diff --git a/content/sccp/sccp-2029.md b/content/sccp/sccp-2029.md new file mode 100644 index 000000000..9a4caddce --- /dev/null +++ b/content/sccp/sccp-2029.md @@ -0,0 +1,83 @@ +--- +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 +--- + +# Simple Summary + +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 + +The below parameters would be configured: + +| **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 | + +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% + +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% + +# Abstract + +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) + +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 + +# 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/). + +