{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-2015/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-2015.md","frontmatter":{"sip":null,"sccp":2015,"title":"stETH Perp Parameters","network":"Optimism","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x1049cbc454946aaf3e8a32caff4210b91119ba04651e9b33e7b7c4b6231114c1","implementor":null,"release":null,"created":"2023-06-15T00:00:00.000Z","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>Following the implementation of <a href=\"https://sips.synthetix.io/sips/sip-2021/\">SIP-2021</a>, this sccp proposes to unpause the stETH market as per the parameters below:</p>\n<pre><code>\t{\n\t\t\"marketKey\": \"sSTETHPERP\",\n\t\t\"asset\": \"STETH\",\n\t\t\"makerFee\": \"0.3\",\n\t\t\"takerFee\": \"0.3\",\n\t\t\"takerFeeDelayedOrder\": \"0.3\",\n\t\t\"makerFeeDelayedOrder\": \"0.3\",\n\t\t\"takerFeeOffchainDelayedOrder\": \"0.0010\",\n\t\t\"makerFeeOffchainDelayedOrder\": \"0.0002\",\n\t\t\"nextPriceConfirmWindow\": \"2\",\n\t\t\"delayedOrderConfirmWindow\": \"120\",\n\t\t\"minDelayTimeDelta\": \"60\",\n\t\t\"maxDelayTimeDelta\": \"6000\",\n\t\t\"offchainDelayedOrderMinAge\": \"4\",\n\t\t\"offchainDelayedOrderMaxAge\": \"60\",\n\t\t\"maxLeverage\": \"27.5\",\n\t\t\"maxMarketValue\": \"3000\",\n\t\t\"maxFundingVelocity\": \"9\",\n\t\t\"skewScale\": \"100000\",\n\t\t\"offchainPriceDivergence\": \"0.0150\",\n\t\t\"liquidationPremiumMultiplier\": \"1.5625\",\n\t\t\"offchainMarketKey\": \"ocSTETHPERP\",\n\t\t\"liquidationBufferRatio\": \"0.01\",\n\t\t\"maxPD\": \"0.0024\",\n\t\t\"maxLiquidationDelta\": \"0.0012\",\n\t\t\"paused\": false,\n\t\t\"offchainPaused\": false\n\t}\n</code></pre>\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 primary parameters involved with this market:</p>\n<ul>\n<li><code>maxMarketValue</code> is the maximum amount of open interest allowed on long and short positions in a given perp market.</li>\n<li><code>skewScale</code> is a scaling parameter that helps calibrate the amount of slippage (or price improvement) a position receives when a position is modified. It also is a parameter that affects the speed by which funding rate changes.</li>\n<li><code>liquidationBufferRatio</code> is the penalty imposed on a position when it is liquidated. The penalty is calculated as follows: <code>buffer * P * S</code></li>\n<li><code>LiquidationPremiumMultiplier</code> or <code>LPM</code> is an additional margin required to be set aside when an account opens position with larger size. The <code>liquidationPremium</code> is calculated as follows: <code>LPM * (S /Scale) * P * S</code> .</li>\n<li><code>makerFeeOffchainDelayedOrder</code> and <code>takerFeeOffchainDelayedOrder</code> are the fee rates applied on maker &#x26; taker off-chain orders in bp</li>\n<li><code>maxLeverage</code> is the max leverage a position is allowed to take on. Any changes to existing positions that result in the leverage going above <code>maxLeverage</code> would revert.</li>\n<li><code>maxFundingVelocity</code> is the parameter that helps calibrate the speed by which funding rate changes for a given level of skew &#x26; skew scale.</li>\n<li><code>maxPD</code> (MPD) and <code>maxLiquidationDelta</code> (MLD) are parameters introduced  in <a href=\"https://sips.synthetix.io/sips/sip-2005/\">SIP-2005</a> and they are typically set as described above. These parameters determine whether an account can be liquidated spontaneously or exclusively by endorsed Liquidators.</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 primary motivation behind the primary parameter updates:</p>\n<ul>\n<li><code>maxMarketValue</code> is proposed as an initial cap, however, this can be further increased based on demand, given the abundance of on-chain liquidity of stETH.</li>\n<li><code>skewScale</code> is updated on few markets in order to align with the slippage incurred from swapping <a href=\"https://curve.fi/#/ethereum/pools/steth/swap\">stETH into ETH</a>.</li>\n<li><code>liquidationBufferRatio</code> and <code>liquidationPremiumMultiplier</code> are mostly aligned with those used on the ETH market.</li>\n</ul>\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":"47b41faa-e035-5a26-92b5-9b70751ffbd2","frontmatter__sccp":2015,"__params":{"frontmatter__sccp":"2015"}}},"staticQueryHashes":[]}