From 6c3daeafeade28e68d6d90f727b0ef9b7a3c391c Mon Sep 17 00:00:00 2001 From: kaleb Date: Tue, 1 Aug 2023 19:29:18 +0200 Subject: [PATCH 1/3] Create sccp-2032.md --- content/sccp/sccp-2032.md | 65 +++++++++++++++++++++++++++++++++++++++ 1 file changed, 65 insertions(+) create mode 100644 content/sccp/sccp-2032.md diff --git a/content/sccp/sccp-2032.md b/content/sccp/sccp-2032.md new file mode 100644 index 000000000..f94d7f132 --- /dev/null +++ b/content/sccp/sccp-2032.md @@ -0,0 +1,65 @@ +--- +sccp: 2032 +network: Optimism +title: Perp Parameters - WLD +author: Kaleb (@kaleb-keny) +status: Vote_Pending +created: 2023-08-01 +proposal: >- + https://snapshot.org/#/snxgov.eth/proposal/0xcd78eda5d35439da8e5542d5cd5df080b55bfdb3cdfa8fd98927ce98a760eed7 +type: Governance +--- + +# Simple Summary + +This SCCP proposes to unpause the [WLD perp market](https://sips.synthetix.io/sips/sip-2028/) and set the parameters as per the below: +- offchainMakerFees 2 bp +- offchainTakerFees 10 bp +- maxMarketValue 650k ($1.5m) +- liquidationBuffer 150 bp +- LiquidationPremiumMultiplier 3 +- skewScale 33 million +- maxFundingVelocity 36 +- maxLeverage 27.5 +- maxLiquidationDelta: maker+taker offchain fees +- maxPD: maxLiquidationDelta * 2 +- dynamicFeeRounds: 1 +- maxDynamicFeeRate: 10% +- 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 worldcoin perp market. + + +# Copyright + +Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). + + From 12f8073427b1041fe951e099a66e053c994f8588 Mon Sep 17 00:00:00 2001 From: kaleb Date: Tue, 1 Aug 2023 19:36:17 +0200 Subject: [PATCH 2/3] Update sccp-2032.md --- content/sccp/sccp-2032.md | 19 +++++++++++-------- 1 file changed, 11 insertions(+), 8 deletions(-) diff --git a/content/sccp/sccp-2032.md b/content/sccp/sccp-2032.md index f94d7f132..9e938a9eb 100644 --- a/content/sccp/sccp-2032.md +++ b/content/sccp/sccp-2032.md @@ -13,17 +13,20 @@ type: Governance # Simple Summary This SCCP proposes to unpause the [WLD perp market](https://sips.synthetix.io/sips/sip-2028/) and set the parameters as per the below: -- offchainMakerFees 2 bp -- offchainTakerFees 10 bp -- maxMarketValue 650k ($1.5m) -- liquidationBuffer 150 bp -- LiquidationPremiumMultiplier 3 -- skewScale 33 million -- maxFundingVelocity 36 -- maxLeverage 27.5 +- offchainMakerFees: 2 bp +- offchainTakerFees: 10 bp +- maxMarketValue: 650k ($1.5m) +- liquidationBuffer: 150 bp +- LiquidationPremiumMultiplier: 3 +- skewScale: 33 million +- maxFundingVelocity: 3600% +- offchainDelayedOrderMinAge: 2 +- offchainDelayedOrderMaxAge: 60 +- maxLeverage: 27.5 - maxLiquidationDelta: maker+taker offchain fees - maxPD: maxLiquidationDelta * 2 - dynamicFeeRounds: 1 +- offchainPriceDivergence: 2.5% - maxDynamicFeeRate: 10% - nextPriceConfirmWindow: 2 - delayedOrderConfirmWindow: 120 seconds From 200223b1e19d7c0d980e85252cc22bf53f45c627 Mon Sep 17 00:00:00 2001 From: kaleb Date: Tue, 1 Aug 2023 19:43:32 +0200 Subject: [PATCH 3/3] update headers --- content/sccp/sccp-2031.md | 2 +- content/sccp/sccp-2032.md | 2 +- 2 files changed, 2 insertions(+), 2 deletions(-) diff --git a/content/sccp/sccp-2031.md b/content/sccp/sccp-2031.md index eab8ddee3..c1a9349f3 100644 --- a/content/sccp/sccp-2031.md +++ b/content/sccp/sccp-2031.md @@ -3,7 +3,7 @@ sccp: 2031 network: Optimism title: Update Perp Parameters - Increase CRV Max Market Value author: Kaleb (@kaleb-keny) -status: Vote_Pending +status: Implemented created: 2023-07-31 proposal: >- https://snapshot.org/#/snxgov.eth/proposal/0xcd78eda5d35439da8e5542d5cd5df080b55bfdb3cdfa8fd98927ce98a760eed7 diff --git a/content/sccp/sccp-2032.md b/content/sccp/sccp-2032.md index 9e938a9eb..bb74b473b 100644 --- a/content/sccp/sccp-2032.md +++ b/content/sccp/sccp-2032.md @@ -6,7 +6,7 @@ author: Kaleb (@kaleb-keny) status: Vote_Pending created: 2023-08-01 proposal: >- - https://snapshot.org/#/snxgov.eth/proposal/0xcd78eda5d35439da8e5542d5cd5df080b55bfdb3cdfa8fd98927ce98a760eed7 + https://snapshot.org/#/snxgov.eth/proposal/0xa1a40fc2ffd81de6edc21ff25ec3cf8d3248f331ebb98f69ddda34b5fd32f1cf type: Governance ---