STP-17: Sui Perps Working Group

Author	Cavalier
Status	Implemented
Implementor	TBD
Release	TBD
Created	2024-03-19

Simple Summary

Fund a team to complete, deploy and operate an instance of Synthetix Perps on Sui.

Abstract

Synthetix Perps logic can be recreated to expand the reach of the Synthetix Protocol to virtually any chain. This proposal is to develop a standalone vault and market factory contract implementation for Synthetix perps in Move, and deploy to Sui. Initial architecture development, prototyping, and test streamlining setup have already been completed over the past year with a near fully complete instance of the protocol written in Move (for Sui L1 or Movement L2).

Motivation

Expansion of Synthetix to new users and communities increases the reach and scale of the protocol. In the past, the protocol roadmap has centered around unified instances of the Synthetix Protocol across many EVM chains. Recently, however, the roadmap has shifted towards designing around isolated instances of the protocol. This presents an opportunity to not only deploy Synthetix V3 on any EVM-compatible chains, but also to develop instances of Synthetix’s most popular product (perps) on various non-EVM chains and fold them into the Synthetix Community.

Specification

Overview

Allocate 290,000 SNX to fund the completion, deployment and operation of Synthetix Perps on Sui, for a period of 12 months. Responsibilities of the working group include but are not limited to

Adapting Synthetix Perps v3 smart contracts for Move
Overseeing the implementation and support of a front end
Preparing appropriate governance proposals for its release
Ongoing maintenance and performance improvements to remain competitive
Implementing governance mechanisms such that Synthetix governance has control of the deployment

Rationale

With quality DevEx tooling and smooth user experience/onboarding features, Sui/Move is a strong candidate for future growth of perps trading. At time of writing Sui has $250m stablecoin TVL and $686m total TVL.

Financial Specification

To seed and scale the efforts of this working group, a total of 290,000 SNX is requested. Details of the funding request:

40,000 SNX upfront to acquire the team and all work-product completed so far
- Fully complete Move implementation
- Minimal frontend prototype
- Centralized keeper infra
90,000 SNX over 6 months (15k/m) for team build out product and bring to market
25,000 SNX Milestone #1 - Sui/Move contracts sent for audit
45,000 SNX Milestone #2 - Open source confirmation and liquidation keeper implementations
45,000 SNX Milestone #3 - Contracts deployed to Sui mainnet
45,000 SNX Milestone #4 - Open source frontend implementation