{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-350/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-350.md","frontmatter":{"sip":null,"sccp":350,"title":"Deploy More Markets on Perps V3 Arbitrum","network":"Arbitrum","author":"Kaleb","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x257e768d275d3a8a47277702c42807303d58e9c7e86b98ece26a0bafc38b1524","implementor":null,"release":null,"created":"2024-09-02T00:00:00.000Z","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 deploy the below markets on the new Perps V3 deploy as well SOL and USDe for direct margining.</p>\n<h2 id=\"markets\" style=\"position:relative;\"><a href=\"#markets\" aria-label=\"markets 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>Markets:</h2>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Market</strong></th>\n<th align=\"center\"><strong>minimumInitialMarginRatio</strong></th>\n<th align=\"center\"><strong>InitialMarginRatio</strong></th>\n<th align=\"center\"><strong>maintenanceMarginScalar</strong></th>\n<th align=\"center\"><strong>skewScale</strong></th>\n<th align=\"center\"><strong>maxMarketSize</strong></th>\n<th align=\"center\"><strong>maxMarketValue</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">LINK</td>\n<td align=\"center\">0.20%</td>\n<td align=\"center\">5.00</td>\n<td align=\"center\">0.34</td>\n<td align=\"center\">3,750,000</td>\n<td align=\"center\">450,000</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">ARB</td>\n<td align=\"center\">0.33%</td>\n<td align=\"center\">1.90</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">50,000,000</td>\n<td align=\"center\">6,000,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">DOGE</td>\n<td align=\"center\">0.20%</td>\n<td align=\"center\">1.60</td>\n<td align=\"center\">0.36</td>\n<td align=\"center\">789,000,000</td>\n<td align=\"center\">51,000,000</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">GMX</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.20</td>\n<td align=\"center\">0.4</td>\n<td align=\"center\">250,000</td>\n<td align=\"center\">20,000</td>\n<td align=\"center\">500,000</td>\n</tr>\n<tr>\n<td align=\"center\">AAVE</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">4.10</td>\n<td align=\"center\">0.375</td>\n<td align=\"center\">180,000</td>\n<td align=\"center\">50,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">NEAR</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.60</td>\n<td align=\"center\">0.35</td>\n<td align=\"center\">8,000,000</td>\n<td align=\"center\">750,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">UNI</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">0.49</td>\n<td align=\"center\">0.31</td>\n<td align=\"center\">2,250,000</td>\n<td align=\"center\">500,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">XRP</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.20</td>\n<td align=\"center\">0.32</td>\n<td align=\"center\">187,500,000</td>\n<td align=\"center\">5,000,000</td>\n<td align=\"center\">1,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">LTC</td>\n<td align=\"center\">0.20%</td>\n<td align=\"center\">5.50</td>\n<td align=\"center\">0.4</td>\n<td align=\"center\">1,687,500</td>\n<td align=\"center\">77,000</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">ORDI</td>\n<td align=\"center\">0.20%</td>\n<td align=\"center\">1.16</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">870,000</td>\n<td align=\"center\">100,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">STX</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">2.80</td>\n<td align=\"center\">0.43</td>\n<td align=\"center\">15,000,000</td>\n<td align=\"center\">700,000</td>\n<td align=\"center\">1,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">SHIB</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">2.66</td>\n<td align=\"center\">0.32</td>\n<td align=\"center\">4,000,000,000,000</td>\n<td align=\"center\">150,000,000,000</td>\n<td align=\"center\">2,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">BNB</td>\n<td align=\"center\">0.20%</td>\n<td align=\"center\">3.40</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">250,000</td>\n<td align=\"center\">9,500</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">AVAX</td>\n<td align=\"center\">0.20%</td>\n<td align=\"center\">4.20</td>\n<td align=\"center\">0.36</td>\n<td align=\"center\">1,250,000</td>\n<td align=\"center\">225,000</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">PEPE</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">0.60</td>\n<td align=\"center\">0.32</td>\n<td align=\"center\">8,400,000,000,000</td>\n<td align=\"center\">660,000,000,000</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">OP</td>\n<td align=\"center\">0.40%</td>\n<td align=\"center\">1.00</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">16,000,000</td>\n<td align=\"center\">2,000,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">RUNE</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">8.30</td>\n<td align=\"center\">0.36</td>\n<td align=\"center\">4,000,000</td>\n<td align=\"center\">500,000</td>\n<td align=\"center\">2,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">PYTH</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">0.50</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">14,437,500</td>\n<td align=\"center\">3,700,000</td>\n<td align=\"center\">1,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">CRV</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">0.60</td>\n<td align=\"center\">0.33</td>\n<td align=\"center\">50,000,000</td>\n<td align=\"center\">10,000,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">TIA</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.20</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">4,000,000</td>\n<td align=\"center\">800,000</td>\n<td align=\"center\">4,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">ADA</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">3.20</td>\n<td align=\"center\">0.33</td>\n<td align=\"center\">150,000,000</td>\n<td align=\"center\">12,000,000</td>\n<td