SCCP-80: Lower Fees on Selected Synths
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Created | 2021-01-22 |
Simple Summary
Analysis of on-chain data showed that it is possible to lower rates on several synths, as the risk of front-running has reduced significantly with the recent implementation of SCCP-68.
Abstract
The fee levied on trade into a certain synth is usually set based on the chainlink push frequency (adjusted for leverage). Analysis of on-chain data revealed that it is possible to further lower rates on certain low-vol synths.
Motivation
Analysis of on-chain data showed that lowering fees as per the below table is possible and does not expose minters to the risk of front-running. That said, trades will be monitored and if front-running is seen, the current fee structure will be revisited. I should mention that fees could potentially pushed further lower, on the synths proposed below and others (such as forex synths and commodity synths) based on further review of incoming data.
| CCY | Previous Rate | New Rate | Rate Decrease |
|---|---|---|---|
| sETH | 30 | 25 | 5 |
| iETH | 70 | 40 | 30 |
| sXTZ | 100 | 85 | 15 |
| iXTZ | 100 | 85 | 15 |
| sEOS | 100 | 85 | 15 |
| iEOS | 100 | 90 | 10 |
| sETC | 100 | 85 | 15 |
| sLINK | 100 | 85 | 15 |
| sDASH | 100 | 90 | 10 |
| iDASH | 100 | 90 | 10 |
| sXRP | 100 | 90 | 10 |
I'd like to thank every member of the synthetix community for their continued unrelenting support and trust through out 2020. I look forward to a period where we have consistent healthy robust exchange volume, with fees and fee-adjustment period lowered to the minimum on L1 (in future work).
Copyright
Copyright and related rights waived via CC0.