SIP-292: Fixed Forex Integration

Author
StatusDraft
TypeGovernance
NetworkEthereum
ImplementorTBD
ReleaseTBD
Created2022-12-09

Simple Summary

This SIP proposes adding Fixed Forex contracts to the Direct Integration Manager.

Abstract

As outlined in SIP-267, every new Direct Integration needs to be specified in a sip along with the parameters proposed for that integration. Therefore this sip proposes to allow the Fixed Forex contracts to trade at the overridden parameters. Two integrations have been requested by the fixed forex team:

A) Convex Farming use case:

  1. User deposits WETH, DAI, USDT or USDC
  2. WETH or the stable of choice is swapped to sUSD on Curve
  3. sUSD is swapped to sEUR or sGBP or sJPY or sCHF or sAUD or sKRW with atomic swaps
  4. sEUR or sGBP or sJPY or sCHF or sAUD or sKRW is deposited into a Curve pool that holds ib Tokens
  5. the Curve LP is deposited into Convex

B) Forex Trading use case:

  1. User can swap any forex stable synth to any other forex stable synth

Specification

The following parameters would be specified on the Fixed Forex contracts pertaining to convex farming, under address :

{'currencyKey': 'sEUR',
 'atomicExchangeFeeRate': 5 bp}

{'currencyKey': 'sGBP',
 'atomicExchangeFeeRate': 5 bp}

{'currencyKey': 'sJPY',
 'atomicExchangeFeeRate': 5 bp}

{'currencyKey': 'sCHF',
 'atomicExchangeFeeRate': 5 bp}

{'currencyKey': 'sAUD',
 'atomicExchangeFeeRate': 5 bp}

{'currencyKey': 'sKRW',
 'atomicExchangeFeeRate': 5 bp}

The following parameters would be specified on the Fixed Forex contracts, pertaining to forex stables trading, under address :

{'currencyKey': 'sEUR',
 'atomicExchangeFeeRate': 10 bp}

{'currencyKey': 'sGBP',
 'atomicExchangeFeeRate': 10 bp}

{'currencyKey': 'sJPY',
 'atomicExchangeFeeRate': 10 bp}

{'currencyKey': 'sCHF',
 'atomicExchangeFeeRate': 10 bp}

{'currencyKey': 'sAUD',
 'atomicExchangeFeeRate': 10 bp}

{'currencyKey': 'sKRW',
 'atomicExchangeFeeRate': 10 bp}

Copyright and related rights waived via CC0.