SCCP-2045: Update Skew Scale Parameters
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2023-09-21 |
Simple Summary
This SCCP proposes to decrease the skew scale by 25% on the below markets:
| Market | Current | Proposed | Synthetix Slippage 100k$ | Cex Slippage 100k$ |
|---|---|---|---|---|
| PEPE | 30,000,000,000,000 | 22,500,000,000,000 | 34 | 12 |
| SHIB | 10,000,000,000,000 | 7,500,000,000,000 | 9 | 4 |
| DOGE | 2,500,000,000 | 1,875,000,000 | 4 | 2 |
| ZIL | 950,000,000 | 712,500,000 | 43 | 21 |
| TRX | 1,000,000,000 | 750,000,000 | 8 | 6 |
| ADA | 400,000,000 | 300,000,000 | 7 | 2 |
| ONE | 750,000,000 | 562,500,000 | 90 | 26 |
| FTM | 300,000,000 | 225,000,000 | 11 | 6 |
| ALGO | 277,000,000 | 207,750,000 | 25 | 12 |
| XRP | 500,000,000 | 375,000,000 | 3 | 1 |
| XLM | 333,000,000 | 249,750,000 | 17 | 7 |
| EOS | 128,000,000 | 96,000,000 | 9 | 0 |
| MATIC | 200,000,000 | 150,000,000 | 6 | 3 |
| CRV | 100,000,000 | 75,000,000 | 15 | 5 |
| SEI | 142,000,000 | 106,500,000 | 37 | 13 |
| APE | 60,000,000 | 45,000,000 | 10 | 5 |
| 1INCH | 60,000,000 | 45,000,000 | 43 | 14 |
| CELO | 55,000,000 | 41,250,000 | 27 | 9 |
| SUI | 90,000,000 | 67,500,000 | 17 | 6 |
| ARB | 75,000,000 | 56,250,000 | 11 | 4 |
| RUNE | 34,000,000 | 25,500,000 | 10 | 5 |
| OP | 60,000,000 | 45,000,000 | 8 | 5 |
| DYDX | 30,000,000 | 22,500,000 | 11 | 5 |
| ENJ | 46,000,000 | 34,500,000 | 62 | 20 |
| SUSHI | 21,000,000 | 15,750,000 | 50 | 19 |
| LINK | 20,000,000 | 15,000,000 | 5 | 2 |
| ZRX | 40,000,000 | 30,000,000 | 91 | 22 |
| FLOW | 20,000,000 | 15,000,000 | 74 | 18 |
| LDO | 19,000,000 | 14,250,000 | 22 | 11 |
| XTZ | 19,000,000 | 14,250,000 | 52 | 16 |
| FIL | 17,000,000 | 12,750,000 | 12 | 5 |
| BLUR | 34,000,000 | 25,500,000 | 111 | 23 |
| NEAR | 25,000,000 | 18,750,000 | 24 | 7 |
| PERP | 25,000,000 | 18,750,000 | 44 | 15 |
| MAV | 21,000,000 | 15,750,000 | 130 | 34 |
| DOT | 20,000,000 | 15,000,000 | 8 | 4 |
| KNC | 18,000,000 | 13,500,000 | 62 | 24 |
| UNI | 8,000,000 | 6,000,000 | 19 | 5 |
| ATOM | 7,500,000 | 5,625,000 | 12 | 7 |
| RNDR | 10,000,000 | 7,500,000 | 41 | 15 |
| APT | 8,100,000 | 6,075,000 | 15 | 4 |
| ETC | 4,000,000 | 3,000,000 | 10 | 3 |
| ICP | 4,000,000 | 3,000,000 | 55 | 19 |
| INJ | 3,800,000 | 2,850,000 | 24 | 10 |
| SOL | 7,500,000 | 5,625,000 | 4 | 2 |
| UMA | 3,700,000 | 2,775,000 | 130 | 37 |
| AVAX | 5,000,000 | 3,750,000 | 14 | 5 |
| AXS | 5,000,000 | 3,750,000 | 29 | 12 |
| LTC | 2,250,000 | 1,687,500 | 4 | 2 |
| ZEC | 780,000 | 585,000 | 33 | 19 |
| BAL | 1,500,000 | 1,125,000 | 133 | 32 |
| COMP | 645,000 | 483,750 | 26 | 8 |
| FXS | 1,250,000 | 937,500 | 100 | 23 |
| AAVE | 450,000 | 337,500 | 24 | 11 |
| BNB | 850,000 | 637,500 | 4 | 2 |
| XMR | 255,000 | 191,250 | 18 | 10 |
| BCH | 500,000 | 375,000 | 6 | 4 |
| MKR | 48,000 | 36,000 | 11 | 7 |
| YFI | 1,500 | 1,125 | 80 | 21 |
Abstract
skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates.
Motivation
The main motivation is to increase the incentive on arbitrageurs to arbitrage the skew by targeting an effective liquidity comfortably below liquidity available on centralized exchanges.
Copyright
Copyright and related rights waived via CC0.