SCCP-2044: Unpause stETH/ETH market
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2023-09-18 |
Simple Summary
This SCCP proposes to unpause the stETH/ETH market with the below parameters:
| Market | Offchain Fees | MaxMarketValue | Skew Scale |
|---|---|---|---|
| stETH/ETH | 0/2 | 5,000,000 | 2,000,000,000 |
Aside from the changes above, the perps market will have the following configurations as well:
- liquidationBufferRatio: 100 bp
- liquidationPremiumMultiplier: 1
- offchainDelayedOrderMinAge: 15 seconds
- offchainDelayedOrderMaxAge: 120 seconds
- maxFundingVelocity: 9
- maxLeverage: 55
- offchainPriceDivergence: 10%
- maxLiquidationDelta: maker+taker offchain fees
- maxPD: maxLiquidationDelta * 2
- dynamicFeeRounds: 1
- maxDynamicFeeRate: 10%
The parameters for deprecated trading paths (atomic and delayed) are as follows:
- nextPriceConfirmWindow: 2
- delayedOrderConfirmWindow: 120 seconds
- minDelayTimeDelta: 60 seconds
- maxDelayTimeDelta: 6000 seconds
- taker & maker fees on delayed orders (not-offchain) and atomic orders: 30%
Abstract
The parameters configurations description is as follows:
- maker/taker offchain delayed orders pertain to fees charged with the pyth offchain route
- maxMarketValue is the max market value of the relevant market in the underlying currency
- skewScale is the scaling factor of the relevant market in the underlying currency for computing PD and Funding Rates. A single trade for the total market value of stetheth on offer, results in 25 bp slippage on the trade.
- liquidationBufferRatio and liquidationPremiumMultiplier are parameters that determine the safety buffer required for liquidations
- minDelayTimeDelta is the minimum period after which delayed orders can be executed
- maxDelayTimeDelta is the maximum period before which delayed orders can be executed
- offchainDelayedOrderMinAge is the minimum delay before which offchain orders can be executed
- offchainDelayedOrderMaxAge is the maximum delay after which offchain orders cannot be executed
- maxFundingVelocity is the main parameter that allows to nudge funding rates
- offchainPriceDivergence is the maximum allowable delta between chainlink and pyth prices
- dynamicFeeRounds and maxDynamicFeeRate are set to the above specified parameters, via DirectIntegrationManager, effectively disabling dynamic fees on perp markets (due to legacy code base)
Parameters for trading paths (atomic and delayed orders) which are set for deprecation but need to be specified:
- makerFee/takerFee fees pertain to fees for atomic trades at chainlink price, which have been deprecated via high fees
- maker/taker delayed fees pertain to fees for trades at the next chainlink price, which have been deprecated via high fees
- nextPriceConfirmWindow is the window, in chainlink rounds, in which next price delayed orders can be triggered, a deprecated path for trading
- delayedOrderConfirmWindow is the minimum number of seconds after which next price delayed orders can be triggered if no new chainlink rounds are available, a deprecated path for trading
Motivation
The main motivation is to launch the stETH/ETH market as per the instructions of SIP-2031.
Copyright
Copyright and related rights waived via CC0.