{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-323/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-323.md","frontmatter":{"sip":null,"sccp":323,"title":"Enable Perps V3 Markets / Update Parameters","network":"Base","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0xfd6710af4630801d680017a6eeea8b16785f3d84dd23e821dca999ba8eece997","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 specifies the parameters of the followings SIPS:</p>\n<ul>\n<li><a href=\"https://sips.synthetix.io/sips/sip-373/\">SIP-373</a></li>\n<li><a href=\"https://sips.synthetix.io/sips/sip-376/\">SIP-376</a></li>\n</ul>\n<p>The below parameters would be applied on the new markets:</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Market</strong></th>\n<th align=\"center\"><strong>InitialMarginRatio</strong></th>\n<th align=\"center\"><strong>minimumInitialMarginRatio</strong></th>\n<th align=\"center\"><strong>maintenanceMarginScalar</strong></th>\n<th align=\"center\"><strong>skewScale</strong></th>\n<th align=\"center\"><strong>maxMarketSize</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">ENA</td>\n<td align=\"center\">3.46</td>\n<td align=\"center\">5.00%</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">25,500,000</td>\n<td align=\"center\">676,000</td>\n</tr>\n<tr>\n<td align=\"center\">DOGE</td>\n<td align=\"center\">6.9</td>\n<td align=\"center\">2.00%</td>\n<td align=\"center\">0.3</td>\n<td align=\"center\">789,000,000</td>\n<td align=\"center\">4,200,000</td>\n</tr>\n<tr>\n<td align=\"center\">AVAX</td>\n<td align=\"center\">9.08</td>\n<td align=\"center\">2.00%</td>\n<td align=\"center\">0.36</td>\n<td align=\"center\">1,250,000</td>\n<td align=\"center\">19,000</td>\n</tr>\n<tr>\n<td align=\"center\">OP</td>\n<td align=\"center\">2.27</td>\n<td align=\"center\">4.00%</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">16,000,000</td>\n<td align=\"center\">300,000</td>\n</tr>\n<tr>\n<td align=\"center\">ORDI</td>\n<td align=\"center\">3.02</td>\n<td align=\"center\">2.00%</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">870,000</td>\n<td align=\"center\">15,000</td>\n</tr>\n<tr>\n<td align=\"center\">PEPE</td>\n<td align=\"center\">4.88</td>\n<td align=\"center\">4.00%</td>\n<td align=\"center\">0.43</td>\n<td align=\"center\">8,400,000,000,000</td>\n<td align=\"center\">360,000,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">RUNE</td>\n<td align=\"center\">5.39</td>\n<td align=\"center\">5.00%</td>\n<td align=\"center\">0.36</td>\n<td align=\"center\">2,000,000</td>\n<td align=\"center\">94,300</td>\n</tr>\n<tr>\n<td align=\"center\">BONK</td>\n<td align=\"center\">2.55</td>\n<td align=\"center\">5.00%</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">800,000,000,000</td>\n<td align=\"center\">45,000,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">FTM</td>\n<td align=\"center\">5.58</td>\n<td align=\"center\">3.33%</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">59,000,000</td>\n<td align=\"center\">965,000</td>\n</tr>\n<tr>\n<td align=\"center\">ARB</td>\n<td align=\"center\">4.16</td>\n<td align=\"center\">3.33%</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">41,000,000</td>\n<td align=\"center\">565,000</td>\n</tr>\n<tr>\n<td align=\"center\">MATIC</td>\n<td align=\"center\">4.41</td>\n<td align=\"center\">2.00%</td>\n<td align=\"center\">0.26</td>\n<td align=\"center\">84,000,000</td>\n<td align=\"center\">940,000</td>\n</tr>\n<tr>\n<td align=\"center\">BNB</td>\n<td align=\"center\">10.72</td>\n<td align=\"center\">2.00%</td>\n<td align=\"center\">0.35</td>\n<td align=\"center\">250,000</td>\n<td align=\"center\">1,200</td>\n</tr>\n</tbody>\n</table>\n<p>Aside from the changes above, the perps markets will have the following configurations as well:</p>\n<ul>\n<li>MakerFeeRatio: 2 bp</li>\n<li>TakerFeeRatio: 10 bp</li>\n<li>maxMarketValue: 500k$ for all, except PEPE 1.5m$</li>\n<li>maxFundingVelocity: 36</li>\n<li>flagRewardRatio: 3 bp</li>\n<li>minimumPositionMargin: 50 snxUSD</li>\n<li>lockedOiRatio: 0.5</li>\n<li>maxLiquidationLimitMultiplier: 1.5</li>\n<li>maxLiquidationPD: 5 bp</li>\n<li>endorsedLiquidator: \"0x11233749514Ab8d00C0A5873DF7428b3db70030f\"</li>\n</ul>\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 parameters configurations description is as follows:</p>\n<ul>\n<li>initialMarginRatio is a scalar applied on the minimumInitialMarginRatio to determine the minimum initial margin required to support a given portfolio of positions</li>\n<li>maintenanceMarginScalar is a scalar applied on the initialMarginRatio in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they head to the oubliette.</li>\n<li>skewScale is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates</li>\n<li>maxMarketSize is the max market value of the relevant market in the underlying currency</li>\n<li>maxMarketValue is the max market value of the relevant market in USD</li>\n<li>maker/taker fees pertain to fees charged when trading</li>\n<li>maxFundingVelocity is the main parameter that allows to nudge funding rates</li>\n<li>minimumPositionMargin is the minimum margin required</li>\n<li>lockedOiRatio is the multiplier that determines the minimum amount of perp collateral required to back a given perp market</li>\n<li>maxLiquidationLimitMultiplier is a parameter that rate limits liquidations. It is applied on the sum of maker and taker fees with a liquidation rate limit being triggered if pd exceeds that value</li>\n<li>maxLiquidationPD is the minimum pd that triggers a reset of the liquidation capacity</li>\n<li>flagRewardRatio is the reward paid to the flagger, capped at 100 snxUSD per account liquidated</li>\n<li>endorsedLiquidator is a liquidator address that can bypass the rate limit</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 main motivation is to  launch the markets specified above.</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":"a918eaf0-dde4-55cb-b7a5-3da6ab544c14","frontmatter__sccp":323,"__params":{"frontmatter__sccp":"323"}}},"staticQueryHashes":[]}