{"componentChunkName":"component---src-pages-sccp-sccp-markdown-remark-frontmatter-sccp-tsx","path":"/sccp/sccp-385/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sccp/sccp-385.md","frontmatter":{"sip":null,"sccp":385,"title":"Deploy VELODROME and S to Perps V3 Base","network":"Base","author":"Kaleb","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0x375be4a179d0718ef4daac1fa6e1cefd16e39ff15edad2b8472eec5b38d7f762","implementor":null,"release":null,"created":"2025-01-23T00:00:00.000Z","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 the below markets on Perps V3 on Base:</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Market</strong></th>\n<th align=\"center\"><strong>minimumInitialMarginRatio</strong></th>\n<th align=\"center\"><strong>initialMarginRatio</strong></th>\n<th align=\"center\"><strong>maintenanceMarginScalar</strong></th>\n<th align=\"center\"><strong>skewScale</strong></th>\n<th align=\"center\"><strong>maxMarketValue</strong></th>\n<th align=\"center\"><strong>maxMarketSize</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\">S</td>\n<td align=\"center\">5.00%</td>\n<td align=\"center\">1.159</td>\n<td align=\"center\">0.317</td>\n<td align=\"center\">12,000,000</td>\n<td align=\"center\">1,000,000</td>\n<td align=\"center\">3,000,000</td>\n</tr>\n<tr>\n<td align=\"center\">Velodrome</td>\n<td align=\"center\">5.00%</td>\n<td align=\"center\">0.437</td>\n<td align=\"center\">0.317</td>\n<td align=\"center\">25,000,000</td>\n<td align=\"center\">300,000</td>\n<td align=\"center\">6,000,000</td>\n</tr>\n</tbody>\n</table>\n<p>Aside from the above parameters , the perps markets will have the following configurations as well:</p>\n<ul>\n<li>TakerFeeRatio: 10 bp</li>\n<li>MakerFeeRatio: 2 bp</li>\n<li>maxFundingVelocity: 36</li>\n<li>flagRewardRatio: 3 bp</li>\n<li>minimumPositionMargin: 15</li>\n<li>lockedOiRatio: 0.1</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 initialMargin in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they are liquidated.</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>endorsedLiquidator is a liquidator address that can bypass the rate limit</li>\n<li>the collateral liquidation penalty is the penalty paid to the liquidator for executing a liquidation</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 more options traders have via Synthetix Perps, the less likely they will move their margin to other trading venues to trade markets we don't provide.</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":"980dfb9e-83f3-5b5c-823a-edfb0ba3ff50","frontmatter__sccp":385,"__params":{"frontmatter__sccp":"385"}}},"staticQueryHashes":[]}