SIP-22: Add sDEFI Synth


Simple Summary

Add sDEFI/iDEFI Index Synths that track an index of DeFi tokens.


The DeFi ecosystem is growing in maturity and awareness, and adding long/short exposure to a basket of DeFi tokens will allow traders to speculate on the value of some of the better-known utility tokens in the emerging ecosystem. s/iDEFI also demonstrates (along with s/iCEX) how the Synthetix protocol can support new, custom kinds of assets to serve a particular purpose.


These Synths will both be indices implemented in much the same way as the sCEX/iCEX Synths. iDEFI will have upper and lower thresholds which will be added to the SIP before deployment. This index is made up of the following assets: LINK (Chainlink), MKR (Maker), ZRX (0x), SNX (Synthetix), REN (Ren Protocol), LRC (Loopring), KNC (Kyber Network), BNT (Bancor), MLN (Melon Protocol).


Additional Index Synths will add further utility to Synthetix.Exchange, allowing people to speculate on the value of the ecosystem that, by trading on sX, they're clearly already participating in and can see some utility in.

Which tokens were included in s/iDEFI were chosen through two rounds of community votes on Twitter.

Test Cases

s/iCEX provides a clear example of how custom Synth indices can function successfully in the Synthetix protocol.


Here are the weightings for the s/iDEFI Synths: 92.583 of LINK (Chainlink), 0.432 of MKR (Maker), 502.718 of ZRX (0x), 107.686 of SNX (Synthetix), 1222.393 of REN (Ren Protocol), 2164.709 of LRC (Loopring), 357.085 of KNC (Kyber Network), 119.197 of BNT (Bancor), 6.495 of MLN (Melon Protocol).

Copyright and related rights waived via CC0.