{"componentChunkName":"component---src-pages-sips-sip-markdown-remark-frontmatter-sip-tsx","path":"/sips/sip-223/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sips/sip-223.md","frontmatter":{"sip":223,"sccp":null,"title":"DYDXPERP","network":"Optimism","author":"Millie","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/QmeZGZTEdSPoZ4BdLmGKNMyWqgNDoaLHmPES6BLyQgvWSo","implementor":"MEB (@barrasso)","release":"Mirach","created":"2022/03/27","updated":null,"status":"Implemented"},"html":"<h2 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</h2>\n<p>Create a DYDXPERP market on Optimism</p>\n<h2 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</h2>\n<p>This is a proposal to offer a DYDXPERP futures which tracks the price of the $DYDX token</p>\n<h2 id=\"motivation\" style=\"position:relative;\"><a href=\"#motivation\" aria-label=\"motivation permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Motivation</h2>\n<p>$DYDX is the native token of a decentralized perpetual exchange which offers trading markets in a variety of assets. The $DYDX token is emitted to traders and market makers on dYdX Exchange (dYdX Trading inc.) once per epoch (every 28 days) and is currently not available for trade on any DeFi derivative market. Synthetix has an opportunity to capture a lot of volume and fees from users looking to hedge their $DYDX exposure before the end of every Epoch.</p>\n<h2 id=\"specification\" style=\"position:relative;\"><a href=\"#specification\" aria-label=\"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>Specification</h2>\n<table>\n<thead>\n<tr>\n<th>Exchange</th>\n<th>Pair</th>\n<th>Price</th>\n<th>Spread</th>\n<th>+2% Depth</th>\n<th>-2% Depth</th>\n<th>24h Volume</th>\n<th>Volume%</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>HitBTC</td>\n<td>DYDX/USDT</td>\n<td>$5.47</td>\n<td>0.15%</td>\n<td>$1,345,518</td>\n<td>$1,038,885</td>\n<td>$8,035,201</td>\n<td>8.90%</td>\n</tr>\n<tr>\n<td>Binance</td>\n<td>DYDX/USDT</td>\n<td>$5.48</td>\n<td>0.02%</td>\n<td>$305,640</td>\n<td>$844,081</td>\n<td>$21,357,988</td>\n<td>23.67%</td>\n</tr>\n<tr>\n<td>HitBTC</td>\n<td>DYDX/BTC</td>\n<td>$5.46</td>\n<td>0.2%</td>\n<td>$529,308</td>\n<td>$571,047</td>\n<td>$513,320</td>\n<td>0.57%</td>\n</tr>\n<tr>\n<td>MEXC</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.13%</td>\n<td>$470,803</td>\n<td>$270,760</td>\n<td>$201,083</td>\n<td>0.22%</td>\n</tr>\n<tr>\n<td>Crypto.com</td>\n<td>DYDX/USDT</td>\n<td>$5.47</td>\n<td>0.15%</td>\n<td>$352,299</td>\n<td>$356,861</td>\n<td>$108,724</td>\n<td>0.12%</td>\n</tr>\n<tr>\n<td>BTSE</td>\n<td>DYDX/USD</td>\n<td>$5.45</td>\n<td>0.62%</td>\n<td>$340,634</td>\n<td>$337,980</td>\n<td>$3,416,938</td>\n<td>3.79%</td>\n</tr>\n<tr>\n<td>OKX</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.02%</td>\n<td>$176,517</td>\n<td>$212,211</td>\n<td>$5,714,699</td>\n<td>6.33%</td>\n</tr>\n<tr>\n<td>Cryptology</td>\n<td>DYDX/USD</td>\n<td>$5.47</td>\n<td>0.16%</td>\n<td>$253,184</td>\n<td>$222,893</td>\n<td>$200,386</td>\n<td>0.22%</td>\n</tr>\n<tr>\n<td>FTX</td>\n<td>DYDX/USD</td>\n<td>$5.46</td>\n<td>0.07%</td>\n<td>$126,655</td>\n<td>$180,178</td>\n<td>$734,192</td>\n<td>0.81%</td>\n</tr>\n<tr>\n<td>Bybit</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.07%</td>\n<td>$130,479</td>\n<td>$179,608</td>\n<td>$205,709</td>\n<td>0.23%</td>\n</tr>\n<tr>\n<td>Phemex</td>\n<td>DYDX/USDT</td>\n<td>$5.47</td>\n<td>0.22%</td>\n<td>$145,296</td>\n<td>$204,289</td>\n<td>$430,803</td>\n<td>0.48%</td>\n</tr>\n<tr>\n<td>Gate.io</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.04%</td>\n<td>$101,480</td>\n<td>$116,897</td>\n<td>$5,855,674</td>\n<td>6.49%</td>\n</tr>\n<tr>\n<td>Cryptology</td>\n<td>DYDX/USDT</td>\n<td>$5.45</td>\n<td>0.49%</td>\n<td>$205,814</td>\n<td>$199,264</td>\n<td>$132,386</td>\n<td>0.15%</td>\n</tr>\n<tr>\n<td>Binance</td>\n<td>DYDX/BUSD</td>\n<td>$5.45</td>\n<td>0.02%</td>\n<td>$106,632</td>\n<td>$128,649</td>\n<td>$2,272,523</td>\n<td>2.52%</td>\n</tr>\n<tr>\n<td>AAX</