From 354f4e4d3528f2a10bc9601cf90e21bf18c4fabe Mon Sep 17 00:00:00 2001 From: kaleb Date: Thu, 1 Aug 2024 17:04:34 +0200 Subject: [PATCH] Create sccp-346.md --- content/sccp/sccp-346.md | 78 ++++++++++++++++++++++++++++++++++++++++ 1 file changed, 78 insertions(+) create mode 100644 content/sccp/sccp-346.md diff --git a/content/sccp/sccp-346.md b/content/sccp/sccp-346.md new file mode 100644 index 000000000..a33494d4d --- /dev/null +++ b/content/sccp/sccp-346.md @@ -0,0 +1,78 @@ +--- +sccp: 346 +title: Deploy Multicollateral Perps Abitrum +network: Arbitrum +status: Draft +type: Governance +author: Kaleb +--- + +# Simple Summary + +This SCCP proposes to deploy multi-collateral [Perps V3](https://sips.synthetix.io/sips/sip-383/), on Abitrum with following configurations: + +## Markets: + +| **Market** | **InitialMarginRatio** | **minimumInitialMarginRatio** | **maintenanceMarginScalar** | **skewScale** | **maxMarketSize** | **maxMarketValue** | +|:----------:|:----------------------:|:-----------------------------:|:---------------------------:|:-------------:|:-----------------:|:------------------:| +| ETH | 2.00% | 0.744 | 0.333 | 350,000 | 15,000 | 40,000,000 | +| BTC | 2.00% | 1.07 | 0.333 | 35,000 | 1,200 | 50,000,000 | +| SOL | 2.00% | 5.503 | 0.333 | 1,406,250 | 270,000 | 40,000,000 | +| WIF | 4.00% | 1.00 | 0.5 | 15,000,000 | 2,500,000 | 3,000,000 | + +Aside from the above parameters , the perps markets will have the following configurations as well: +- MakerFeeRatio: 0 bp +- TakerFeeRatio: 5 bp (10 bp for WIF) +- maxFundingVelocity: 9 (36 for WIF) +- flagRewardRatio: 3 bp +- minimumPositionMargin: 50 +- lockedOiRatio: 0.25 (0.5 for WIF) +- maxLiquidationLimitMultiplier: 1.5 +- maxLiquidationPD: 5 bp +- endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f" + + +## Margins: + +| **Margin** | **Discount Upper** | **Discount Lower** | **Max Collateral Amount** | +|:----------:|:------------------:|:------------------:|:-------------------------:| +| ETH | 1.00% | 10.00% | 1,000 | +| BTC | 1.00% | 7.50% | 75 | +| USD | 0 | 0 | NA | + +Aside from the above parameters, the `discountScalar` would be set to 1 for all margins and the collateral liquidation penalty is 3 bp. + +## Keeper Parameters: + + +It is important to mention that markets would be launched with 0 caps on the sizes and would be raised once a integrator gives the green light on their readiness to provide an interface for traders. + +Also worth pointing out that initially the assymetric funding rate would be disabled in the initial phase of the deployment by setting + +# 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 initialMargin in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they are liquidated. +- 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 +- A discount rate is applied on the margin posted which scales based on it's size and is clamped between the lower and upper limit +- Max Collateral Amount is the maximum possible amount of margin that can be posted +- discountScalar helps increase or decrease the price impact on an account's margin holding +- the collateral liquidation penalty is the penalty paid to the liquidator for executing a liquidation + +# Motivation + +The main motivation is to launch perps v3 on arbitrum as specified in [SIP-367](https://sips.synthetix.io/sips/sip-367/). + +# Copyright +Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).