SIP-298: Adding APT, LDO, ADA, GMX, FIL, LTC, BCH, SHIB, and CRV to Synthetix Perps V2

Simple Summary

Create Synthetix Perps V2 markets for APT, LDO, ADA, GMX, FIL, LTC, BCH, SHIB, and CRV

Abstract

This is a proposal to offer APT, LDO, ADA, GMX, FIL, LTC, BCH, SHIB, and CRV 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

Rationale

Synthetix Perps V2 will soon support a wide range of assets, and these new assets are some of the most traded perps markets at other decentralized and centralized perps exchanges. Adding them will allow Synthetix Perps to onboard many more traders.

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 30th via Coingecko from the following exchanges: Binance, Binance US, Crypto.com, KuCoin, Coinbase Exchange, Huobi Global, Gate.io, BKEX, and Bitfinex.

Coin Name	24 Hour Volume
APT	$14,637,958.00
LDO	$3,835,187.00
ADA	$7,794,631.00
GMX	$969,082.00
FIL	$3,818,018.00
LTC	$8,910,636.00
BCH	$2,178,553.00
SHIB	$6,687,150.00
CRV	$21,831,827.00

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.

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": "",

Copyright

Copyright and related rights waived via CC0.