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.04%</td>\n<td>$123,187</td>\n<td>$122,345</td>\n<td>$231,935</td>\n<td>0.26%</td>\n</tr>\n<tr>\n<td>KuCoin</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.07%</td>\n<td>$107,337</td>\n<td>$126,291</td>\n<td>$1,533,710</td>\n<td>1.70%</td>\n</tr>\n<tr>\n<td>Huobi</td>\n<td>DYDX/USDT</td>\n<td>$5.48</td>\n<td>0.05%</td>\n<td>$88,027</td>\n<td>$91,987</td>\n<td>$3,978,667</td>\n<td>4.41%</td>\n</tr>\n<tr>\n<td>XT.COM</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.04%</td>\n<td>$103,794</td>\n<td>$55,961</td>\n<td>$1,509,947</td>\n<td>1.67%</td>\n</tr>\n<tr>\n<td>LBank</td>\n<td>DYDX/USDT</td>\n<td>$5.44</td>\n<td>0.59%</td>\n<td>$108,039</td>\n<td>$110,662</td>\n<td>$4,473,371</td>\n<td>4.96%</td>\n</tr>\n<tr>\n<td>BKEX</td>\n<td>DYDX/USDT</td>\n<td>$5.47</td>\n<td>0.1%</td>\n<td>$54,029</td>\n<td>$84,108</td>\n<td>$3,175,311</td>\n<td>3.52%</td>\n</tr>\n<tr>\n<td>Bitrue</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.02%</td>\n<td>$80,056</td>\n<td>$34,944</td>\n<td>$3,977,965</td>\n<td>4.41%</td>\n</tr>\n<tr>\n<td>Binance</td>\n<td>DYDX/BTC</td>\n<td>$5.46</td>\n<td>0.08%</td>\n<td>$61,602</td>\n<td>$85,154</td>\n<td>$919,756</td>\n<td>1.02%</td>\n</tr>\n<tr>\n<td>ZB</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.45%</td>\n<td>$62,148</td>\n<td>$62,926</td>\n<td>$4,276,520</td>\n<td>4.74%</td>\n</tr>\n<tr>\n<td>Uniswap (v3)</td>\n<td>DYDX/WETH</td>\n<td>$5.50</td>\n<td>0.6%</td>\n<td>$80,642</td>\n<td>$80,399</td>\n<td>$440,000</td>\n<td>0.49%</td>\n</tr>\n<tr>\n<td>Hoo.com</td>\n<td>DYDX/USDT</td>\n<td>$5.48</td>\n<td>0.73%</td>\n<td>$67,256</td>\n<td>$72,293</td>\n<td>$606,453</td>\n<td>0.67%</td>\n</tr>\n<tr>\n<td>Bitrue</td>\n<td>DYDX/USDC</td>\n<td>$5.46</td>\n<td>0.58%</td>\n<td>$20,464</td>\n<td>$19,481</td>\n<td>$1,912,837</td>\n<td>2.12%</td>\n</tr>\n<tr>\n<td>ZB</td>\n<td>DYDX/QC</td>\n<td>$5.43</td>\n<td>0.95%</td>\n<td>$5,830</td>\n<td>$6,139</td>\n<td>$5,486,638</td>\n<td>6.08%</td>\n</tr>\n<tr>\n<td>FMFW.io</td>\n<td>DYDX/USDT</td>\n<td>$5.46</td>\n<td>0.1%</td>\n<td>$1,299,204</td>\n<td>$1,047,363</td>\n<td>$7,993,650</td>\n<td>8.86%</td>\n</tr>\n</tbody>\n</table>\n<h3 id=\"rationale\" style=\"position:relative;\"><a href=\"#rationale\" aria-label=\"rationale 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>Rationale</h3>\n<p>The majority of demand for DYDXPERP, will likely come from dYdX Exchange users who have earned a significant amount of $DYDX and will be looking to hedge their gains in the 1 week waiting period at the end of every trading Epoch on the dYdX Exchange. This presents an interesting opportunity for Synthetix to attract users of a competing DeFi Perpetual exchange and on board them to Synthetix and Optimism. The majority of these traders wouldn't ever come and trade Synthetix Perpetuals otherwise, since they're being heavily subsidized for trading on dYdX Exchange. Although $DYDX isn't an overly popular or in-demand token, this is a golden opportunity to onboard some of their users and synthetix should seize it by offering a DYDXPERP market.</p>\n<h3 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</h3>\n<p>Requires a ChainLink Price feed on OE</p>\n<h3 id=\"test-cases\" style=\"position:relative;\"><a href=\"#test-cases\" aria-label=\"test cases 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>Test Cases</h3>\n<p>n/a</p>\n<h3 id=\"configurable-values-via-sccp\" style=\"position:relative;\"><a href=\"#configurable-values-via-sccp\" aria-label=\"configurable values via sccp 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>Configurable Values (Via SCCP)</h3>\n<p>Open interest caps and fee tier</p>\n<h2 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</h2>\n<p>Copyright and related rights waived via <a href=\"https://creativecommons.org/publicdomain/zero/1.0/\">CC0</a>.</p>"}},"pageContext":{"id":"5223cbee-7358-5cfc-9153-22e319155823","frontmatter__sip":223,"__params":{"frontmatter__sip":"223"}}},"staticQueryHashes":[]}