SIP-370: List STX on Synthetix Perps

Author
StatusImplemented
TypeGovernance
NetworkBase
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Created2024-02-26

Simple Summary

List STX on Synthetix Perps.

Abstract

This is a proposal to List STX Futures/Perpetuals on Synthetix Perps.

Motivation

STX is the native token of Stacks, the leading Bitcoin L2. STX is currently the 37th largest coin in terms of Market cap and is already integrated into the most important CEXs. STX can attract new traders who seek exposure or hedge their portfolios through Bitcoin-related assets.

Specification

Binance Perp STX/USDT Volume from Coingecko at 2024-02-26: 73,678,232

STX DEX/CEX Spot Data From CoinGecko at 2024-02-26:

Exchange Pair Price Spread 24h Volume
Binance   STX/USDT   $2.49   0.01% $20,618,749
OKX   STX/USDT   $2.49   0.03% $5,666,433
Coinbase Exchange   STX/USD   $2.49   0.07% $7,207,145
KuCoin  STX/USDT   $2.49   0.04% $2,684,529
Gate.io    STX/USD   $2.49   0.02% $3,243,373
Bybit    STX/USDT   $2.49   0.04% $3,526,653
BitGet  STX/USDT   $2.49   0.02% $1,210,412

You can find further data here: https://www.coingecko.com/en/coins/stacks

Rationale

To remain competitive, Synthetix should list a highly-traded cryptocurrency for traders like STX. Additionally, STX represents the token of the leading Bitcoin Layer 2.

Technical Specification

The market will be deployed with Chainlink and Pyth price feed.

Test Cases

N/A

Configurable Values (Via SCCP)

The configurable values follows other Perps V2 market and will be update on separate SCCP.

Copyright and related rights waived via CC0.