{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-2073/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-2073.md","frontmatter":{"sip":null,"sccp":2073,"title":"Update Perps V2 Parameters","network":"Optimism","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x9ac8de0d0f786ff08f78dacd01899040444733ae2fc8471cedd7d255873e3542","implementor":null,"release":null,"created":"2024-01-08T00:00:00.000Z","updated":null,"status":"Implemented"},"html":"

Simple Summary

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This SCCP proposes to update the perps v2 parameters as per the below:

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Skew Scale

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MarketCurrent ScaleProposed ScaleCEX SlippageProposed Slippage
INJ1,425,000712,5001118
OP22,500,00011,250,000712
TIA3,000,0001,500,0001120
DOGE1,875,000,000937,500,00016
NEAR18,750,0009,375,000614
MKR18,0009,0001130
BCH225,000112,500518
SEI106,500,00035,500,0001218
RNDR7,500,0003,750,0001632
TRX430,000,000322,500,000515
FIL12,750,0006,375,000512
AXS2,812,5002,109,3751329
XMR191,25095,6251332
COMP483,750241,8751840
FXS937,500703,1254385
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Slippage refers to the price impact incurred from trading with a 100k$ notional

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Max Market Value

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MarketCurrent MMVProposed MMVProposed MMV $MAvg OI Utiliz $M
BTC2,3501,4006032.21
ETH36,00022,3005016.34
MATIC12,000,0005,952,40050.57
LINK1,000,000368,50051.29
AVAX320,000142,70050.55
OP2,050,0001,474,90051.15
DOT300,000139,10010.08
BCH12,0004,20010.02
FIL225,000165,80010.84
APT250,000111,60010.21
ARB4,600,0002,702,70053.14
SUI2,000,0001,190,50010.24
TRX15,000,00010,000,00010.06
FTM6,000,0002,500,00010.29
NEAR1,000,000295,00010.23
INJ200,00079,40031.24
SEI3,000,0001,470,60010.75
TIA270,000198,20031.21
RUNE800,000614,80031.09
CRV6,000,0001,851,90010.58
LDO800,000326,80010.82
AAVE31,15010,10010.23
WLD1,300,000362,30010.04
RNDR400,000263,20010.12
BLUR3,000,0002,222,20010.15
ALGO6,000,0005,263,20010.03
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Avg OI Utiliz refers to the average open interest utilization during the latest running month

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Abstract

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Below is a description of the parameter changes proopsed in the SCCP:

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Motivation

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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 in the maxMarketValue is to align open interest caps with it's respective recent utilization.

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Copyright

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Copyright and related rights waived via CC0.

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