SIP-374: Preemptive Approval for Listing DEGEN Token on Perps v3 on Base

Simple Summary

Propose a preemptive approval for listing the DEGEN token, on Perps v3 on the Base network, pending an SCCP for final listing parameters.

Abstract

This proposal seeks to grant preemptive approval for the listing of the DEGEN token on Perps v3 on the Base network. The DEGEN token is payment token on Farcaster app, powered by Base network. This preemptive approval aims to streamline the governance process, allowing for swift action post LISTING AND/OR ANNOUNCEMENT of the listing on MAJOR EXCHANGE (Binance or Coinbase), while ensuring the Synthetix community's intention to support the DEGEN is clear. A subsequent SCCP will define the specific parameters for the DEGEN token's listing, contingent upon its performance and liquidity in external markets.

Motivation

The motivation behind listing DEGEN-PERP on Perps v3 is multi-faceted, targeting both strategic expansion and community engagement. DEGEN, as the main MEME token on the Base network, has shown significant interest and activity. By listing DEGEN-PERP, we aim to leverage this momentum, offering new trading strategies for DEGEN enthusiasts and broadening the appeal of Perps v3. This move is also anticipated to stimulate further growth and activity within the Base network, encouraging both existing and new users to engage with the DeFi ecosystem more deeply.

Furthermore, the listing seeks to provide DEGEN holders with a valuable tool for risk management, enabling them to hedge their exposure to DEGEN's price volatility without needing to liquidate their positions. This addition enriches the Perps v3 market, making it more attractive to a diverse range of traders and investors interested in the meme token space.

Specification

Rationale

Preemptive approval for the DEGEN token listing is designed to expedite the integration process within the Synthetix ecosystem, acknowledging the token's potential impact and the community's interest in early adoption. This proposal allows the community to signal its support and readiness to include the DEGEN token, pending the assessment of market conditions and liquidity through a detailed SCCP.

Technical Specification

• Requires a Pyth oracle on Base for each market. The listing process for the DEGEN token on Perps v3 will commence following its listing or announcement of the listing on major exchange (Binance or Coinbase), subject to the successful submission and approval of a subsequent SCCP detailing specific listing parameters.

Test Cases

• n/a

Configurable Values

• To be set via SCCP for the DEGEN market.

Copyright

Copyright and related rights waived.