Analysis of on-chain data showed that it is possible to lower rates on several synths, as the risk of front-running has reduced significantly with the recent implementation of SCCP-68.
The fee levied on trade into a certain synth is usually set based on the chainlink push frequency (adjusted for leverage). Analysis of on-chain data revealed that it is possible to further lower rates on certain low-vol synths.
Analysis of on-chain data showed that lowering fees as per the below table is possible and does not expose minters to the risk of front-running. That said, trades will be monitored and if front-running is seen, the current fee structure will be revisited. I should mention that fees could potentially pushed further lower, on the synths proposed below and others (such as forex synths and commodity synths) based on further review of incoming data.
|CCY||Previous Rate||New Rate||Rate Decrease|
I’d like to thank every member of the synthetix community for their continued unrelenting support and trust through out 2020. I look forward to a period where we have consistent healthy robust exchange volume, with fees and fee-adjustment period lowered to the minimum on L1 (in future work).
Copyright and related rights waived via CC0.