sccp-376

.github/workflows/PR-build.yml

@@ -11,6 +11,8 @@ jobs:
     steps:
       - uses: actions/checkout@v2
       - uses: actions/setup-node@v2
+        with:
+          node-version: '20'
       - name: Get latest npm version
         run: npm install -g npm@latest --prefix .
       - name: Install dependencies

content/sccp/sccp-375.md

@@ -3,6 +3,8 @@ sccp: 375
 title: Deploy More Markets to Perps V3 Base and Arbitrum
 network: Arbitrum & Base
 status: Vote_Pending
+proposal: >-
+  https://snapshot.org/#/snxgov.eth/proposal/0x3072e4468de2762adb836febef5e68d343347c75c7004f6d01fe31f8359f6c73
 type: Governance
 created: 2024-12-11
 author: Kaleb

content/sccp/sccp-376.md

@@ -0,0 +1,56 @@
+---
+sccp: 376
+title: Deploy PENGU to Perps V3 Base
+network: Base
+status: Vote_Pending
+proposal: >-
+  https://snapshot.org/#/snxgov.eth/proposal/0x3072e4468de2762adb836febef5e68d343347c75c7004f6d01fe31f8359f6c73
+type: Governance
+created: 2024-12-11
+author: Kaleb
+---
+
+# Simple Summary
+
+This SCCP proposes to deploy the below markets on Perps V3 on Base:
+
+| **Market** 	| **minimumInitialMarginRatio** 	| **initialMarginRatio** 	| **maintenanceMarginScalar** 	| **skewScale** 	| **maxMarketSize** 	| **maxMarketValue** 	|
+|:----------:	|:-----------------------------:	|:----------------------:	|:---------------------------:	|:-------------:	|:-----------------:	|:------------------:	|
+|   PENGU   	|             5.00%             	|           2.543          	|            0.317            	|      300m     	|        2b       	    |         3m         	|
+
+Aside from the above parameters , the perps markets will have the following configurations as well:
+- TakerFeeRatio: 10 bp 
+- MakerFeeRatio: 0 bp
+- maxFundingVelocity: 9
+- flagRewardRatio: 3 bp
+- minimumPositionMargin: 50
+- lockedOiRatio: 0.1
+- maxLiquidationLimitMultiplier: 1.5
+- maxLiquidationPD: 5 bp
+- endorsedLiquidator: "0x11233749514Ab8d00C0A5873DF7428b3db70030f"
+
+
+# Abstract
+
+The parameters configurations description is as follows:
+- initialMarginRatio is a scalar applied on the minimumInitialMarginRatio to determine the minimum initial margin required to support a given portfolio of positions
+- maintenanceMarginScalar is a scalar applied on the initialMargin in order to obtain the maintenanceMargin. When traders fall below the maintenance margin, they are liquidated.
+- skewScale is the scaling factor of the relevant market in the underlying currency for computing price impact and funding rates
+- maxMarketSize is the max market value of the relevant market in the underlying currency
+- maxMarketValue is the max market value of the relevant market in USD
+- maker/taker fees pertain to fees charged when trading
+- maxFundingVelocity is the main parameter that allows to nudge funding rates
+- minimumPositionMargin is the minimum margin required
+- lockedOiRatio is the multiplier that determines the minimum amount of perp collateral required to back a given perp market
+- maxLiquidationLimitMultiplier is a parameter that rate limits liquidations. It is applied on the sum of maker and taker fees with a liquidation rate limit being triggered if pd exceeds that value
+- maxLiquidationPD is the minimum pd that triggers a reset of the liquidation capacity
+- endorsedLiquidator is a liquidator address that can bypass the rate limit
+- the collateral liquidation penalty is the penalty paid to the liquidator for executing a liquidation
+
+
+# Motivation
+
+The more options traders have via Synthetix Perps, the less likely they will move their margin to other trading venues to trade markets we don't provide. 
+
+# Copyright
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).