SIP 5: New Crypto Synths June '19 Source

AuthorKain Warwick, Clinton Ennis
StatusImplemented
Created2019-06-18

Simple Summary

We are adding six new synths sTRX, iTRX, sXTZ, iXTZ, sMKR & iMKR.

Motivation

Crypto Synths have seen the most adoption since the launch of sBTC in early 2019. We have also observed that the long/short bias of BNB is different to that of BTC and ETH and expect that the same is likely to be the case of these new crypto synths which will help to offset the risk of asset correlation.

Specification

These synths will be implemented using the same spec as sBTC and iBTC, the specific thresholds for each iSynth will be listed in the implementation section prior to deployment based on the latest prices. We’ll also be adding PurgeableSynth subclass to the Inverse Synths so the foundation can purge the balances to the holders when the Sysnth becomes frozen once it hits its upper or lower limit.

Rationale

Additional crypto synths will add utility to synthetix exchange.

Test Cases

TBC

Implementation

iSynth values to be inserted here: iTRX: Upper bound: X, Lower Bound: Y iXTZ: Upper bound: X, Lower Bound: Y iMKR: Upper bound: X, Lower Bound: Y

Copyright and related rights waived via CC0.