SIP-237: Debt Migration

NetworkEthereum & Optimism

Simple Summary

This SIP introduces a mechanism to allow stakers to migrate their debt position from Ethereum to Optimism without the need to burn their debt.


The current staking migration process was designed to allow stakers to migrate their vested SNX from Ethereum to Optimism, however, it required stakers to burn all debt due to limitations in the debt register design. The implementation of debt shares has allowed for staking positions to be migrated without the need for debt to be burned. This SIP introduces a mechanism to allow stakers to do this to reduce the impact of migrations on L1 sUSD liquidity.


As we finalise the last V2x SIPs and prepare for V3 we must migrate SNX staking from Ethereum to Optimism. This will allow for the new V3 staking system to be deployed only to Optimism initially, reducing the overhead of the migration, and then rolled out subsequently to other networks as needed.



The introduction of debt shares allows for a new mechanism to be created that migrates a debt position and vested SNX from Ethereum to Optimism without the need for the debt to be cleared first. This works by transferring the vesting entries and SNX collateral as well as the debt shares for the position from L1 to L2 with the Chainlink debt pool oracle then reflecting this change on the subsequent update.


While it is possible to create significant incentive to migrate stakers to Optimism by diverting 100% of SNX inflation to Optimism this would likely create short term issues for the sUSD peg that can be avoided by allowing stakers to migrate their entire position and then only bridge the amount of sUSD they require to manage their ratio as needed.

Technical Specification


Test Cases


Configurable Values (Via SCCP)


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