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| --- | ||
| sccp: 2029 | ||
| network: Optimism | ||
| title: Enable Perps V2 Markets / Update Parameters | ||
| author: Kaleb (@kaleb-keny) | ||
| status: Vote_Pending | ||
| proposal: >- | ||
| https://snapshot.org/#/snxgov.eth/proposal/0x2749d7f816f98e1139d45be2ed38d30801858b104fae05a6eddef7fc4b86d5b8 | ||
| created: 2023-07-26 | ||
| type: Governance | ||
| --- | ||
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| # Simple Summary | ||
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| This SCCP proposes to unpause the new perp markets specified in the below SIPS: | ||
| - [SIP-2009](https://sips.synthetix.io/sips/sip-2009/) ETH/BTC | ||
| - [SIP-2023](https://sips.synthetix.io/sips/sip-2023/) XMR | ||
| - [SIP-2025](https://sips.synthetix.io/sips/sip-2025/) MAV | ||
| - [SIP-2024](https://sips.synthetix.io/sips/sip-2024/) ETC & COMP | ||
| - [SIP-2026](https://sips.synthetix.io/sips/sip-2026/) YFI & MKR | ||
| - [SIP-2027](https://sips.synthetix.io/sips/sip-2027/) RPL | ||
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| The below parameters would be configured: | ||
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| | **Market** | **Ofc Maker/Taker Fees** | **MaxMarketValue** | **SkewScale** | **LiquidationBufferRatio** | **LiquidationPremiumMultiplier** | | ||
| |:----------: |:------------------------: |:------------------: |:-------------: |:--------------------------: |:--------------------------------: | | ||
| | ETH/BTC | 1/5 | 50,000,000 | 1,700,000,000 | 75 bp | 1.5625 | | ||
| | ETC | 2/8 | 55,000 | 4,000,000 | 100 bp | 1.5625 | | ||
| | COMP | 2/10 | 15,000 | 860,000 | 150 bp | 3 | | ||
| | MKR | 2/10 | 750 | 60,000 | 150 bp | 3 | | ||
| | XMR | 2/10 | 5,000 | 255,000 | 150 bp | 3 | | ||
| | YFI | 2/10 | 75 | 2,500 | 150 bp | 3 | | ||
| | MAV | 2/10 | 500,000 | 21,000,000 | 150 bp | 3 | | ||
| | RPL | 2/15 | 3,000 | 17,500 | 150 bp | 3 | | ||
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| Aside from the changes above, the perps markets will have the following configurations as well: | ||
| - offchainDelayedOrderMinAge: 2 seconds | ||
| - offchainDelayedOrderMaxAge: 60 seconds | ||
| - maxFundingVelocity: 27 | ||
| - maxLeverage: 27.5 | ||
| - offchainPriceDivergence: 2.5% | ||
| - maxLiquidationDelta: maker+taker offchain fees | ||
| - maxPD: maxLiquidationDelta * 2 | ||
| - dynamicFeeRounds: 1 | ||
| - maxDynamicFeeRate: 10% | ||
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| The parameters for deprecated trading paths (atomic and delayed) are as follows: | ||
| - nextPriceConfirmWindow: 2 | ||
| - delayedOrderConfirmWindow: 120 seconds | ||
| - minDelayTimeDelta: 60 seconds | ||
| - maxDelayTimeDelta: 6000 seconds | ||
| - taker & maker fees on delayed orders (not-offchain) and atomic orders: 30% | ||
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| # Abstract | ||
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| The parameters configurations description is as follows: | ||
| - maker/taker offchain delayed orders pertain to fees charged with the pyth offchain route | ||
| - maxMarketValue is the max market value of the relevant market in the underlying currency | ||
| - skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates | ||
| - liquidationBufferRatio and liquidationPremiumMultiplier are parameters that determine the safety buffer required for liquidations | ||
| - minDelayTimeDelta is the minimum period after which delayed orders can be executed | ||
| - maxDelayTimeDelta is the maximum period before which delayed orders can be executed | ||
| - offchainDelayedOrderMinAge is the minimum delay before which offchain orders can be executed | ||
| - offchainDelayedOrderMaxAge is the maximum delay after which offchain orders cannot be executed | ||
| - maxFundingVelocity is the main parameter that allows to nudge funding rates | ||
| - offchainPriceDivergence is the maximum allowable delta between chainlink and pyth prices | ||
| - dynamicFeeRounds and maxDynamicFeeRate are set to the above specified parameters, via DirectIntegrationManager, effectively disabling dynamic fees on perp markets (due to legacy code base) | ||
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| Parameters for trading paths (atomic and delayed orders) which are set for deprecation but need to be specified: | ||
| - makerFee/takerFee fees pertain to fees for atomic trades at chainlink price, which have been deprecated via high fees | ||
| - maker/taker delayed fees pertain to fees for trades at the next chainlink price, which have been deprecated via high fees | ||
| - nextPriceConfirmWindow is the window, in chainlink rounds, in which next price delayed orders can be triggered, a deprecated path for trading | ||
| - delayedOrderConfirmWindow is the minimum number of seconds after which next price delayed orders can be triggered if no new chainlink rounds are available, a deprecated path for trading | ||
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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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Successfully deployed to the following URLs:
sips – ./
sips-synthetixio.vercel.app
synthetixio-github-io.vercel.app
sips-git-master-synthetixio.vercel.app
sips.synthetix.io