SIP-293: Deprecate Low Volume Synths

Author
StatusApproved
TypeGovernance
NetworkEthereum & Optimism
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Created2022-12-14

Simple Summary

This SIP proposes to deprecate the following synths at the prices fetched on 02-02-2023 using chainlink oracles:

Token Network Price In USD
sAAVE Ethereum/Optimism 90.5805
sLINK Ethereum/Optimism 7.234
sDOT Ethereum 6.493
sADA Ethereum 0.4003
sMATIC Optimism 1.2168
sUNI Optimism 6.9263
sAVAX Optimism 21.6746
sSOL Optimism 24.8584

Abstract

Deprecate these synths and allow for synth holder to redeem them into sUSD by SynthRedeemer described in SIP-174.

Motivation

Given the low volume generated by those synths, as well as the large attack surface, due to them having an open-ended open interest on the derivative and low liquidity on the underlying, these synths are recommended to be deprecated with the owners being able to redeem them, for sUSD but not exchange them for other synths. It should be mentioned this sip is to be implemented only subsequent to their rollout on perps v2.

Copyright and related rights waived via CC0.