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Jan 25, 2022 22 tweets 23 min read Read on X
Blown away by @kaiynne's #L222 #SNX roadmap.

Here is 22 reasons why #Synthetix is going to melt faces in 2022:

#Optimism:

@synthetix_io is built on @optimismPBC L2. @MakerDAO, @AaveAave, @CurveFinance, @Uniswap, @gnosisPM, @Barn_Bridge and other top dogs joined as well.

1/22
Parallel development of #Synthetix V2x and V3:

#Synthetix core-contributors split up into two groups in 2021, to build two different scopes at the same time. At the same time #SNX on-boarded additional engineers and core contributors to accelerate the process.

2/22
#Synthetix V2x:

#SNX V2x scope consists of three phases:

1. #Optimism migration and dealing with tech debt
2. Debt Synthesis (L1/L2 debt merge) and other stuff
3. Rollout of new #synths to #Optimism

Leveraged Synths aka #Futures split into separate workstream.

3/22
#Synthetix V2x progress so far:

Phase 1.........complete
Phase 2.........in progress
Phase 3.........in progress
Futures..........in progress

Last three items of V2x scope are being built in parallel.

4/22
#Synthetix V2x Phase 2 scope:

SIP-185 Debt Shares
SIP-148 Upgraded Liquidations
SIP-165 Debt Pool Synthesis
SIP-198 Atomic FX transactions
SIP-TBC Synth Teleporters
SIP-TBC Debt Migration

5/22
SIP-185 Debt Shares:
sips.synthetix.io/sips/sip-185/

Status: Vote Pending (vote is today)
Development is complete and code in audit.

This SIP is required for SIP-165 (Debt Synthesis) and SIP SIP-148 (Liquidations). It replaces existing debt register with tokenized debt system.

6/22
SIP-148 Upgrade Liquidation Mechanism V2:
sips.synthetix.io/sips/sip-148/

Status: Feasibility
Development in progress. Release in Feb 2022.

This SIP will introduce in-house liquidations by #Synthetix itself, while redistributing proceeds as rewards to healthy stakers.

7/22
SIP-165 Debt Pool Synthesis:
sips.synthetix.io/sips/sip-165/

Status: Feasibility
Development in progress. Release in Q1 2022.

This SIP will merge debt across layers (ETH/OVM) and allow #Syntthetix to be deployed across ARBITRARY NUMBER OF CHAINS via @chainlink custom oracles.

8/22
SIP-198 Atomic FX transactions:
sips.synthetix.io/sips/sip-198/

Status: Feasibility
Development in progress. Release in Feb 2022.

Requested by @AndreCronjeTech to be used for atomic #FOREX trading using pure #chainlink prices. Use case: @thekeep3r FixedForex, cross-asset swaps.

9/22
SIP-TBC Synth Teleporters:

Status: Draft
Development in progress. Release in Q1 2022.

#Synthetix will start using Synth Teleporters to move liquidity between layers. Once battle-tested, teleporters will be used for cross-chain bridging of liquidity across many chains.

10/22
SIP-TBC Debt Migration:

Status: Draft
Development in progress. Release in Q1 2022.

Final SIP in #Synthetix V2x scope. It allows painless transfer of L1 debt to #Optimism layer.

11/22
#Synthetix V2x Phase 3 scope:

Rollout of new Synths to Optimism will proceed in parallel with Phase 2 SIPs. Phase 3 started with SIP-199, which adds #Solana #sSOL synth on #OVM @optimismPBC Layer 2.

SIP-199 (sips.synthetix.io/sips/sip-199/) will be deployed next week.

12/22
SIP-202: Target Staking Ratio:
sips.synthetix.io/sips/sip-202/

Status: Draft
Development in progress. Release in Q1/Q2 2022.

Written by @kaiynne and @Jacko_n_co, this SIP will dynamically change rate of #SNX token inflation on the fly, based on the target ratio of the network.

13/22
SIP-80: Synthetic Futures:
sips.synthetix.io/sips/sip-80/

Code in audit. Release Feb 2022 on @kwenta_io.

SIP is in separate workstream. Development is complete and audit in progress. #Leveraged #Synths on #Optimism will be insane. #SNX beras gonna get rekt...

14/22
Other #Synthetix SIPs in pipeline:

SIP-203: Volume Source Fee
sips.synthetix.io/sips/sip-203/
Allows integrators to capture fees from the volume they route through #Synthetix.

SIP-301: Add Synth Supply Caps
sips.synthetix.io/sips/sip-301/
Allow each synth to have its own max supply cap

15/22
More #Synthetix SIPs in pipeline:

SIP-303: Simulated Liquidity for Synthetix Exchanges
sips.synthetix.io/sips/sip-303/
Implements synthetic pricing curve with parametric liquidity constants, set to reflect the global liquidity available for each synth’s underlying asset.

16/22
Even more #Synthetix SIPs in pipeline:

SIP-186: Risk Committee
sips.synthetix.io/sips/sip-186/
SIP creates Risk Committee, chosen from other #SNX governing bodies (Spartan Council, Treasury Council), who will be responsible for risk analysis of the Synthetix Protocol.

17/22
#Synthetix V3 and V3GM:

Second group of core contributors already working on V3 branch. #V3GM will be deployed first, to govern #SNX protocol in second epoch of 2022.

Will become separate protocol with its own token as part of #Synthetix ecosystem. Wen airdrop?

18/22
#Synthetix V3 Scope:

Proxy Architecture
Tokenised Debt Pool
Differentiated Debt Pool
Inflation Weighting
Inflation locking
LP token staking
Synth Decay Function
Continuous Staking

19/22
#Synthetix V3.1 Scope:

Single Asset Debt Pools
Exotic Collateral
Bilateral Trading
Dynamic Wrappers
Cross Asset Swaps across chains #SNX deployed on

20/22
#L222. State of #Synthetix on 12/31/2022:

- Synths deployed on many chains and layers
- V3 migration complete
- Synthetic futures live on L2
- Higher APY from both inflation and fees
- More integrations
- V3GM governance

21/22
#WAGMI...

"This year we will reap the rewards from the investment we made in optimism and continuously decentralising governance. wagmi."

#L222 #SNX #Synthetix

22/22

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More from @SNXified

Dec 10, 2022
Pieces of #Synthetix puzzle are falling into their places...

I spent some time, since morning, to figure out where we are now, in terms of progress... 🧵
1. Alphecca Release on Nov. 30th introduced some upgrades to #Synthetix contracts, to facilitate upcoming migration of debt and collateral from V2 to V3.

sips.synthetix.io/sips/sip-299/
blog.synthetix.io/the-alphecca-r…
2. Next several weeks, developers will be working on following SIPs:

- SIP-237: Debt Migration
- SIP-255: Burn fees instead of distributing them
Read 10 tweets
Feb 28, 2021
As you know, @optimismPBC's mainnet launches in March. @synthetix_io in Phase 0 of mainnet and Phase 1 coming in couple days/weeks. Phase 2 coincides with launch of Synthetix V3, a compete re-write of the original codebase.

This is what's coming in next 2 months on V3:

1/13
New SNX staking mechanism

This mechanism would require users to send SNX to a contract to stake and SNX outside this contract would always be freely transferable.

2/13
eSNX

This change would create eSNX which would be paid out directly to wallets but not immediately staked as is the case now. Instead stakers would be able to burn it and receive escrowed SNX which would unlock after a year, this creates more flexibility for stakers.

3/13
Read 13 tweets

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