{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-2053/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-2053.md","frontmatter":{"sip":null,"sccp":2053,"title":"Update Perps V2 Parameters","network":"Optimism","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x2ab443fe1f2ffbfdfe197065b3f565891b95e944316fb5ab921374497219c77e","implementor":null,"release":null,"created":"2023-10-23T00:00:00.000Z","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 update the perps v2 parameters as per the below:</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\">Skew Scale</th>\n<th align=\"center\">Current</th>\n<th align=\"center\">Proposed</th>\n<th align=\"center\">SNX Price Impact*</th>\n<th align=\"center\">Cex Price Impact*</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">FTM</td>\n<td align=\"center\">225,000,000</td>\n<td align=\"center\">75,000,000</td>\n<td align=\"center\">24</td>\n<td align=\"center\">10</td>\n</tr>\n<tr>\n<td align=\"center\">WLD</td>\n<td align=\"center\">26,000,000</td>\n<td align=\"center\">13,000,000</td>\n<td align=\"center\">26</td>\n<td align=\"center\">12</td>\n</tr>\n<tr>\n<td align=\"center\">INJ</td>\n<td align=\"center\">2,850,000</td>\n<td align=\"center\">1,425,000</td>\n<td align=\"center\">36</td>\n<td align=\"center\">12</td>\n</tr>\n<tr>\n<td align=\"center\">MKR</td>\n<td align=\"center\">36,000</td>\n<td align=\"center\">18,000</td>\n<td align=\"center\">18</td>\n<td align=\"center\">8</td>\n</tr>\n<tr>\n<td align=\"center\">OP</td>\n<td align=\"center\">45,000,000</td>\n<td align=\"center\">22,500,000</td>\n<td align=\"center\">16</td>\n<td align=\"center\">6</td>\n</tr>\n</tbody>\n</table>\n<table>\n<thead>\n<tr>\n<th align=\"center\">Max Market Value</th>\n<th align=\"center\">Current</th>\n<th align=\"center\">Proposed</th>\n<th align=\"center\">Proposed in $M</th>\n<th align=\"center\">Cex OI in $M</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">LDO</td>\n<td align=\"center\">400,000</td>\n<td align=\"center\">800,000</td>\n<td align=\"center\">1.41</td>\n<td align=\"center\">26.21</td>\n</tr>\n<tr>\n<td align=\"center\">WLD</td>\n<td align=\"center\">650,000</td>\n<td align=\"center\">1,300,000</td>\n<td align=\"center\">2.14</td>\n<td align=\"center\">46.53</td>\n</tr>\n<tr>\n<td align=\"center\">XRP</td>\n<td align=\"center\">4,250,000</td>\n<td align=\"center\">3,250,000</td>\n<td align=\"center\">1.48</td>\n<td align=\"center\">27.81</td>\n</tr>\n<tr>\n<td align=\"center\">OP</td>\n<td align=\"center\">4,100,000</td>\n<td align=\"center\">2,050,000</td>\n<td align=\"center\">2.72</td>\n<td align=\"center\">38.58</td>\n</tr>\n</tbody>\n</table>\n<ul>\n<li>price impact in bp per 100k$ trade</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>Below is a description of the parameter changes propopsed in the SCCP:</p>\n<ul>\n<li><code>MaxMarketValue</code> is the maximum possible open interest on any given side of a perp market.</li>\n<li><code>skewScale</code> is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates.</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 proposed parameter changes on skew scale aim at increasing the incentive on arbitrageurs to arbitrage the skew by targeting an effective liquidity comfortably below liquidity available on centralized exchanges. While the motivation behind the changes on max market value levels are done in order to align the oi caps with historical utilization (after incorporating a buffer).</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":"05504e0a-18ad-551c-9e2f-978cb6e4348a","frontmatter__sccp":2053,"__params":{"frontmatter__sccp":"2053"}}},"staticQueryHashes":[]}