{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-304/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-304.md","frontmatter":{"sip":null,"sccp":304,"title":"snxETH V3 Spot Market","network":"Optimism","author":"Afif, Noah","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0xb45112f20f0181eb7cf50227e98659009232d88dd2b7a28626237885f72c465d","implementor":null,"release":null,"created":"2023-05-01T00:00:00.000Z","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 deploy a synthetic ETH spot market with a snxETH token to Optimism, integrated with the Synthetix V3 core system.</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>This deployment will use the spot market implementation specified in SIP-317, using the price provided by Chainlink for atomic orders and the price provided by Pyth for asynchronous orders. Wrappers and the skew fee will be enabled.</p>\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>This should be considered an alpha release, to begin testing the V3 spot market and core system in a production environment.</p>\n<h1 id=\"technical-specification\" style=\"position:relative;\"><a href=\"#technical-specification\" aria-label=\"technical specification 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>Technical Specification</h1>\n<p>Functions should be invoked on the spot market system unless otherwise noted.</p>\n<ul>\n<li>Invoke <code>registerSynth</code> with name <em>Synthetic ETH</em> and symbol <em>snxETH</em>.</li>\n<li>Invoke <code>registerNode</code> (on the oracle manager) to generate an ID for a Chainlink Node which retrieves the price for ETH from the aggregator contract 0x13e3Ee699D1909E989722E753853AE30b17e08c5</li>\n<li>Invoke <code>updatePriceData</code> to use the resulting node ID for both buy and sell price feeds.</li>\n<li>Invoke <code>setAtomicFixedFee</code> to the maximum integer value (effectively disabling it for now).</li>\n<li>Invoke <code>addSettlementStrategy</code> with the following data:\n<ul>\n<li>Strategy Type: PYTH</li>\n<li>Settlement Delay: 15 seconds</li>\n<li>Settlement Window Duration: 60 seconds</li>\n<li>Price Verification Contract: 0xff1a0f4744e8582DF1aE09D5611b887B6a12925C</li>\n<li>Feed ID: 0xff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace</li>\n<li>URL: <a href=\"https://api.synthetix.io/pyth-mainnet/api/get_vaa_ccip?data=%7Bdata%7D\">https://api.synthetix.io/pyth-mainnet/api/get_vaa_ccip?data={data}</a></li>\n<li>Settlement Reward: 0</li>\n<li>Price Deviation Tolerance: 5%</li>\n<li>Minimum USD Exchange Amount: bn(0.000001)</li>\n<li>Max Rounding Loss: bn(0.000001)</li>\n<li>Disabled: false</li>\n</ul>\n</li>\n<li>Invoke <code>setAsyncFixedFee</code> with 0.1%</li>\n<li>Invoke <code>configureMaximumMarketCollateral</code> (on the core system) with 100 wETH.</li>\n<li>Invoke <code>setWrapper</code> with maximum 100 wETH.</li>\n<li>Invoke <code>setMarketSkewScale</code> with 100,000 ETH.</li>\n<li>Invoke <code>setWrapperFees</code> with 0.01% for wrap and unwrap.</li>\n<li>Invoke <code>setPoolConfiguration</code> with the new market ID on the preferred pool using a weight and maximum debt share value of 1.</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":"eea82f5e-05b6-5ccf-a6d6-a477755dfb71","frontmatter__sccp":304,"__params":{"frontmatter__sccp":"304"}}},"staticQueryHashes":[]}