SIP-346: Perps v3 Integrator Incentive

Author	Burt Rock
Status	Implemented
Type	Governance
Network	Base
Implementor	TBD
Release	TBD
Proposal	Loading status...

Simple Summary

Introduce an integrator fee share mechanism for Perps v3, where integrators earn a 20% base fee in USDC from trades executed through a Synthetix Perps integration on Base.

Abstract

This SIP proposes a fee-sharing mechanism for integrators of the Synthetix Perps v3 system. Integrators will earn a consistent 20% fee in USDC for trades processed through their integration. This proposal applies to Perps v3 markets on Base, and future products or networks will require additional proposals to set integrator fee share.

Motivation

While v2 had a modest fee share program managed by the treasury, this solution came with considerable overhead for the Treasury Council and a poor incentive for frontends which led to several integrators reversing course on their integrations. Finite assets in the treasury also makes fee share in SNX from the treasury an unsustainable model which cannot scale as integrators are more successful at driving volume.

Integrators have also shown and expressed a willingness to contribute incentives and marketing campaigns which directly benefit Synthetix such as token rewards for trading, referrals, and spend on advertising and additional integrations, but currently rely on finite outside resources.

Specification

Integrators will request a unique tracking code for each integration they wish to track and provide an address to which they will recieve fees. A 20% fee relative to protocol fees earned, excluding gas, execution fees, or funding fees, will be directed to the corresponding address for all trades executed using an integrator tracking code.

Rationale

Offering a transparent and easily comprehensible fee structure is key to attracting and retaining integrators. A 20% fee share provides a low overhead, scalable solution for integrator incentives which provides both the possibility of profit for integration partners, and a resource to encourage investment in further marketing or integrations where integrators can directly benefit from their investments.