SCCP-219: Update Atomic Swaps

Author
StatusImplemented
TypeGovernance
NetworkEthereum
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Created2022-07-23

Simple Summary

Implement the following:

  • Update the fee tier of the wETH/wUSDC pool from the 30 bp pool to the 5 bp pool. This is done by calling the setPoolForRoute, taking in arguments of the wETH and USDC addresses as well as the address of the 5 bp pool.
  • Lower the atomicExchangeFeeRate on ETH to 17 bp from 25 bp. This is done by calling the setAtomicExchangeFeeRate with the aguments 0x73455448 and 1700000000000000

Abstract

  • The setPoolForRoute overrides the default route taken when trades take place for specific tokens. Currently the default route is the 30 bp pool, hoping through ETH pairs when no direct route from the sourceCurrency to the destinationCurrency exists.
  • The atomicExchangeFeeRate is the fee paid on trades into a particular synth.

Motivation

The motivation is the recent volume due to latency arbitrages which have been seen on chain. Updating the uniswap pool to point to a lower fee tier pool helps lean against latency arbitrage and allows us to lower fees on synth exchanges.

Copyright and related rights waived via CC0.