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--- | ||
sccp: 2154 | ||
network: Optimism | ||
title: Update V2x Perp Parameters | ||
author: Kaleb (@kaleb-keny) | ||
status: Vote_Pending | ||
created: 2024-01-20 | ||
type: Governance | ||
--- | ||
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# Simple Summary | ||
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This SCCP proposes update the parameters of v2x Markets as per the below: | ||
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## MaxMarketValue | ||
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| **currency** | **Current $M** | **Proposed $M** | **Cex $M** | **Proposed in Market Currency** | | ||
|:------------:|:--------------:|:---------------:|:----------:|:-------------------------------:| | ||
| BTC | 138.91 | 75 | 8,848 | 756 | | ||
| STETH | 4.94 | 0 | 0 | 0.00 | | ||
| SOL | 130.37 | 75 | 1,382 | 385,449 | | ||
| DOGE | 18.33 | 10 | 732 | 27,000 | | ||
| BNB | 14 | 10 | 385 | 14,000 | | ||
| XRP | 8.58 | 10 | 943 | 3,500,000 | | ||
| USDT | 5 | 5 | 5 | 5,000,000 | | ||
| PEPE | 9.03 | 5 | 236 | 270,000,000,000 | | ||
| ADA | 7.87 | 5 | 227 | 4,750,000 | | ||
| SUI | 5.7 | 5 | 294 | 1,000,000 | | ||
| LINK | 5.13 | 5 | 145 | 230,000 | | ||
| LTC | 3.35 | 5 | 122 | 570,000 | | ||
| TRX | 2.29 | 3 | 65 | 130,000,000 | | ||
| AVAX | 7.27 | 3 | 140 | 75,000 | | ||
| XLM | 2.13 | 5 | 83 | 10,000,000 | | ||
| SHIB | 1.58 | 3 | 74 | 130,000,000,000 | | ||
| WLD | 0.77 | 3 | 119 | 1,500,000 | | ||
| ARB | 2.08 | 5 | 68 | 6,500,000 | | ||
| BONK | 3.38 | 5 | 45 | 180,000,000,000 | | ||
| ORDI | 0.52 | 5 | 54 | 200,000 | | ||
| CRV | 1.68 | 3 | 60 | 3,300,000 | | ||
| OP | 2.71 | 3 | 45 | 1,600,000 | | ||
| SEI | 0.58 | 3 | 48 | 7,600,000 | | ||
| INJ | 1.77 | 3 | 42 | 130,000 | | ||
| UNI | 1.37 | 3 | 98 | 220,000 | | ||
| RUNE | 1.17 | 3 | 26 | 900,000 | | ||
| DYDX | 0.42 | 3 | 32 | 2,300,000 | | ||
| TIA | 1.01 | 3 | 66 | 600,000 | | ||
| PYTH | 0.66 | 1.5 | 15 | 5,000,000 | | ||
| MKR | 1.76 | 3 | 42 | 2,130 | | ||
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## Funding Rates | ||
Increase `maxFundingRateVelocity` on ETH and BTC back to 9 from 4 | ||
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## Fees | ||
Raise SOL, PEPE and DOGE Maker fees to 2 bp from 0.01 bp | ||
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## Skew Scale | ||
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| **currency** | **Current** | **Proposed** | **Cex Slippage** | **Proposed Slippage** | | ||
|:------------:|:-----------:|:------------:|:----------------:|:---------------------:| | ||
| XRP | 187,500,000 | 58,593,750 | 4 | 16 | | ||
| LTC | 1,687,500 | 590,630 | 10 | 40 | | ||
| LINK | 7,500,000 | 3,000,000 | 10 | 40 | | ||
| BNB | 637,500 | 318,750 | 3 | 12 | | ||
| ADA | 150,000,000 | 75,000,000 | 8 | 32 | | ||
| SUI | 25,300,000 | 14,758,330 | 9 | 36 | | ||
| SOL | 2,800,000 | 1,750,000 | 2 | 8 | | ||
| SUSHI | 7,875,000 | 5,088,070 | 77 | 308 | | ||
| XLM | 166,500,000 | 111,000,000 | 12 | 48 | | ||
| ETC | 2,250,000 | 1,511,720 | 16 | 64 | | ||
| EOS | 48,000,000 | 34,363,640 | 22 | 88 | | ||
| ARB | 34,000,000 | 51,000,000 | 16 | 64 | | ||
| FIL | 6,375,000 | 9,562,500 | 12 | 48 | | ||
| INJ | 712,500 | 1,125,750 | 25 | 100 | | ||
| ORDI | 750,000 | 1,273,030 | 19 | 76 | | ||
| DYDX | 9,000,000 | 15,387,100 | 31 | 124 | | ||
| ICP | 1,000,000 | 1,713,240 | 34 | 136 | | ||
| WLD | 9,750,000 | 19,662,500 | 15 | 60 | | ||
| SEI | 35,500,000 | 72,210,230 | 22 | 88 | | ||
| TIA | 1,500,000 | 3,820,310 | 32 | 128 | | ||
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# Abstract | ||
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The parameter descriptions are as follows: | ||
- The `maxMarketValue` is the parameter in the markets' native currency that sets the acceptable oi beyound which orders are not allowed to be opened. | ||
- The `maxFundingRateVelocity` determines the speed at which market's funding rate change for a given level of skew. | ||
- The `makerFee` is the fee paid when balancing out the skew in a given market | ||
- The `skewScale` is the parameter that determines the slippage that is imposed on a market for a given skew. | ||
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# Motivation | ||
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The main motivation is to be better align outstanding markets offered on synthetix with the data available available on centralized exchanges. | ||
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# Copyright | ||
Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). |
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--- | ||
sccp: 2155 | ||
title: Market Makers Over-Collateralized sUSD Loans | ||
network: Optimism | ||
status: Vote_Pending | ||
type: Governance | ||
created: 2025-01-20 | ||
author: Kaleb | ||
--- | ||
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# Simple Summary | ||
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This SCCP proposes the establishment of a Gnosis Safe, managed by the Treasury, to hold the 5 million sUSD minted under SIP-2151. The Treasury will use this safe to offer market makers sUSD loans. Market makers can deposit yield-bearing [Static AAVE USDCn](https://optimistic.etherscan.io/address/0x4dd03dfd36548c840b563745e3fbec320f37ba7e) tokens as collateral, which can be minted on [paraswap](https://app.paraswap.xyz/), and receive sUSD loans at 90% LTV with no interest or fees. To reclaim their collateral, market makers simply return the borrowed sUSD to the safe. | ||
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# Motivation | ||
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The primary motivation is to provide market makers with a seamless mechanism to on-ramp and off-ramp sUSD, enhancing the trading experience for traders on Optimism. | ||
Market makers interested in participating can submit a request via the [Synthetix Discord](https://discord.gg/88Ee8meP). Treasury has full discretion over program applicants, reserving the right to reject small traders or those engaging in non perp market arbitrage activities. Priority will be given to market makers with a proven track record of executing high-volume arbitrage on Optimism. | ||
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# Copyright | ||
Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). |
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