SCCP-257: Update Cross Asset Swaps - 1inch Integration

Simple Summary

The below parameter changes are proposed on the 1inch integration addresses:

• Switch to the a new dex price aggregator, which automatically routes throught 5 bp uniswap pools
• Lower the atomic exchange fee from 35 bp to 10 bp on trade to/from sBTC
• Lower the atomic exchange fee from 15 bp to 7 bp on trade to/from sETH
• Increase the maximum atomic exchange volume between sBTC and sUSD to 5 million

Note that these changes are to be implemented once curve implements the curve fee and A coefficient proposals outlined here. Also this SCCP supercedes the changes denoted in SCCP-255.

Abstract

The parameters being changed are as follows:

• The dexPriceAggregator is the contract used to get the relevant uniswap prices from the chain.
• The atomicExchangeFeeRate is the fee levied on trades into or from a certain synth.
• The atomicMaxVolumePerBlock is the maximum volume possible to trade atomically within a single block.

Below are the DirectIntegration parameters overrides applied on the 1inch integration addresses, specified in SIP-288:

{'currencyKey': 'sBTC',
 'dexPriceAggregator': '0x228bCc970003Ca7588337604AFD9Fc5d92bF1C8B',
 'atomicMaxVolumePerBlock': 5m$,
 'atomicVolatilityUpdateThreshold': 10,
 'atomicExchangeFeeRate': 10 bp}

{'currencyKey': 'sUSD',
 'dexPriceAggregator': '0x228bCc970003Ca7588337604AFD9Fc5d92bF1C8B',
 'atomicMaxVolumePerBlock': 5m$}

{'currencyKey': 'sETH',
 'dexPriceAggregator': '0x228bCc970003Ca7588337604AFD9Fc5d92bF1C8B',
 'atomicMaxVolumePerBlock': 5m$,
 'atomicVolatilityUpdateThreshold': 10,
 'atomicExchangeFeeRate': 7 bp}

Motivation

The primary motivation is to boost the atomic exchange volume, taking into account protection against latency attacks via the curve slippage.

Copyright

Copyright and related rights waived via CC0.