SIP-368: Preemptive Approval for Listing W Token on Perps v3 on Base

Author	Burt Rock
Status	Implemented
Type	Governance
Network	Base
Implementor	TBD
Release	TBD
Proposal	Loading status...
Created	2024-03-07

Simple Summary

Propose a preemptive approval for listing the W token, the native token of Wormhole, 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 W token on Perps v3 on the Base network. The W token, representing the native asset of Wormhole, is scheduled for its Token Generation Event (TGE) later in March. This preemptive approval aims to streamline the governance process, allowing for swift action post-TGE while ensuring the Synthetix community's intention to support the W token's inclusion is clear. A subsequent SCCP will define the specific parameters for the W token's listing, contingent upon its performance and liquidity in external markets.

Motivation

The W token is anticipated to garner significant attention and support from both centralized and decentralized exchanges upon its TGE, reflecting its potential as a highly anticipated asset in the cryptocurrency space. By proposing a preemptive approval, the Synthetix community aims to signal strong support for the W token, positioning the Synthetix ecosystem at the forefront of innovative and trending market integrations. This approach also ensures that governance overhead is minimized, facilitating a more efficient listing process once the token demonstrates sufficient liquidity and market support, as evidenced by its anticipated listings, including perps and its current listing on Hyperliquid.

Specification

Rationale

Preemptive approval for the W 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 W token, pending the assessment of market conditions and liquidity through a detailed SCCP.

Technical Specification

The listing process for the W token on Perps v3 will commence following its TGE, subject to the successful submission and approval of a subsequent SCCP detailing specific listing parameters.