Deploy Synthetix Chain, an app chain built on the OP Stack, to act as the primary home of Synthetix V3 Governance.
\nThe scope of this SIP is limited to the deployment of the network itself and the new V3 election system upgrade (SIP-360).
\nThe plan is to leverage Synthetix Chain as the mothership of Synthetix governance and have it operate independently alongside the existing deployments. The new governance module will facilitate the elections using cross-chain messaging to sync votes, results, and council NFTs across all networks.
\nThe current elections system for Synthetix V2X is limited to Optimism Mainnet, causing inefficiencies in governing deployments across multiple networks. This SIP proposes deploying Synthetix Chain as a solution to this issue.\nThe primary goal of Synthetix Chain is to create a neutral platform for streamlined governance. It will manage Synthetix deployments across both EVM and non-EVM networks, addressing the current limitations of the election system.\nWhile not part of this SIP, future plans for Synthetix Chain include becoming the main hub for SNX staking and fee collection. It can host deployments of Synthetix V3, Perps, and Orderbook Perps. Additionally, Synthetix Chain is expected to integrate with the Optimism Superchain for the benefits of interoperability (crosschain liquidity & trading).
\nRefer to “Future Plans” for additional information.
\nKey components include:
\nExecution Layer: Optimism's Superchain stack.
\nData Availability: ETH DA, Optimism’s span batching, and EIP-4844.
\nOracle: Multi-provider (Oracle-agnostic, configurable).
\nCross Chain: Wormhole Messaging & Queries.
\nChain ID: 2192 ;)
Synthetix Chain will be deployed as a \"vanilla OP Chain\" using Ethereum L1 for both settlement and data availability. The deployment will follow the architecture outlined in the OP Stack documentation.
\nAdditionally, relying on Ethereum for Settlement and DA will maximize the decentralization of the chain & ensure compliance with the Optimism Superchain Standards to enable interoperability in the future.
\nSynthetix will host the new governance implementation and the initial deployment will only include governance-related operations. For this initial SIP we propose to use Conduit to deploy Synthetix Chain and manage its infrastructure.
\nAny future upgrades and deployments of other components will require separate SIPs.
\nTo align with Wormhole's cross-chain release guidance, we propose the following election schedule:
\nNominations Start: Fri Aug 30 22:54:58 2024 UTC\nVoting Start: Thu Sep 05 22:37:06 2024 UTC\nNew Epoch Start: Sun Sep 15 22:37:06 2024 UTC\nFuture elections will follow the above schedule, with epochs remaining at 4 months.
\nWhile Synthetix Chain is initially focused on governance, it has the potential for broader applications. The following are planned future developments, not included in the current proposal. Any future upgrades and deployments of other components will require separate SIPs:
\nCross-chain SNX Staking and Fee Collection\nReplace Optimism as the primary hub for SNX staking\nCentralize fee collection from multiple EVM & non EVM chains.
\nMulti-chain Liquidity Sharing\nPool SNX liquidity on opSNXchain\nSupport trading and liquidity sharing across multiple chains
\nOptimism Superchain Integration\nImplement cross-chain trading support across Optimism Superchain\nEnable traders to operate from any supported chain\nMake opSNXchain the central hub for yield generated across the Synthetix ecosystem
\nCopyright and related rights waived via CC0.
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