From 8b556991e0b996d2bd8db717716a7b470cc457d4 Mon Sep 17 00:00:00 2001 From: kaleb Date: Mon, 14 Aug 2023 19:21:21 +0200 Subject: [PATCH 1/4] Create sccp-2036.md --- content/sccp/sccp-2036.md | 35 +++++++++++++++++++++++++++++++++++ 1 file changed, 35 insertions(+) create mode 100644 content/sccp/sccp-2036.md diff --git a/content/sccp/sccp-2036.md b/content/sccp/sccp-2036.md new file mode 100644 index 000000000..c722e6a21 --- /dev/null +++ b/content/sccp/sccp-2036.md @@ -0,0 +1,35 @@ +--- +sccp: 2036 +network: Optimism +title: Update USDT Perps V2 - Spontaneous Vs Endorsed Liquidation Parameters +author: Kaleb (@kaleb-keny) +status: Vote_Pending +proposal: >- + https://snapshot.org/#/snxgov.eth/proposal/0x2749d7f816f98e1139d45be2ed38d30801858b104fae05a6eddef7fc4b86d5b8 +created: 2023-08-14 +type: Governance +--- + +# Simple Summary + +This SCCP proposes to update the USDT perps v2 parameters as per the below: +- `maxPD` updated from 15 bp to 30 bp +- `maxLiqudiationDelta` update from 30 bp to 15 bp + +# Abstract + +maxPD (MPD) and maxLiquidationDelta (MLD) are parameters introduced in [SIP-2005](https://sips.synthetix.io/sips/sip-2005/) and they are set by governance taking into account the below rules: +- maxPD is set to 2 * (offchain maker fee + offchain taker fee) +- maxLiquidationDelta is set to offchain maker + offchain taker fees + +These parameters did not respect the above rule of thumb in [SIP-2030](https://sips.synthetix.io/sips/sip-2030/), which might result in more endorsed liquidations then necessary. + +# Motivation + +The main motivation is to align the `maxPD` and `maxLiquidationDelta` parameters in terms of setting across all markets. + +# Copyright + +Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). + + From e122d41912c1063cb748d8e0cdd293aea52b8a1d Mon Sep 17 00:00:00 2001 From: kaleb Date: Mon, 14 Aug 2023 19:26:42 +0200 Subject: [PATCH 2/4] Update sccp-2036.md --- content/sccp/sccp-2036.md | 9 ++++----- 1 file changed, 4 insertions(+), 5 deletions(-) diff --git a/content/sccp/sccp-2036.md b/content/sccp/sccp-2036.md index c722e6a21..33157be87 100644 --- a/content/sccp/sccp-2036.md +++ b/content/sccp/sccp-2036.md @@ -1,7 +1,7 @@ --- sccp: 2036 network: Optimism -title: Update USDT Perps V2 - Spontaneous Vs Endorsed Liquidation Parameters +title: Update USDT Perps V2 - `maxPD` and `maxLiquidationDelta` author: Kaleb (@kaleb-keny) status: Vote_Pending proposal: >- @@ -18,15 +18,14 @@ This SCCP proposes to update the USDT perps v2 parameters as per the below: # Abstract -maxPD (MPD) and maxLiquidationDelta (MLD) are parameters introduced in [SIP-2005](https://sips.synthetix.io/sips/sip-2005/) and they are set by governance taking into account the below rules: +maxPD (MPD) and maxLiquidationDelta (MLD) are parameters introduced in [SIP-2005](https://sips.synthetix.io/sips/sip-2005/) and are set by governance taking into account the below rules: - maxPD is set to 2 * (offchain maker fee + offchain taker fee) - maxLiquidationDelta is set to offchain maker + offchain taker fees - -These parameters did not respect the above rule of thumb in [SIP-2030](https://sips.synthetix.io/sips/sip-2030/), which might result in more endorsed liquidations then necessary. +These parameters did not respect the best practive rule of thumb which has been rolled out on all existing perp markets which could result in more relinance on endorsed liquidations then necessary without having any effect on the trading experience. # Motivation -The main motivation is to align the `maxPD` and `maxLiquidationDelta` parameters in terms of setting across all markets. +The main motivation is to align the `maxPD` and `maxLiquidationDelta` parameters as per the rules of thumb established on all markets. # Copyright From 5073c001d7fb78e38c9c31e4bb3fa9614df3fa79 Mon Sep 17 00:00:00 2001 From: kaleb Date: Mon, 14 Aug 2023 19:31:53 +0200 Subject: [PATCH 3/4] Update sccp-2036.md --- content/sccp/sccp-2036.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/content/sccp/sccp-2036.md b/content/sccp/sccp-2036.md index 33157be87..aa1a4acb6 100644 --- a/content/sccp/sccp-2036.md +++ b/content/sccp/sccp-2036.md @@ -14,7 +14,7 @@ type: Governance This SCCP proposes to update the USDT perps v2 parameters as per the below: - `maxPD` updated from 15 bp to 30 bp -- `maxLiqudiationDelta` update from 30 bp to 15 bp +- `maxLiquidationDelta` update from 30 bp to 15 bp # Abstract From 68abac36299cdce0d5d4785ebda825453d81ef15 Mon Sep 17 00:00:00 2001 From: kaleb Date: Mon, 14 Aug 2023 19:34:11 +0200 Subject: [PATCH 4/4] Update sccp-2036.md --- content/sccp/sccp-2036.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/content/sccp/sccp-2036.md b/content/sccp/sccp-2036.md index aa1a4acb6..7e6603a35 100644 --- a/content/sccp/sccp-2036.md +++ b/content/sccp/sccp-2036.md @@ -5,7 +5,7 @@ title: Update USDT Perps V2 - `maxPD` and `maxLiquidationDelta` author: Kaleb (@kaleb-keny) status: Vote_Pending proposal: >- - https://snapshot.org/#/snxgov.eth/proposal/0x2749d7f816f98e1139d45be2ed38d30801858b104fae05a6eddef7fc4b86d5b8 + https://snapshot.org/#/snxgov.eth/proposal/0x5f2878f9a384fed4d635767c2b5bb615a1f286d8e1d26b7e9621616c611720a9 created: 2023-08-14 type: Governance ---