SCCP 43: Pollux Updates for Chainlink Oracles Source

AuthorKain Warwick, Justin Moses
Discussions-Tohttps://research.synthetix.io/t/sccp-43-pollux-changes/186
StatusImplemented
Created2020-08-31
Requires TBC

Simple Summary

As part of the Pollux deployment and transition to Chainlink Oracles a number of SCCP controlled variables need to be updated to improve trading UX and reduce frontrunning attacks.

Abstract

The changes proposed are listed below:

  1. SystemSettings.rateStalePeriod: 25hrs
  2. SystemSettings.waitingPeriodSecs: 5mins x 60 = 300s
  3. SystemSettings.exchangeFeeRate(bytes32):

    a. Forex: 0.3% (same as current)

    b. Commodity: 0.3% (down from 1% currently)

    c. Equities: 0.3% (down from 0.5% currently)

    d. Crypto: 0.3% (same as current)

    e. Index: 0.3% (same as current)

Motivation

For points 1 and 2 these updated variables will ensure that stale rates monitoring which ensures that oracles are still live is not triggered by the transition to 24 hour heartbeats with CL Oracles. With this change to longer heartbeats and lower deviations it is possible to reduce the fee reclamation waiting period from the current ten minutes to five minutes. This will improve UX, however, ideally this will be reduced further to the original three minute window in the future after some monitoring on mainnet. With point 3 a number of exchange fee rates have been increased recently to reduce the potential for frontrunning oracle latency. With the transition to CL and changes to the heartbeat and price change thresholds these fee rates can be reduced to the original 30bps. As with the changes in 1 & 2, these changes will be monitored closely and ideally further fee reductions will be proposed once the data supports it.

Copyright and related rights waived via CC0.