{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-340/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-340.md","frontmatter":{"sip":null,"sccp":340,"title":"Enable Perps V3 Markets / Update Parameters","network":"Base","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":null,"implementor":null,"release":null,"created":"2024-07-02T00:00:00.000Z","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 <a href=\"https://sips.synthetix.io/sips/sip-386/\">SIP-386</a></p>\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>minInitialMarginRatio</strong></th>\n<th align=\"center\"><strong>maintMarginScalar</strong></th>\n<th align=\"center\"><strong>skewScale</strong></th>\n<th align=\"center\"><strong>maxMarketSize</strong></th>\n<th align=\"center\"><strong>maxMarketValue</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">yfi</td>\n<td align=\"center\">1.49</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.39</td>\n<td align=\"center\">2,125</td>\n<td align=\"center\">15</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">xrp</td>\n<td align=\"center\">2.57</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.33</td>\n<td align=\"center\">400,000,000</td>\n<td align=\"center\">208,249</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">xlm</td>\n<td align=\"center\">1.4</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">166,500,000</td>\n<td align=\"center\">1,090,425</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">uni</td>\n<td align=\"center\">0.77</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.31</td>\n<td align=\"center\">2,250,000</td>\n<td align=\"center\">21,419</td>\n<td align=\"center\">100,000</td>\n</tr>\n<tr>\n<td align=\"center\">trx</td>\n<td align=\"center\">1.88</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.28</td>\n<td align=\"center\">322,500,000</td>\n<td align=\"center\">796,481</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">sushi</td>\n<td align=\"center\">1.37</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.4</td>\n<td align=\"center\">8,000,000</td>\n<td align=\"center\">117,960</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">strk</td>\n<td align=\"center\">0.89</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">20,000,000</td>\n<td align=\"center\">144,743</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">shib</td>\n<td align=\"center\">2.2</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.32</td>\n<td align=\"center\">1,875,000,000,000</td>\n<td align=\"center\">5,813,953,488</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">sei</td>\n<td align=\"center\">5.13</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.39</td>\n<td align=\"center\">35,500,000</td>\n<td align=\"center\">293,317</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">rndr</td>\n<td align=\"center\">5.09</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">3,750,000</td>\n<td align=\"center\">65,023</td>\n<td align=\"center\">250,000</td>\n</tr>\n<tr>\n<td align=\"center\">pyth</td>\n<td align=\"center\">0.84</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">60,000,000</td>\n<td align=\"center\">617,717</td>\n<td align=\"center\">100,000</td>\n</tr>\n<tr>\n<td align=\"center\">near</td>\n<td align=\"center\">3.35</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.36</td>\n<td align=\"center\">9,375,000</td>\n<td align=\"center\">18,900</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">meme</td>\n<td align=\"center\">1.32</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">325,000,000</td>\n<td align=\"center\">5,336,179</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">ltc</td>\n<td align=\"center\">0.005</td>\n<td align=\"center\">0.02</td>\n<td align=\"center\">0.4</td>\n<td align=\"center\">1,687,500</td>\n<td align=\"center\">1,330</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">ldo</td>\n<td align=\"center\">1.25</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.34</td>\n<td align=\"center\">14,000,000</td>\n<td align=\"center\">200,340</td>\n<td align=\"center\">200,000</td>\n</tr>\n<tr>\n<td align=\"center\">jup</td>\n<td align=\"center\">3.35</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">22,500,000</td>\n<td align=\"center\">121,567</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">jto</td>\n<td align=\"center\">1.49</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">4,000,000</td>\n<td align=\"center\">41,441</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">imx</td>\n<td align=\"center\">1.95</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.4</td>\n<td align=\"center\">5,600,000</td>\n<td align=\"center\">63,418</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">icp</td>\n<td align=\"center\">1.86</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.44</td>\n<td align=\"center\">2,000,000</td>\n<td align=\"center\">12,122</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">grt</td>\n<td