{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-2029/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-2029.md","frontmatter":{"sip":null,"sccp":2029,"title":"Enable Perps V2 Markets / Update Parameters","network":"Optimism","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x2749d7f816f98e1139d45be2ed38d30801858b104fae05a6eddef7fc4b86d5b8","implementor":null,"release":null,"created":"2023-07-26T00:00:00.000Z","updated":null,"status":"Implemented"},"html":"<h1 id=\"simple-summary\" style=\"position:relative;\"><a href=\"#simple-summary\" aria-label=\"simple summary permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Simple Summary</h1>\n<p>This SCCP proposes to unpause the new perp markets specified in  the below SIPS:</p>\n<ul>\n<li><a href=\"https://sips.synthetix.io/sips/sip-2009/\">SIP-2009</a> ETH/BTC</li>\n<li><a href=\"https://sips.synthetix.io/sips/sip-2023/\">SIP-2023</a> XMR</li>\n<li><a href=\"https://sips.synthetix.io/sips/sip-2025/\">SIP-2025</a> MAV</li>\n<li><a href=\"https://sips.synthetix.io/sips/sip-2024/\">SIP-2024</a> ETC &#x26; COMP</li>\n<li><a href=\"https://sips.synthetix.io/sips/sip-2026/\">SIP-2026</a> YFI &#x26; MKR</li>\n<li><a href=\"https://sips.synthetix.io/sips/sip-2027/\">SIP-2027</a> RPL</li>\n</ul>\n<p>The below parameters would be configured:</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Market</strong></th>\n<th align=\"center\"><strong>Ofc Maker/Taker Fees</strong></th>\n<th align=\"center\"><strong>MaxMarketValue</strong></th>\n<th align=\"center\"><strong>SkewScale</strong></th>\n<th align=\"center\"><strong>LiquidationBufferRatio</strong></th>\n<th align=\"center\"><strong>LiquidationPremiumMultiplier</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">ETH/BTC</td>\n<td align=\"center\">1/5</td>\n<td align=\"center\">50,000,000</td>\n<td align=\"center\">1,700,000,000</td>\n<td align=\"center\">75 bp</td>\n<td align=\"center\">1.5625</td>\n</tr>\n<tr>\n<td align=\"center\">ETC</td>\n<td align=\"center\">2/8</td>\n<td align=\"center\">55,000</td>\n<td align=\"center\">4,000,000</td>\n<td align=\"center\">100 bp</td>\n<td align=\"center\">1.5625</td>\n</tr>\n<tr>\n<td align=\"center\">COMP</td>\n<td align=\"center\">2/10</td>\n<td align=\"center\">15,000</td>\n<td align=\"center\">860,000</td>\n<td align=\"center\">150 bp</td>\n<td align=\"center\">3</td>\n</tr>\n<tr>\n<td align=\"center\">MKR</td>\n<td align=\"center\">2/10</td>\n<td align=\"center\">750</td>\n<td align=\"center\">60,000</td>\n<td align=\"center\">150 bp</td>\n<td align=\"center\">3</td>\n</tr>\n<tr>\n<td align=\"center\">XMR</td>\n<td align=\"center\">2/10</td>\n<td align=\"center\">5,000</td>\n<td align=\"center\">255,000</td>\n<td align=\"center\">150 bp</td>\n<td align=\"center\">3</td>\n</tr>\n<tr>\n<td align=\"center\">YFI</td>\n<td align=\"center\">2/10</td>\n<td align=\"center\">75</td>\n<td align=\"center\">2,500</td>\n<td align=\"center\">150 bp</td>\n<td align=\"center\">3</td>\n</tr>\n<tr>\n<td align=\"center\">MAV</td>\n<td align=\"center\">2/10</td>\n<td align=\"center\">500,000</td>\n<td align=\"center\">21,000,000</td>\n<td align=\"center\">150 bp</td>\n<td align=\"center\">3</td>\n</tr>\n<tr>\n<td align=\"center\">RPL</td>\n<td align=\"center\">2/15</td>\n<td align=\"center\">3,000</td>\n<td align=\"center\">17,500</td>\n<td align=\"center\">150 bp</td>\n<td align=\"center\">3</td>\n</tr>\n</tbody>\n</table>\n<p>Aside from the changes above, the perps markets will have the