SIP-363: List SNX-PERP, SOL-PERP, and WIF-PERP on Perps v3 on Base

Simple Summary

List SNX-PERP, SOL-PERP, and WIF-PERP on Perps v3 on the Base network.

Abstract

List an SNX-PERP market on the Perps v3 on the Base network, allowing traders to go long and short on the native asset of the ecosystem in an environment where the SNX token is not used as collateral for the positions.

Also list SOL-PERP and WIF-PERP, expanding the range of v3 markets to include both a popular blue chip, and a novel asset with recent market interest.

Motivation

The motivation for listing SNX-PERP, SOL-PERP, and WIF-PERP on Perps v3 encompasses both strategic and community-driven considerations. For SNX, the goal is to leverage its position as the backbone of the Synthetix ecosystem, facilitating hedging opportunities for SNX stakers without affecting their staking positions. This move aims to foster community involvement and signal the start of expansive growth for v3 on the Base network.

The inclusion of SOL-PERP responds to SOL's strong trading presence and liquidity in Perps v2, recognizing it as a crucial asset within the blue-chip market. Listing SOL aims to attract seasoned traders and investors, capitalizing on its established market dynamics and community support.

WIF-PERP's addition seeks to capture the burgeoning interest in meme coins, acknowledging WIF's rapid ascent as a leading asset in this category. This decision reflects an innovative approach, aiming to draw a diverse and dynamic trader demographic. WIF is a particularly good choice among popular meme coins due to its deep liquidity and its absence from the current v2 system, allowing us to provide incentive for traders to move from v2 to v3.

Specification

Rationale

With Polynomial opening their v3 to the public, Kwenta already live, and OI caps set to increase soon, introducing SNX-PERP, SOL-PERP, and WIF-PERP markets is a timely expansion of the Perps v3 offerings. All three markets are in the top 100 assets by market cap and have sufficient liquidity and external venues for both long and short positions to ensure a properly hedged market on Synthetix. They should be contained in the one existing supermarket, allowing margin collateral to be shared across markets with similar risk profiles.

Technical Specification

• Requires a Pyth oracle on Base for each market.

Test Cases

• n/a

Configurable Values

• To be set via SCCP for each market.

Copyright

Copyright and related rights waived via CC0.