{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-322/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-322.md","frontmatter":{"sip":null,"sccp":322,"title":"Update Perps V3 Parameters","network":"Base","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0xe0d5debaddc6606b0c7d7e4facf57941c8f5e1434093f0cbf5afb549028b4b81","implementor":null,"release":null,"created":"2024-04-16T00:00:00.000Z","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 updates the Perps V3 MaxMarketValue (in Dollars) and MaxMarketSize (in the markets' native currency), as per the below:</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Markets</strong></th>\n<th align=\"center\"><strong>Current MMS</strong></th>\n<th align=\"center\"><strong>New MMS</strong></th>\n<th align=\"center\"><strong>Current MMV</strong></th>\n<th align=\"center\"><strong>New MMV</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">btc</td>\n<td align=\"center\">UNCHANGED</td>\n<td align=\"center\">UNCHANGED</td>\n<td align=\"center\">0</td>\n<td align=\"center\">5,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">eth</td>\n<td align=\"center\">UNCHANGED</td>\n<td align=\"center\">UNCHANGED</td>\n<td align=\"center\">0</td>\n<td align=\"center\">7,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">wif</td>\n<td align=\"center\">152,000</td>\n<td align=\"center\">750,000</td>\n<td align=\"center\">500,000</td>\n<td align=\"center\">1,500,000</td>\n</tr>\n<tr>\n<td align=\"center\">sol</td>\n<td align=\"center\">2,900</td>\n<td align=\"center\">5,000</td>\n<td align=\"center\">UNCHANGED</td>\n<td align=\"center\">UNCHANGED</td>\n</tr>\n</tbody>\n</table>\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>The cap is determined by the minimum between the <code>maxMarketValue</code> (in USD) and the value of <code>maxMarketSize</code> in USD, as per SIP-361.</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 sccp introduces that <code>maxMarketValue</code> feature on ETH and BTC, which was kept at the default value of zero when <a href=\"https://sips.synthetix.io/sips/sip-361/\">SIP-361</a> was implemented.<br>\nThe cap on WIF was bumped following increased utilization of this markets and it's high turnover, while the cap on SOL was also increased due to the recent price action that resulted in a significant portion of the open interest (500K$) being reduced.</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":"5ef1e746-230e-5f8c-b58f-4d5501a7f50a","frontmatter__sccp":322,"__params":{"frontmatter__sccp":"322"}}},"staticQueryHashes":[]}