Add an sKRW Synth to enable cross asset swaps on Curve.
This SIP will reenable the previously deprecated sKRW Synth that tracks the price of the Korean Won.
Due to the success of cross asset swaps on Curve there are a number of new Curve pools being proposed. The sKRW synth was previously deprecated along with a number of other low volume Synths due to the cost overhead they created for the debt pool. This SIP proposes to reenable them in order to support cross asset swaps on Curve from sKRW<>ETH and sKRW<>BTC and potentially other assets.
Further to the above, there are emerging KRW assets that are gaining momentum. Most notably KRT. Other organizations are also working on wKRW implementations. As at time of writing Binance also has a bKRW pair, however this is in the process of being deprecated for regulatory uncertainty. With the emergence of KRT and wKRW this will allow for sKRW <> KRT <> wKRW pairs on Curve. These pairs would allow for KRW holders to be able to arbitrage the Kimchi premium / discount. They could Trade from exchanges that have KRT (such as Coinone), use Curve's cross-asset swap to go from KRT to BTC/ETH in large volumes and arbitrage back to KRT. Quick calculations shows that it would require a few orders of magnitude more than $100MM volume to be able to arbitrage this premium.
As a disclaimer to the above however, there are regulatory decisions being made in South Korea in March specifically related to the rulings around digital assets, so there is currently caution with regards to KRW <> wKRW onboarding. The organisations we are working with are monitoring this closely however and if favorable will move forward with KRW custodianship and issuance. We have also started discussion with a few Korean exchanges and interest & demand for such a product has been high.
An sKRW Synth will be deployed and connected to a Chainlink Aggregator contract, which is yet to be deployed, pending CL feasibility confirmation.
This Synth will be implemented as per the standard deployment mechanism, however, an iSynth is not proposed in line with other fiat currency Synths.
Test cases for an implementation are mandatory for SIPs but can be included with the implementation.
Please list all values configurable via SCCP under this implementation.
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