Simple Summary

Add the fusion-enabled 1inch contract 0xa77c88abcaa770c54a6cfbfd0c586a475537bbc1 to Synthetix's DirectIntegration, with the following parameter set:

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

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

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

Abstract

The DirectIntegration addresses are contracts setup by integrators, that are allowed to trade at specialized fees and parameters, given that they satisfy certain conditions. In 1inch's case, they abide by the CRV <> SNX <> CRV trading route. Below are the variables being configured in this SCCP:

• dexPriceAggregator is the uniswap aggregator in operation, it would be pointed towards the uniswap 5 bp pools.
• atomicMaxVolumePerBlock is the maximum sUSD volume allowed per block.
• atomicExchangeFeeRate is the fee rate paid on exchanges into a specific synth.

Motivation

The main motivation is to boost volume, as fusion mode incorporates a small amount of latency, due to the trade being executed by 1inch keepers. Hence, we should be able to provide more competitive fees.

Copyright

Copyright and related rights waived via CC0.