USD to Perps V2

Author	Matt
Status	Implemented
Type	Governance
Network	Optimism
Implementor	TBD
Release	TBD
Proposal	Loading status...

Simple Summary

Add ATOM, AXS, FLOW, FTM, NEAR, AUD/USD and GBP/USD to Perps V2

Abstract

This is a proposal to add ATOM, AXS, FLOW, FTM, NEAR, AUD/USD and GBP/USD markets to Perps V2.

Motivation

Now that markets from Perps V1 have been approved to transition to Perps V2, it is important to continue to expand the number of supported markets.

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.

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

Rationale

The markets selected in this SIP have been selected because they are currently supported by both Pyth and Chainlink and will not require any additional requests to be added to Perps V2. Subsequent SIP's will be prepared to add additional markets outside of this scope.

All of the markets selected are well-established markets currently unavailable for trading on Perps V2. The inclusion of these markets in Synthetix Perps V2 will provide additional trading opportunities for traders.

Specification

Data for 24 hour spot volume was obtained on Jan 27th via Coingecko from the following exchanges: Binance, Binance US, Crypto.com, KuCoin, Coinbase Exchange, Huobi Global, Gate.io, BKEX, and Bitfinex. Data for 24 hour perps volume was obtained on Jan 31st via CoinGecko from Binance, ByBit, and KuCoin

Coin Name	24 Hr Spot Volume	24 hr Perps Volume
ATOM	$69,042,618	$130,000,000
AXS	$62,993,593	$220,000,000
FLOW	$23,903,356	$50,000,000
FTM	$249,129,964	$1,000,000,000
NEAR	$105,776,893	$210,000,000
AUD/USD	N/A	N/A
GBP/USD	N/A	N/A

Two of these markets (AUD/USD and GBP/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": "",