SCCP 57: Reduce fee reclamation window to three minutes (180 seconds) Source

AuthorJackson Chan, Justin Moses
Discussions-Tohttps://research.synthetix.io/
StatusImplemented
Created2020-11-04

Simple Summary

As part of the Pollux deployment and transition to Chainlink Oracles the fee reclamation window was set to 5 minutes to monitor the network for the potential to frontrun oracle updates. This sccp proposes to reduce the window back to 3 minutes.

Abstract

This SCCP proposes to reduce the fee reclamation window to 3 minutes.

The changes proposed are listed below:

  1. SystemSettings.waitingPeriodSecs: 3mins x 60 = 180s

Motivation

The monitoring of Chainlink oracles shows that it would be sufficient to mitigate frontrunning opportunities with a fee reclamation window of 3 minutes. The Chainlink team has worked to ensure that price deviations are updated within the reclamation window.

The current fee reclamation window was set to 5 minutes in SCCP-43 to monitor the Chainlink oracles and was intended at the time to eventually reduce the window back to 3 minutes as soon as possible.

A lower fee reclamation window improves the UX for traders trading on Synthetix exchange and other synth exchange products on L1.

UPDATE:

After this was implemented it was required to rollback temporarily to allow settlement of all inverse synth exchanges in order to be able to purge and reset them. After the purge it was set back to 180 seconds as per the approved waiting period reduction.

Copyright and related rights waived via CC0.