Thread by @SNXified

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

3. SIP-237: Debt Migration

This SIP introduces a mechanism to allow stakers to migrate their debt position from Ethereum to Optimism without the need to burn their debt.

sips.synthetix.io/sips/sip-237/

4. SIP-255: Burn fees instead of distributing them

This SIP proposes burning fees collected by the fee pool on instead of allowing them to claim the fees and have it transferred to them. This will have the effect of reducing user's debt overall.

sips.synthetix.io/sips/sip-255/

5. 3 SIPs listed above are hard requirements for upcoming migration to new #SNX V3 architecture.

sips.synthetix.io/sips/sip-300/
sips.synthetix.io/sips/sip-306/

6. Now that we know what is needed for successful migration, where we are with #Synthetix V3 itself?

Well, according to @noahlitvin, #SNX V3 is now in audit...

7. If you want to find out more about #Synthetix V3, please check out following sources:

mirror.xyz/noahlitvin.eth…

rattle-ticket-183.notion.site/PUBLIC-Synthet…

https://twitter.com/cavalier_eth/status/1597334987891625985

https://twitter.com/synthetix_io/status/1590006387010342912

8. While #Synthetix V3 is in audit, #SNX core-contributors are working on some other exciting stuff in parallel:

- Perpetual Futures V2 on @kwenta_io

https://twitter.com/synthetix_io/status/1601280851144101889

blog.synthetix.io/perps-v2-summa…

When? According to #Synthetix lead developer, @MattLosquadro, NEXT WEEK!

9. TLDR: #Synthetix is about to melt our faces.
Get ready!