SIP 22: Add sDEFI Synth Source

AuthorGarth Travers
Discussions-To(https://discordapp.com/invite/CDTvjHY)
StatusImplemented
Created2019-10-18

Simple Summary

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

Motivation

The DeFi ecosystem is growing in maturity and awareness. Adding long/short exposure to a basket of DeFi tokens will allow traders to profit from bullish or bearish bets on the value of some of the utility tokens in the ecosystem.

Specification

These Synths will be 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. The weighting will also be added before deployment, and the following nine tokens will be used in the basket: KNC, LINK, SNX, REN, LRC, MLN, BNT, ZRX, and MKR.

Rationale

Additional Index Synths will add further utility to Synthetix.Exchange. The DeFi tokens were chosen through two rounds of community votes on Twitter.

Test Cases

TBC

Implementation

iDEFI thresholds and index weighting to be added before deployment.

Copyright and related rights waived via CC0.