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Create Update Week 9 2021 03-05-21.md

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### Governance Update
#### Live Votes [Spartan Council]
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| project swap eth gas comittio 0 | Product | [Vote](https://gov.synthetix.io/#/snxgov.eth/proposal/QmWcuDmV3s4N5zqDfcE3HZoDpmHMjDrySFJjvDpKpwVAkD) |
Project swap eth gas commission 0
#### Pending Proposals
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SIP 116: Optimism standard deposit/withdrawal interface | Product | [View](https://sips.synthetix.io/sips/sip-116) |
Proposes to update Synthetix contracts to adopt Optimism's new standard for deposit/withdrawal bridges between L1 and L2. This standard defines the function names and signatures for depositing tokens into L2, as well as for withdrawing them back to L1.
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SIP 117: Support Synth Exchanging on L2 with Optimism | Product | [View](https://sips.synthetix.io/sips/sip-117) |
Proposed SIP to enable synth exchanging on L2 via Optimism.
After a multi-phase, incentivised testnet trial, Synthetix went live on the Optimistic Ethereum (OΞ) mainnet. However, this was an intitial soft launch, i.e. L2 users could only stake SNX and issue or burn sUSD. The implementation of this SIP enables actual synth exchanging on L2.
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SIP 118: Conditionally skipping fee reclamation | Product | [View](https://sips.synthetix.io/sips/sip-118) |
Proposal to allow for bypassing unnecessary fee reclamation functionality when waiting period is set to zero.
SIP-117 will enable synth exchanging on L2. Given that frontrunning is less likely to represent a problem in Optimistic Ethereum (OΞ), there is no need for storing exchanges and settling them after a certain amount of time has elapsed. This SIP proposes to skip fee reclamation if the waiting period is 0, which can be very efficient when doing exchanges on Optimism.
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SIP 119: Add ZEC crypto Synth | Product | [View](https://sips.synthetix.io/sips/sip-119) |
Proposal to add a new long synth for Zcash (ZEC).
Adding a ZEC synth could bring further further volume to the Synthetix protocol, and allow Zcash to enter the decentralized exchange market.