SIP-295: Adding Perps V1 perps markets to Synthetix Perps V2

Author
Matt
StatusVote_Pending
TypeGovernance
NetworkOptimism
ImplementorTBD
ReleaseTBD
ProposalLoading status...

Simple Summary

Create Synthetix Perps V2 markets for BTC, LINK, SOL, AVAX, AAVE, UNI, MATIC, XAU, XAG, EUR/USD, APE, DYDX, BNB, OP, and DOGE

Abstract

This is a proposal to offer BTC, LINK, SOL, AVAX, AAVE,UNI, MATIC, XAU, XAG, EUR/USD , APE, DYDX, BNB, OP, DOGE futures which track the price of their respective cryptocurrency.

Motivation

This proposal is an essential step in ensuring that traders continue to have access to a large number of markets on Perps V2. Many community members, partners, and so on have also requested to increase the number of supported markets. All of these markets are currently available for trading on Synthetix Perps V1.

The proposed markets have well-established perpetual trading markets at other centralized and decentralized protocols. The inclusion of these markets within Synthetix Perps will provide additional trading opportunities for traders and the entire Synthetix Ecosystem

Furthermore, the assets that have been picked are all supported by Pyth Network and Chainlink already and will not require any additional waiting period.

Rationale

BTC, LINK, SOL, AVAX, AAVE,UNI, MATIC, XAU, XAG, EUR/USD, APE, DYDX, BNB, OP, DOGE are well-established cryptocurrencies (and commodities/forex for EUR/USD, GOLD, SILVER) currently unavailable for trading on Perps V2. The inclusion of these markets in Synthetix Perps V2 will provide additional trading opportunities for traders. All of these markets are currently available for trading on Synthetix Perps V1.

Additionally, many traders and community members have requested additional feeds so they can enjoy Perps V2 features with more markets than just ETH.

Specification

Data was obtained on Jan 23rd via Coingecko from the following exchanges: Binance, Binance US, Crypto.com, KuCoin, Coinbase Exchange, Huobi Global, Gate.io, BKEX, and Bitfinex. This 24 hour volume shows that there is ample volume traded, which points to an appetite for traders, subsequent data will be shown in SCCPs as reasoning for particular configurable values.

Coin Name 24 Hour Volume
BTC $13,110,990,366.00
LINK $100,673,147.00
SOL $13,575,724.00
AVAX $6,661,067.00
AAVE $1,883,208.00
UNI $3,578,584.00
MATIC $9,799,798.00
APE $1,739,006.00
DYDX $2,458,850.00
BNB $6,766,438.00
OP $2,132,844.00
DOGE $9,828,589.00
XAU N/A
XAG N/A
EUR/USD N/A

Three of these markets (XAU,XAG,EUR/USD) experience market closure and other real world trading stoppages (circuit breakers). During these times, markets will be closed and unavailable to trade.

Upon approval, markets will be paused, and SCCPs must be created to unpause the market and set configurable variables after feeds have been properly tested.

Technical Specification

Implementation requires implementing off-chain oracle price feeds from Pyth Network and backup on-chain oracles from Chainlink.

Configurable values (read below) will be set in a subsequent SCCP for each market.

Test Cases

n/a

Configurable Values (Via SCCP)

All Perps V2 configurable values will be set in subsequent SCCPS for each market.

"makerFee": "",
"takerFee": "",
"takerFeeDelayedOrder": "",
"makerFeeDelayedOrder": "",
"takerFeeOffchainDelayedOrder": "",
"makerFeeOffchainDelayedOrder": "",
"maxLeverage": "",
"maxMarketValue": "",
"maxFundingVelocity": "",
"skewScale": "",

"nextPriceConfirmWindow": "",
"delayedOrderConfirmWindow": "",
"minDelayTimeDelta": "",
"maxDelayTimeDelta": "",
"offchainDelayedOrderMinAge": "",
"offchainDelayedOrderMaxAge": "",
"offchainPriceDivergence": "",

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