SIP-372: List AXL on Synthetix Perps for Base

Simple Summary

List Axelar Token (AXL) on Synthetix Perps for the Base chain.

Abstract

This is a proposal to list Axelar Token (AXL) perpetual on Synthetix Perps for the Base chain.

Motivation

Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click. Axelar recently got listed on Upbit spot market and Bybit Futures which is an opportunity to expand offering on Synthetix Perps.

Specification

Rationale

Axelar is the fastest-growing interoperability solution based on data from Binance Research. Axelar facilitates advanced cross-chain communication between Cosmos and EVM ecosystems via its General Message Passing (“GMP”) feature, a key driver of network activity. Notably, Axelar connects to 60 chains, showcasing extensive network support, and uses quadratic voting and key rotation to improve security.

Axelar’s token AXL was listed on Binance on March 1, 2024. Post Binance listing, spot liquidity for AXL has substantially increased and spot volumes have increased to over 200m per day. Binance Futures has announced it will be listing AXL on March 5, 2024. AXL has over 100m of daily volume on Bybit Futures, and volumes are growing rapidly.

Axelar has partnered with leading DeFi applications such as dYdX and Lido. RWA issuers such as Ondo Finance leverage Axelar’s message passing for Ondo bridge, fostering a unified on-chain USDY liquidity. Axelar is also not short on enterprise partnerships, evidenced by its recent collaboration with Microsoft, marking Axelar’s entry into the Azure Marketplace. This partnership makes tools like AxelarJS SDK and GMP available to developers, offering advanced hybrid blockchain solutions. Given the extensive use of Azure worldwide, this partnership could significantly fuel Axelar’s growth and expansion.

Technical Specification

The perps market will require Pyth price feed oracle to be deployed on Base Mainnet.

Moved from SIP-2057

Test Cases

N/A

Configurable Values (Via SCCP)

{
    "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.