align=\"center\">4.22</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.39</td>\n<td align=\"center\">75,000,000</td>\n<td align=\"center\">472,043</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">fxs</td>\n<td align=\"center\">2.59</td>\n<td align=\"center\">0.06666</td>\n<td align=\"center\">0.34</td>\n<td align=\"center\">1,403,125</td>\n<td align=\"center\">33,029</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">flow</td>\n<td align=\"center\">9.28</td>\n<td align=\"center\">0.1</td>\n<td align=\"center\">0.28</td>\n<td align=\"center\">15,000,000</td>\n<td align=\"center\">159,395</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">fil</td>\n<td align=\"center\">1.81</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.26</td>\n<td align=\"center\">6,375,000</td>\n<td align=\"center\">22,379</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">ethbtc</td>\n<td align=\"center\">1.39</td>\n<td align=\"center\">0.02</td>\n<td align=\"center\">0.26</td>\n<td align=\"center\">1,700,000,000</td>\n<td align=\"center\">72,226,506</td>\n<td align=\"center\">2,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">etc</td>\n<td align=\"center\">2.71</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.33</td>\n<td align=\"center\">2,250,000</td>\n<td align=\"center\">4,200</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">eos</td>\n<td align=\"center\">2.47</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.33</td>\n<td align=\"center\">48,000,000</td>\n<td align=\"center\">172,851</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">dydx</td>\n<td align=\"center\">1.45</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.34</td>\n<td align=\"center\">18,000,000</td>\n<td align=\"center\">72,860</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">dot</td>\n<td align=\"center\">2.09</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.32</td>\n<td align=\"center\">7,500,000</td>\n<td align=\"center\">15,793</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">crv</td>\n<td align=\"center\">4.56</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.39</td>\n<td align=\"center\">60,000,000</td>\n<td align=\"center\">3,000,000</td>\n<td align=\"center\">500,000</td>\n</tr>\n<tr>\n<td align=\"center\">comp</td>\n<td align=\"center\">1.8</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.41</td>\n<td align=\"center\">120,938</td>\n<td align=\"center\">2,003</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">blur</td>\n<td align=\"center\">1.49</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.37</td>\n<td align=\"center\">50,000,000</td>\n<td align=\"center\">496,684</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">bch</td>\n<td align=\"center\">1.6</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.32</td>\n<td align=\"center\">84,375</td>\n<td align=\"center\">256</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">bal</td>\n<td align=\"center\">3.94</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.35</td>\n<td align=\"center\">1,125,000</td>\n<td align=\"center\">33,624</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">axs</td>\n<td align=\"center\">0.88</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.31</td>\n<td align=\"center\">2,109,375</td>\n<td align=\"center\">16,488</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">atom</td>\n<td align=\"center\">2.49</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.31</td>\n<td align=\"center\">5,625,000</td>\n<td align=\"center\">14,718</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">apt</td>\n<td align=\"center\">1</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.31</td>\n<td align=\"center\">3,037,500</td>\n<td align=\"center\">14,055</td>\n<td align=\"center\">50,000</td>\n</tr>\n<tr>\n<td align=\"center\">algo</td>\n<td align=\"center\">5.19</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.36</td>\n<td align=\"center\">51,937,500</td>\n<td align=\"center\">1,360,068</td>\n<td align=\"center\">100,000</td>\n</tr>\n<tr>\n<td align=\"center\">ada</td>\n<td align=\"center\">4.35</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.33</td>\n<td align=\"center\">150,000,000</td>\n<td align=\"center\">499,984</td>\n<td align=\"center\">100,000</td>\n</tr>\n<tr>\n<td align=\"center\">aave</td>\n<td align=\"center\">3.38</td>\n<td align=\"center\">0.05</td>\n<td align=\"center\">0.38</td>\n<td align=\"center\">180,000</td>\n<td align=\"center\">2,022</td>\n<td align=\"center\">100,000</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 / except ETHBTC 0.001 bp</li>\n<li>TakerFeeRatio: 10 bp / except ETHBTC 5 bp</li>\n<li>maxFundingVelocity: 36 / except ETHBTC 9</li>\n<li>flagRewardRatio: 3 bp</li>\n<li>minimumPositionMargin: 50 snxUSD</li>\n<li>lockedOiRatio: 0.5 / except ETHBTC 0.25</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":"dbe546c9-b5e9-5f40-8687-307ea180a1d6","frontmatter__sccp":340,"__params":{"frontmatter__sccp":"340"}}},"staticQueryHashes":[]}