SIP 101: Add new crypto Synths
| Author | Garth Travers |
|---|---|
| Discussions-To | https://research.synthetix.io/ |
| Status | Approved |
| Created | 2020-12-07 |
Simple summary
Add new long and inverse Synths for six new cryptocurrencies:
- AAVE (AAVE)
- Uniswap (UNI)
- Yearn (YFI)
- Polkadot (DOT)
- REN (REN)
- Compound (COMP)
Motivation
Adding long/inverse exposure to a range of new Synths will allow traders to profit from bullish or bearish bets on the value of some of the best-known assets across the cryptocurrency ecosystem.
Specification
These Synths will be implemented in much the same way as the other long/inverse crypto Synths. Each iSynth will have upper and lower thresholds.
Rationale
Additional crypto Synths will add further utility to the Synthetix protocol. The included assets were chosen based on feedback in the Synthetix Discord, and were deemed to have sufficient liquidity in a new report from Delphi Digital.
Update (Jan 14, 2021): Please note that the initial SIP also featured Filecoin (FIL), but there was some objection in the Synthetix community so it has been excluded and will be re-voted on. There was also some objection to Bancor (BNT), which was featured in the same Delphi Digital report, so it is not featured here either.
Test Cases
N/A
Implementation
If approved, these Synths will be added in the upcoming Shaula release.
Copyright
Copyright and related rights waived via CC0.