align=\"center\">4,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">BCH</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.10</td>\n<td align=\"center\">0.31</td>\n<td align=\"center\">84,375</td>\n<td align=\"center\">15,000</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">DYDX</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.30</td>\n<td align=\"center\">0.34</td>\n<td align=\"center\">18,000,000</td>\n<td align=\"center\">2,000,000</td>\n<td align=\"center\">2,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">POL</td>\n<td align=\"center\">0.20%</td>\n<td align=\"center\">1.80</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">75,000,000</td>\n<td align=\"center\">7,500,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">MKR</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.20</td>\n<td align=\"center\">0.33</td>\n<td align=\"center\">9,000</td>\n<td align=\"center\">1,200</td>\n<td align=\"center\">2,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">XLM</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">1.20</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">166,500,000</td>\n<td align=\"center\">11,000,000</td>\n<td align=\"center\">1,000,000</td>\n</tr>\n</tbody>\n</table>\n<p>Aside from the above parameters , the perps markets will have the following configurations as well:</p>\n<ul>\n<li>TakerFeeRatio: 10 bp</li>\n<li>MakerFeeRatio: 0 bp</li>\n<li>maxFundingVelocity: 36</li>\n<li>flagRewardRatio: 3 bp</li>\n<li>minimumPositionMargin: 50</li>\n<li>lockedOiRatio: 0.5</li>\n<li>maxLiquidationLimitMultiplier: 1.5</li>\n<li>maxLiquidationPD: 5 bp</li>\n<li>endorsedLiquidator: \"0x11233749514Ab8d00C0A5873DF7428b3db70030f\"</li>\n</ul>\n<h2 id=\"margins\" style=\"position:relative;\"><a href=\"#margins\" aria-label=\"margins 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>Margins:</h2>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Margins</strong></th>\n<th align=\"center\"><strong>discountLower</strong></th>\n<th align=\"center\"><strong>discountUpper</strong></th>\n<th align=\"center\"><strong>maxCollateral</strong></th>\n<th align=\"center\"><strong>skewScale</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">SOL</td>\n<td align=\"center\">5.00%</td>\n<td align=\"center\">15.00%</td>\n<td align=\"center\">7,500</td>\n<td align=\"center\">1,406,250</td>\n</tr>\n<tr>\n<td align=\"center\">USDe</td>\n<td align=\"center\">0.50%</td>\n<td align=\"center\">0.51%</td>\n<td align=\"center\">10,000,000</td>\n<td align=\"center\">1 wei</td>\n</tr>\n</tbody>\n</table>\n<p>Aside from the above parameters, the following parameters apply:</p>\n<ul>\n<li>the <code>discountScalar</code> would be set to 1 for all margins</li>\n<li>the collateral liquidation penalty is 3 bp (<code>collateralLiquidateRewardRatioD18</code>)</li>\n<li>The <code>maxKeeperScalingRatio</code> would be set to 40%</li>\n<li>the <a href=\"https://arbiscan.io/address/0xb74da9fe2f96b9e0a5f4a3cf0b92dd2bec617124\">wormhole sol</a> token would be used</li>\n<li>the <a href=\"https://arbiscan.io/token/0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34\">bridged usde</a> token would be used</li>\n<li>The tokens that could be used as margin would be the synth equivalent of the tokens noted above with no fee on wrapping being levied</li>\n<li>The synth fee to sell the synth to USDx (except on USDC) would be set to 30% to discourage swapping until <a href=\"https://sips.synthetix.io/sips/sip-406/\">SIP-406</a> is implemented</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>initialMarginRatio is a scalar applied on the minimumInitialMarginRatio to determine the minimum initial margin required to support a given portfolio of positions</li>\n<li>maintenanceMarginScalar is a scalar applied on the initialMargin in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they are liquidated.</li>\n<li>skewScale is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates</li>\n<li>maxMarketSize is the max market value of the relevant market in the underlying currency</li>\n<li>maxMarketValue is the max market value of the relevant market in USD</li>\n<li>maker/taker fees pertain to fees charged when trading</li>\n<li>maxFundingVelocity is the main parameter that allows to nudge funding rates</li>\n<li>minimumPositionMargin is the minimum margin required</li>\n<li>lockedOiRatio is the multiplier that determines the minimum amount of perp collateral required to back a given perp market</li>\n<li>maxLiquidationLimitMultiplier is a parameter that rate limits liquidations. It is applied on the sum of maker and taker fees with a liquidation rate limit being triggered if pd exceeds that value</li>\n<li>maxLiquidationPD is the minimum pd that triggers a reset of the liquidation capacity</li>\n<li>flagRewardRatio is the reward paid to the flagger, capped at 100 snxUSD per account liquidated</li>\n<li>endorsedLiquidator is a liquidator address that can bypass the rate limit</li>\n<li>A discount rate is applied on the margin posted which scales based on it's size and is clamped between the lower and upper limit</li>\n<li>Max Collateral Amount is the maximum possible amount of margin that can be posted</li>\n<li>discountScalar helps increase or decrease the price impact on an account's margin holding</li>\n<li>the collateral liquidation penalty is the penalty paid to the liquidator for executing a liquidation</li>\n<li>minReward/maxReward is used to clamp the reward paid to the keeper for settling an order or liquidating</li>\n<li>profitRatio is an additional profit rate added to the gas costs to increase the incentive to keepers to execute when gas costs rise.</li>\n<li>maxKeeperScalingRatio is the cap on the reward paid to keepers, as a function of the size of the margin. It is intended to limit the situation where accounts are liquidated because of gas price surges</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 more markets on  perps v3 on arbitrum with high caps in order to showcase the feature set available with the v3 deploy.</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":"e34a133a-c1f3-5765-8fca-4efcc968ae63","frontmatter__sccp":350,"__params":{"frontmatter__sccp":"350"}}},"staticQueryHashes":[]}