deployment on Arbitrum to bolster the protocol’s safety and efficiency. Let’s recap the presentation:

SIP-398: Chainlink Knowledge Streams for Synthetix V3 on Arbitrum

Raoul defined that V3 was designed to be oracle agnostic and this SIP proposes including the choice for integrators to decide on between Chainlink or PythHe steered a check section the place Synthetix would combine the Chainlink oracle on 10 markets on Arbitrum to additional assess efficiency in comparison with different providersChainlink Knowledge Streams boasts the next attributes:Reliability: Knowledge Streams is secured by the identical decentralized infrastructure {and professional} node operators that secures a lot of the TVL in DeFiAccuracy: Knowledge Streams tracks markets extraordinarily intently, normally inside half a BIP, and that is verified by way of Chainlink knowledge in addition to by third partiesSecurity: As a result of commit reveal structure, the value will not be revealed till the commerce is dedicated to. This structure additionally permits for hypothetical commerce execution with bid/ask knowledge which protects the protocol from frontrunningLow Latency: Knowledge from centralized exchanges is translated to Chainlink pricing in a short time (normally inside 1 second, in comparison with rivals’ 2–4 seconds)Chainlink has additionally supplied to tackle an excessive amount of the combination work on their finish, which would scale back the combination burden for Synthetix CCsThe value (paid to Chainlink) can be 1.5% of the charges generated It will probably be pushed to finish customers within the type of greater transaction prices to make use of these low latency oraclesChainlink can also be working in direction of having the ability to spin up value feeds sooner than previously (hopefully, inside 24 hours of a token launch)They are going to be offering full API entry for keepers within the Synthetix ecosystemBurt introduced up a problem relating to use of a number of oracles on the identical networkRaoul confirmed that there wouldn’t be something technically prohibiting integrators from utilizing a number of oracles on a single networkBurt flagged that with the variations in value experiences, use of various oracles would probably require totally different market listings, which wouldn’t be excellent from a UX perspective