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Update stp-19.md (#1946)
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update wording and status to Approved
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cavalier-eth authored Apr 17, 2024
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---
stp: 19
title: Perp trading incentives on Base
status: Draft
status: Approved
author: Cavalier (@cavalier_eth)
implementation-date:
discussions-to: TC Discord Channel
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## Simple Summary
<!--"If you can't explain it simply, you don't understand it well enough." Simply describe the outcome the proposed change intends to achieve. This should be non-technical and accessible to a casual community member.-->
This proposal allocates up to 500,000 SNX from the Treasury for perp trading incentives on Base. At the current SNX price, this proposal could rebate the trading fees of approximately $6.25b of volume.
This proposal allocates up to 500,000 SNX from the Treasury for perp trading incentives on Base. At the current SNX price, this proposal could rebate the trading fees of approximately $3.75b of volume.

## Abstract

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Reducing the effective fees attracts traders to try Synthetix perps on Base:
- Perp fees are currently 2bp Maker and 6bps Taker on popular markets like ETH and BTC
- Assuming an average of 4 bps fees per trade, $100m of trading volume can be fully rebated with 8,000 SNX @$5
- 500k SNX @ $5 will rebate the fees on approximately $6.25b in trading volume, aproximately double the monthly volume currently traded on Optimism Perps v2
- Assuming an average of 4 bps fees per trade, $100m of trading volume can be fully rebated with 13.3k SNX @$3
- 500k SNX @ $3 will rebate the fees on approximately $3.75b in trading volume, aproximately double the monthly volume currently traded on Optimism Perps v2

### Financial Specification

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