SCCP 67: Change Configurable Values for SIP-97 and SIP-103 Source

AuthorSynthaMan, Kaleb
Discussions-Tohttps://discord.gg/7nMZMdbf
StatusImplemented
Created2020-12-22

Simple Summary

Set Initial Configurable Values for SIP-97 and SIP-103

Abstract

Set Initial Configurable Values for SIP-97 to following:

CollateralEth.sol

synths: sUSD, sETH
minCratio: 130%
minCollateral: 2
issueFeeRate: 0.001

CollateralErc20.sol

synths: sUSD, sBTC
minCratio: 130%
minCollateral: 0.05
issueFeeRate: 0.001
underlyingAsset: 0xEB4C2781e4ebA804CE9a9803C67d0893436bB27D (renBTC address)

CollateralManager.sol

baseBorrowRate: 0.005 (0.5%)
baseShortRate: 0.005 (0.5%)
maxDebt: 10000000

Set Initial Configurable Values for SIP-103 to following:

CollateralShort.sol

synths: sBTC, sETH
minCratio: 120%
minCollateral: 1000
issueFeeRate: 0.005
interactionDelay: 3600

Motivation

  • 130% min c-ratio equates to 76.9%, thats quite competitive against other lending protocols such as Aave/Compound which allows 75% and liquidation at 80% for ETH for example
  • Inception fee needs to be 0.5% on SIP-103 due to chainlink oracle latency.
  • Min collateral is set as close as possible to 1000 sUSD to allow bigger audience to be able to use Synthetix
  • Max debt is set initially at 10 Millions sUSD for security purposes and might be expanded later as we hit the ceiling

Copyright and related rights waived via CC0.