SIP 129: sSNX ERC-20 Synths Source

AuthorAndre Cronje
Discussions-ToTBD
StatusRejected
Created2021-03-02

Simple Summary

Curve cross-asset swaps along with SIP 120 allow for atomic cross-asset swaps. Even without SIP 120 it is important to capture all high volume pairs as synths for synthetix exchange volume. @kaiynne has identified high volume assets in PR 407. I propose to add sSNX as another key addition.

Abstract

This SIP will add one new ERC-20 assets as a Synth; sSNX. It does not propose adding inverse Synths of these assets.

Motivation

Aside from promoting volume and liquidity for SNX, a key motivator is the addition of a SNX/sSNX Curve pool. Not only will this increase on-chain SNX liquidity, but also allow for a very high yielding APY pair for SNX. Using LINK/sLINK as a guide, we see APY as high as ~105%. As a lot of early Curve farmers were sUSD holders, the Synthetix community has large veCRV holdings, and as such can promote a SNX/sSNX pool. Deeper liquidity, more Synthetix volume, and a high yielding pair for SNX.

Specification

Rationale

See Motivation

Technical Specification

N/A

Test Cases

TBC

Configurable Values (Via SCCP)

N/A

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