{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-2116/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-2116.md","frontmatter":{"sip":null,"sccp":2116,"title":"Update Perps V2 Parameters","network":"Optimism","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0xc18b99de725f845270771899614b9ec5b20787144657a67bd039b1182188bdf3","implementor":null,"release":null,"created":"2024-05-27T00:00:00.000Z","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<h2 id=\"skew-scale\" style=\"position:relative;\"><a href=\"#skew-scale\" aria-label=\"skew scale 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>Skew Scale:</h2>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Market</strong></th>\n<th align=\"center\"><strong>Current Scale</strong></th>\n<th align=\"center\"><strong>Proposed Scale</strong></th>\n<th align=\"center\"><strong>Current Slippage</strong></th>\n<th align=\"center\"><strong>Proposed Slippage</strong></th>\n<th align=\"center\"><strong>Cex Slippage</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">PYTH</td>\n<td align=\"center\">14,437,500</td>\n<td align=\"center\">35,000,000</td>\n<td align=\"center\">391.00</td>\n<td align=\"center\">161.29</td>\n<td align=\"center\">36</td>\n</tr>\n<tr>\n<td align=\"center\">WLD</td>\n<td align=\"center\">3,250,000</td>\n<td align=\"center\">9,750,000</td>\n<td align=\"center\">168.00</td>\n<td align=\"center\">56.00</td>\n<td align=\"center\">18</td>\n</tr>\n</tbody>\n</table>\n<p>** Slippage figures in the table above are with respect to a trade size of USD 500 thousand **</p>\n<h2 id=\"update-endorsed-liquidator-parameters\" style=\"position:relative;\"><a href=\"#update-endorsed-liquidator-parameters\" aria-label=\"update endorsed liquidator parameters 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>Update Endorsed Liquidator Parameters</h2>\n<p>Update the <code>maxLiquidationDelta</code> of and <code>maxPD</code> of the SOL perp market to 8.01 bp and 16.02 bp, respectively.</p>\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 proposed in the SCCP:</p>\n<ul>\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<li><code>maxPD</code> and <code>maxLiquidationDelta</code>, described in <a href=\"https://sips.synthetix.io/sips/sip-2005/\">SIP-2095</a>, are parameters that determine whether accounts flagged for liquidation require an endorsed account to confirm the liquidation.  As a rule, the <code>maxPD</code> is configured to 2 * (offchain maker fee + offchain taker fee) while the <code>maxLiquidationDelta</code> is set to offchain maker + offchain taker fees.</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 calibrating the incentive on arbitrageurs to arbitrage the skew by targeting an effective liquidity comfortably below liquidity available on centralized exchanges.</p>\n<p>The update to <code>maxPD</code> and <code>maxLiquidationDelta</code> are proposed in this SCCP, following the change in maker fee on the SOL perp market in <a href=\"https://sips.synthetix.io/sccp/sccp-2106/\">SCCP-2106</a>.</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":"dcf01500-39d2-51dd-aab6-03f934cb3c48","frontmatter__sccp":2116,"__params":{"frontmatter__sccp":"2116"}}},"staticQueryHashes":[]}