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| --- | ||
| sccp: 327 | ||
| network: Base | ||
| title: Enable Perps V3 Markets / Update Parameters | ||
| author: Kaleb (@kaleb-keny) | ||
| status: Vote_Pending | ||
| created: 2024-04-25 | ||
| type: Governance | ||
| --- | ||
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| # Simple Summary | ||
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| This SCCP specifies the parameters of the followings SIPS: | ||
| - [SIP-370](https://sips.synthetix.io/sips/sip-370/) | ||
| - [SIP-372](https://sips.synthetix.io/sips/sip-372/) | ||
| - [SIP-375](https://sips.synthetix.io/sips/sip-375/) | ||
| - [SIP-379](https://sips.synthetix.io/sips/sip-379/) | ||
| - [SIP-380](https://sips.synthetix.io/sips/sip-380/) | ||
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| The below parameters would be applied on the new markets: | ||
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| | **Market** | **InitialMarginRatio** | **minInitialMarginRatio** | **maintMarginScalar** | **skewScale** | **maxMarketSize** | **maxMarketValue** | | ||
| |:----------:|:----------------------:|:-------------------------:|:---------------------:|:-------------:|:-----------------:|:------------------:| | ||
| | tao | 2.89 | 5% | 0.37 | 16,250 | 500 | 250,000 | | ||
| | link | 6.73 | 2% | 0.37 | 3,750,000 | 60,000 | 1,000,000 | | ||
| | gmx | 1.27 | 5% | 0.44 | 125,000 | 10,000 | 250,000 | | ||
| | inj | 1.31 | 5% | 0.46 | 750,000 | 10,000 | 250,000 | | ||
| | axl | 2.85 | 5% | 0.34 | 3,375,000 | 200,000 | 250,000 | | ||
| | sui | 1.96 | 5% | 0.34 | 27,500,000 | 180,000 | 250,000 | | ||
| | ethfi | 2.12 | 5% | 0.38 | 5,500,000 | 60,000 | 250,000 | | ||
| | tia | 2.24 | 5% | 0.38 | 3,000,000 | 20,000 | 250,000 | | ||
| | stx | 2.61 | 5% | 0.43 | 7,500,000 | 80,000 | 250,000 | | ||
| | arkm | 4.43 | 5% | 0.44 | 5,500,000 | 100,000 | 250,000 | | ||
| | ton | 2.89 | 5% | 0.37 | 4,000,000 | 40,000 | 250,000 | | ||
| | pendle | 2.45 | 5% | 0.37 | 3,000,000 | 35,000 | 250,000 | | ||
| | gala | 1.29 | 5% | 0.35 | 750,000,000 | 5,000,000 | 250,000 | | ||
| | bome | 1.44 | 5% | 0.38 | 1,875,000,000 | 20,000,000 | 500,000 | | ||
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| Aside from the changes above, the perps markets will have the following configurations as well: | ||
| - MakerFeeRatio: 2 bp | ||
| - TakerFeeRatio: 10 bp | ||
| - maxFundingVelocity: 36 | ||
| - flagRewardRatio: 3 bp | ||
| - minimumPositionMargin: 50 snxUSD | ||
| - lockedOiRatio: 0.5 | ||
| - maxLiquidationLimitMultiplier: 1.5 | ||
| - maxLiquidationPD: 5 bp | ||
| - endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f" | ||
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| # Abstract | ||
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| 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 | ||
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| # Motivation | ||
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| The main motivation is to launch the markets specified above. | ||
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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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