From 979501c2e1ba4b090c09c7de69820706e6fd83bc Mon Sep 17 00:00:00 2001
From: kaleb <62237347+kaleb-keny@users.noreply.github.com>
Date: Fri, 13 Dec 2024 08:28:54 +0100
Subject: [PATCH] SCCP-375 (#2170)

* publish sccp 375

* update skew scale
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+---
+sccp: 375
+title: Deploy More Markets to Perps V3 Base and Arbitrum
+network: Arbitrum & Base
+status: Vote_Pending
+type: Governance
+created: 2024-12-11
+author: Kaleb
+---
+
+# Simple Summary
+
+This SCCP proposes to deploy the below markets on Perps V3 on Base and Arbitrum:
+
+| **Market** 	| **minimumInitialMarginRatio** 	| **initialMarginRatio** 	| **maintenanceMarginScalar** 	| **skewScale** 	| **maxMarketSize** 	| **maxMarketValue** 	|
+|:----------:	|:-----------------------------:	|:----------------------:	|:---------------------------:	|:-------------:	|:-----------------:	|:------------------:	|
+|   SOLETH   	|             5.00%             	|           5.5          	|            0.333            	|      4.5b     	|        125m       	|         5m         	|
+|   VIRTUAL  	|             5.00%             	|          1.264         	|            0.317            	|       2m      	|        0.5m       	|        0.7m        	|
+
+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/).