VBP3 - Resume all markets - 23rd Feb 2024

VBP3 - Resume all markets - 23rd Feb 2024

Batch Summary

This batch resumes all markets previously suspended as a result of the incident reported last week.

The proposal changes two parameters:

  • Applies changes to updateMarketState on all markets to be resumed
  • Sets fundingRateScalingFactor on all markets to 1

Rationale

The updates to resume the markets are suggested to take effect on Monday next week. This will allow the community to observe the effects of VBP1 and VBP2 (expected to be proposed on Friday) over the weekend and ensure that the markets are sourcing data properly while still suspended. Once the community is satisfied this is the case, VBP3 can be enacted.

The fundinRateScalingFactor is proposed to be set to 1 because that is the standard default value and with new improved data sourcing and the provision of upper and lower bounds on the funding rate there should be no need for further scaling.

A template to make the required updates will be updated and provided at the link below, once VBP2 is finalised and approved on-chain.

https://github.com/vegaprotocol/governance-templates/tree/main/mainnet/0.74-proposal-templates

It is important to note that the recommendations and rationale presented in here / the repo are recommendations based on testing conducted by the project team, but they are not the only approach. It is expected that the community will review and debate these changes and agree on an appropriate way forward in the forums before ratifying this via on-chain governance.

4 Likes