|Author||Justin J. Moses|
Purge and remove the
sCEX synth along with
iCEX and replace them with the
In order to support the rebalancing of
sCEX and introduction of new non-exchange elements into
sCEFI, the current
sCEX token must be purged and removed in order to make way for a new
sCEFI token using the upgraded feed from Chainlink. The
iCEX token will also be purged and removed - it will have no short equivalent for now due to SIP-158.
Motivation & Rationale
SCCP-124 proposed the rebalancing of the
sCEX index with two new centralized finance tokens -
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 a) keep
sCEX around and create a new
sCEFI token or b) purge
sCEX holders into
sUSD and create the new
sCEFI synth allowing them to trade into it. Due to the desire to sunset
sCEFI and the cost of running an additional decentralized oracle, this SIP proposes option b) - purging existing
sCEX holders out to
sUSD, removing the synth and then creating the new
sCEFI synth and ensuring Chainlink enable the feed based on the weighting in SCCP-124.
The new synth will behave as other indexes with no new API or semantics.
While there is no new API changes in the SIP, there is a proposed migration contract to perform the upgrade (this pattern was introduced in SIP-151 allows the pDAO to easily manage a multi-step migration).
Following a pre-deployment of the
sCEFI synth, proxy and token state and the suspension of
sCEFI for trading, the whole upgrade can be performed in a single migration contract as follows:
- Purge all holders of
sCEXto be frozen at its current rate (this is to avoid the 100k open interest limitation on purging a non-inverse synth)
- Purge all holders of
ExchangeRatesadd aggregator for
sCEFI(the same feed address currently used for
Issuer(note it will remain suspended for trading until the Chainlink feed is rebalanced)
- Return ownerships of all system contracts
Once the migration is complete, a new version of Synthetix will be released to npm and Chainlink oracles can upgrade to the new index. Once all of the oracles have upgraded to the new index (approximately one week), the pDAO can resume
sCEFI for trading.
Configurable Values (Via SCCP)
Copyright and related rights waived via CC0.