SIP-416: Arbitrum V3 Deprecation

Simple Summary

This proposal aims to deprecate Synthetix's V3 deployment on Arbitrum. It involves transferring all funds from the Core Contract to the Treasury Gnosis safe. Treasury will then manage the subsequent distribution of these funds to users.

Abstract

The deprecation entails:

• Transferring all funds held within the V3 Core Contract on Arbitrum to the Synthetix Treasury.
• Permanently disabling new deposits into the system and ensuring all subsequent withdrawal attempts are reverted.

Motivation

The primary motivation is to complete the deprecation process for Synthetix V3 on Arbitrum. This deployment has been operating in a 'close-only' mode since the implementation of SCCP-380 in January, and this SIP proposes the final steps to fully decommission it.

Technical Specification

Smart Contract Requirements

The PR introduces a deprecateCollateral() function. The new function can be called by the contract owner and take two parameters:

• collateralType being the address of the collateral being deprecated.
• deprecationReceiver being the address where the funds from the deprecated collateral will be sent.

The latter function performs the following:

• The specified collateral type is marked as deprecated with an event.
• The collateral type is disabled, preventing any further deposits or other interactions with it within the V3 system.
• All existing funds of the deprecated collateral type held within the V3 Core Contract are transferred to the deprecationReceiver address.
• Withdrawal attempts by users are reverted

Copyright

Copyright and related rights waived via CC0.