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--- | ||
sccp: 2115 | ||
network: Base | ||
title: Update Perps V3 Parameters | ||
author: Kaleb (@kaleb-keny) | ||
status: Vote_Pending | ||
created: 2024-05-27 | ||
type: Governance | ||
--- | ||
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# Simple Summary | ||
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This SCCP proposes to update the perps v3 parameters as per the below: | ||
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## Skew Scale: | ||
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| **Market** | **Current Scale** | **Proposed Scale** | **Current Slippage** | **Proposed Slippage** | **Cex Slippage** | | ||
|:----------:|:-----------------:|:------------------:|:--------------------:|:---------------------:|:----------------:| | ||
| WIF | 10,000,000 | 15,000,000 | 162.59 | 108.39 | 27.24 | | ||
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** Slippage figures in the table above are with respect to a trade size of USD 1 million ** | ||
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## Maker Fee | ||
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Lower the SOL market maker fee to 0.01 bp from 2 bp | ||
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# Abstract | ||
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Below is a description of the parameter changes proposed in the SCCP: | ||
- `skewScale` is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates. | ||
- `makerFee` is the fee applied when a trader decreases the skew taken on by liquidity providers. | ||
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# Motivation | ||
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The proposed parameter changes on maker fee aim at increasing the incentive for arbitraging the skew. While the parameter changes proposed on skew scale aim at improving the value offering on WIF, given the current market conditions. | ||
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# Copyright | ||
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Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). | ||
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--- | ||
sccp: 2116 | ||
network: Optimism | ||
title: Update Perps V2 Parameters | ||
author: Kaleb (@kaleb-keny) | ||
status: Vote_Pending | ||
created: 2024-05-27 | ||
type: Governance | ||
--- | ||
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# Simple Summary | ||
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This SCCP proposes to update the perps v2 parameters as per the below: | ||
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## Skew Scale: | ||
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| **Market** | **Current Scale** | **Proposed Scale** | **Current Slippage** | **Proposed Slippage** | **Cex Slippage** | | ||
|:----------:|:-----------------:|:------------------:|:--------------------:|:---------------------:|:----------------:| | ||
| PYTH | 14,437,500 | 35,000,000 | 391.00 | 161.29 | 36 | | ||
| WLD | 3,250,000 | 9,750,000 | 168.00 | 56.00 | 18 | | ||
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** Slippage figures in the table above are with respect to a trade size of USD 500 thousand ** | ||
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## Update Endorsed Liquidator Parameters | ||
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Update the `maxLiquidationDelta` of and `maxPD` of the SOL perp market to 8.01 bp and 16.02 bp, respectively. | ||
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# Abstract | ||
Below is a description of the parameter changes proposed in the SCCP: | ||
- `skewScale` is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates. | ||
- `maxPD` and `maxLiquidationDelta`, described in [SIP-2095](https://sips.synthetix.io/sips/sip-2005/), are parameters that determine whether accounts flagged for liquidation require an endorsed account to confirm the liquidation. As a rule, the `maxPD` is configured to 2 * (offchain maker fee + offchain taker fee) while the `maxLiquidationDelta` is set to offchain maker + offchain taker fees. | ||
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# Motivation | ||
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The proposed parameter changes on skew scale aim at calibrating the incentive on arbitrageurs to arbitrage the skew by targeting an effective liquidity comfortably below liquidity available on centralized exchanges. | ||
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The update to `maxPD` and `maxLiquidationDelta` are proposed in this SCCP, following the change in maker fee on the SOL perp market in [SCCP-2106](https://sips.synthetix.io/sccp/sccp-2106/). | ||
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# Copyright | ||
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Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). | ||
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