Create sccp-2029.md

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/).
+
+