{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-222/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-222.md","frontmatter":{"sip":null,"sccp":222,"title":"Unpause Futures Markets - DebtRatio ,DOGE & BNB","network":"Optimism","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x0e351641f3afdf4be4c31932aa97dd00dc1fdec573f3e20a9755236ff0da2415","implementor":null,"release":null,"created":"2022-08-18T00:00:00.000Z","updated":null,"status":"Implemented"},"html":"<h2 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</h2>\n<!--\"If you can't explain it simply, you don't understand it well enough.\" Provide a simplified and layman-accessible explanation of the SCCP.-->\n<p>This SCCP proposes to unpause the DebtRatio, DOGE and BNB markets.\nThe DOGE and BNB markets would take on the following parameters, while the DebtRatio parameters would be the ones specified in <a href=\"https://sips.synthetix.io/sips/sip-257/\">SIP-257</a>.</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Ticker</strong></th>\n<th align=\"center\"><strong>Parameter</strong></th>\n<th align=\"center\"><strong>Proposed Value</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">makerFee</td>\n<td align=\"center\">30 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">takerFee</td>\n<td align=\"center\">35 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">makerFeeNextPrice</td>\n<td align=\"center\">20 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">takerFeeNextPrice</td>\n<td align=\"center\">25 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">maxMarketValueUSD</td>\n<td align=\"center\">1m$</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">nextPriceConfirmWindow</td>\n<td align=\"center\">2</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">maxLeverage</td>\n<td align=\"center\">25</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">maxFundingRate</td>\n<td align=\"center\">10%</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>BNB</strong></td>\n<td align=\"center\">skewScaleUSD</td>\n<td align=\"center\">50m$</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">makerFee</td>\n<td align=\"center\">35 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">takerFee</td>\n<td align=\"center\">40 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">makerFeeNextPrice</td>\n<td align=\"center\">25 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">takerFeeNextPrice</td>\n<td align=\"center\">30 bp</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">maxMarketValueUSD</td>\n<td align=\"center\">1m$</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">nextPriceConfirmWindow</td>\n<td align=\"center\">2</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">maxLeverage</td>\n<td align=\"center\">10</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">maxFundingRate</td>\n<td align=\"center\">10%</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>DOGE</strong></td>\n<td align=\"center\">skewScaleUSD</td>\n<td align=\"center\">50m$</td>\n</tr>\n</tbody>\n</table>\n<h2 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</h2>\n<!--A short (~200 word) description of the variable change proposed.-->\n<ul>\n<li>The <code>makerFeeNextPrice</code> and <code>takerFeeNextPrice</code> are the fees paid by traders when filled for next price futures orders.</li>\n<li>The <code>makerFee</code> and <code>takerFee</code> are the fees paid by traders when filled for immediate orders.</li>\n<li>The <code>maxMarketValueUSD</code> is the maximum amount of open interest allowed on each side of a market.</li>\n<li>The <code>maxFundingRate</code> is the maximum funding rate per day a position can take on.</li>\n<li>The <code>skewScaleUSD</code> determines the funding rate, a lower <code>skewScaleUSD</code> means that funding will be more pronounced to changes in the skew, while a larger leads to buffered reaction.</li>\n<li>The <code>nextPriceConfirmationWindow</code> is the number of chainlink rounds, by which a next price order needs to be confirmed.</li>\n<li>The <code>maxLeverage</code> is the maximum leverage that can be assumed by a position.</li>\n</ul>\n<h2 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</h2>\n<!--The motivation is critical for SCCPs that want to update variables within Synthetix. It should clearly explain why the existing variable is not incentive aligned. SCCP submissions without sufficient motivation may be rejected outright.-->\n<h3 id=\"maxmarketvalueusd\" style=\"position:relative;\"><a href=\"#maxmarketvalueusd\" aria-label=\"maxmarketvalueusd 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>maxMarketValueUSD</h3>\n<p>The oi parameters were set based on the slippage one would inccur by trading these tokens on centralized exchanges. This can be seen in this <a href=\"https://www.dropbox.com/s/3dm1c6pjknjzrf7/futures.csv?dl=0\">chart</a> under the <code>1%_slip</code> column, which represents the $ million volume required to push a price by 1%.</p>\n<h3 id=\"makerfee-and-takerfee\" style=\"position:relative;\"><a href=\"#makerfee-and-takerfee\" aria-label=\"makerfee and takerfee 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>makerFee and takerFee</h3>\n<p>The fees are calibrated by looking at the spread between centralized exchanges prices and those seen on chain for <a href=\"https://ibb.co/SnBTZKc\">BNB</a> and <a href=\"https://ibb.co/rZznHyr\">DOGE</a>. A wider delta requires more significant fees to lean against latency bots, <strong>for now but not for long</strong>.</p>\n<h2 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</h2>\n<p>Copyright and related rights waived via <a href=\"https://creativecommons.org/publicdomain/zero/1.0/\">CC0</a>.</p>"}},"pageContext":{"id":"43f28562-5961-57df-8b52-e238d170fe68","frontmatter__sccp":222,"__params":{"frontmatter__sccp":"222"}}},"staticQueryHashes":[]}