SIP-166: Adding sCEFI

Author
StatusSC_Review_Pending
TypeGovernance
ImplementorTBD
ReleaseTBD
Discussions-Tohttps://research.synthetix.io
Created2021-07-13

Simple Summary

Replace the deprecated sCEX synth with a new sCEFI synth.

Abstract

In order to support the rebalancing of sCEX and introduction of new non-exchange elements into sCEFI, the old sCEX and iCEX tokens were deprecated in order to make way for a new sCEFI token using the upgraded feed from Chainlink.

Motivation & Rationale

SCCP-124 proposed the rebalancing of the sCEX index with two new centralized finance tokens - NEXO and CEL - and a rename into sCEFI which more correctly depicts the index. A rename in this instance is not valid due to the 150k of open interest currently held in the sCEX synth, as those holders did not buy into a sCEFI token. In order to correctly handle this rebalance, we either needed to a) keep sCEX around and create a new sCEFI token or b) deprecate sCEX and create the new sCEFI synth allowing them to trade into it. Thus the council opted for option b, and once sCEX is deprecated in SIP-169 this SIP can proceed.

Specification

Overview

The new synth will behave as other indexes with no new API or semantics.

Technical Specification

Test Cases

TBD

Open Questions

  1. Should this new synth target L1 or L2?

Configurable Values (Via SCCP)

N/A

Copyright and related rights waived via CC0.