following configurations as well:</p>\n<ul>\n<li>offchainDelayedOrderMinAge: 2 seconds</li>\n<li>offchainDelayedOrderMaxAge: 60 seconds</li>\n<li>maxFundingVelocity: 27</li>\n<li>maxLeverage: 27.5</li>\n<li>offchainPriceDivergence: 2.5%</li>\n<li>maxLiquidationDelta: maker+taker offchain fees</li>\n<li>maxPD: maxLiquidationDelta * 2</li>\n<li>dynamicFeeRounds: 1</li>\n<li>maxDynamicFeeRate: 10%</li>\n</ul>\n<p>The parameters for deprecated trading paths (atomic and delayed) are as follows:</p>\n<ul>\n<li>nextPriceConfirmWindow: 2</li>\n<li>delayedOrderConfirmWindow: 120 seconds</li>\n<li>minDelayTimeDelta: 60 seconds</li>\n<li>maxDelayTimeDelta: 6000 seconds</li>\n<li>taker &#x26; maker fees on delayed orders (not-offchain) and atomic orders: 30%</li>\n</ul>\n<h1 id=\"abstract\" style=\"position:relative;\"><a href=\"#abstract\" aria-label=\"abstract permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Abstract</h1>\n<p>The parameters configurations description is as follows:</p>\n<ul>\n<li>maker/taker offchain delayed orders pertain to fees charged with the pyth offchain route</li>\n<li>maxMarketValue is the max market value of the relevant market in the underlying currency</li>\n<li>skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates</li>\n<li>liquidationBufferRatio and liquidationPremiumMultiplier are parameters that determine the safety buffer required for liquidations</li>\n<li>minDelayTimeDelta is the minimum period after which delayed orders can be executed</li>\n<li>maxDelayTimeDelta is the maximum period before which delayed orders can be executed</li>\n<li>offchainDelayedOrderMinAge is the minimum delay before which offchain orders can be executed</li>\n<li>offchainDelayedOrderMaxAge is the maximum delay after which offchain orders cannot be executed</li>\n<li>maxFundingVelocity is the main parameter that allows to nudge funding rates</li>\n<li>offchainPriceDivergence is the maximum allowable delta between chainlink and pyth prices</li>\n<li>dynamicFeeRounds and maxDynamicFeeRate are set to the above specified parameters, via DirectIntegrationManager, effectively disabling dynamic fees on perp markets (due to legacy code base)</li>\n</ul>\n<p>Parameters for trading paths (atomic and delayed orders) which are set for deprecation but need to be specified:</p>\n<ul>\n<li>makerFee/takerFee fees pertain to fees for atomic trades at chainlink price, which have been deprecated via high fees</li>\n<li>maker/taker delayed fees pertain to fees for trades at the next chainlink price, which have been deprecated via high fees</li>\n<li>nextPriceConfirmWindow is the window, in chainlink rounds, in which next price delayed orders can be triggered, a deprecated path for trading</li>\n<li>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</li>\n</ul>\n<h1 id=\"motivation\" style=\"position:relative;\"><a href=\"#motivation\" aria-label=\"motivation permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Motivation</h1>\n<p>The main motivation is to  launch the markets specified above.</p>\n<h1 id=\"copyright\" style=\"position:relative;\"><a href=\"#copyright\" aria-label=\"copyright permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Copyright</h1>\n<p>Copyright and related rights waived via <a href=\"https://creativecommons.org/publicdomain/zero/1.0/\">CC0</a>.</p>"}},"pageContext":{"id":"2d9c7420-ac15-503f-99df-7abf64c65dee","frontmatter__sccp":2029,"__params":{"frontmatter__sccp":"2029"}}},"staticQueryHashes":[]}