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42 changes: 42 additions & 0 deletions content/sccp/sccp-315.md
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---
sccp: 315
title: Update Perps V3 Parameters
type: Governance
network: Base
author: Kaleb (@kaleb-keny)
status: Vote_Pending
created: 2024-04-04
---

<!--You can leave these HTML comments in your merged SCCP and delete the visible duplicate text guides, they will not appear and may be helpful to refer to if you edit it again. This is the suggested template for new SCCPs. Note that an SCCP number will be assigned by an editor. When opening a pull request to submit your SCCP, please use an abbreviated title in the filename, `sccp-draft_title_abbrev.md`. The title should be 44 characters or less.-->

## Simple Summary

<!--"If you can't explain it simply, you don't understand it well enough." Provide a simplified and layman-accessible explanation of the SCCP.-->

This SCCP proposes to update the perps v3 parameters as per the below:

## Skew Scale

| **Market** | **Current Scale** | **Proposed Scale** | **Current Slippage** | **Proposed Slippage** | **Cex Slippage** |
|:----------:|:-----------------:|:------------------:|:--------------------:|:---------------------:|:----------------:|
| ETH | 1000000 | 500000 | 1.5 | 3 | 1 |
| BTC | 100000 | 50000 | 1.5 | 3 | 1 |

*Slippage per 500k$ trade*

## Abstract

<!--A short (~200 word) description of the variable change proposed.-->

`skewScale` is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates.

## Motivation

<!--The motivation is critical for SCCPs that want to update variables within Synthetix. It should clearly explain why the existing variable is not incentive aligned. SCCP submissions without sufficient motivation may be rejected outright.-->

The proposed parameter changes on skew scale aim at increasing the incentive on arbitrageurs to arbitrage the skew.

## Copyright

Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).
62 changes: 62 additions & 0 deletions content/sccp/sccp-316.md
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---
sccp: 316
network: Base
title: Enable Perps V3 Markets / Update Parameters
author: Kaleb (@kaleb-keny)
status: Vote_Pending
created: 2024-04-05
type: Governance
---

# Simple Summary

This SCCP specifies the parameters of the followings SIPS:
- [SIP-363](https://sips.synthetix.io/sips/sip-363/)
- [SIP-368](https://sips.synthetix.io/sips/sip-368/)

The below parameters would be applied on the new markets:

| **Market** | **InitialMarginRatio** | **minimumInitialMarginRatio** | **maintenanceMarginScalar** | **skewScale** | **takerFeeRatio** | **maxMarketSize** | **maxMarketValue** |
|:----------:|:----------------------:|:-----------------------------:|:---------------------------:|:-------------:|:-----------------:|:-----------------:|:------------------:|
| SNX | 2.82 | 0.05 | 0.39 | 3,400,000 | 0.001 | 127,000 | 500,000 |
| SOL | 24.39 | 0.02 | 0.33 | 1,406,250 | 0.0008 | 2,900 | 500,000 |
| WIF | 5.99 | 0.04 | 0.4 | 10,000,000 | 0.001 | 152,000 | 500,000 |
| W | 15.39 | 0.05 | 0.35 | 8,750,000 | 0.001 | 508,000 | 500,000 |


Aside from the changes above, the perps markets will have the following configurations as well:
- MakerFeeRatio: 2 bp
- maxFundingVelocity: 36
- flagRewardRatio: 3 bp
- minimumPositionMargin: 50 snxUSD
- lockedOiRatio: 0.5
- maxLiquidationLimitMultiplier: 1.5
- maxLiquidationPD: 5 bp
- endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f"

# Abstract

The parameters configurations description is as follows:
- initialMarginRatio is a scalar applied on the minimumInitialMarginRatio to determine the minimum initial margin required to support a given portfolio of positions
- maintenanceMarginScalar is a scalar applied on the initialMarginRatio in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they head to the oubliette.
- skewScale is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates
- maxMarketSize is the max market value of the relevant market in the underlying currency
- maxMarketValue is the max market value of the relevant market in USD
- maker/taker fees pertain to fees charged when trading
- maxFundingVelocity is the main parameter that allows to nudge funding rates
- minimumPositionMargin is the minimum margin required
- lockedOiRatio is the multiplier that determines the minimum amount of perp collateral required to back a given perp market
- maxLiquidationLimitMultiplier is a parameter that rate limits liquidations. It is applied on the sum of maker and taker fees with a liquidation rate limit being triggered if pd exceeds that value
- maxLiquidationPD is the minimum pd that triggers a reset of the liquidation capacity
- flagRewardRatio is the reward paid to the flagger, capped at 100 snxUSD per account liquidated
- endorsedLiquidator is a liquidator address that can bypass the rate limit

# Motivation

The main motivation is to launch the markets specified above.

# Copyright

Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).


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---
sccp: 317
network: Base
title: Update Perps V3 Gas Units
author: Kaleb (@kaleb-keny)
status: Implemented
created: 2024-04-05
type: Governance
---

# Simple Summary

This SCCP proposes to increase the L2 gas units to 1.65m from 1.5m for settling orders.

# Abstract

Keepers are compensated a specific amount of L2 gas units for settling orders.

# Motivation

The motivation is to continue to provide keepers with the necessary incentive to execute orders.

# Copyright

Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).


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