This SCCP proposes to update the parameters for the atomic and non-atomic exchanges in light of the release of SIP-198 and SIP-222.
Atomic Exchanges on Ethereum
Base Fees
Ticker
Proposed Fees
Current Fees
ETH
25
30
BTC
25
30
USD
0
30
EUR
15
NA
CHF
15
NA
JPY
15
NA
AUD
15
NA
GBP
15
NA
KRW
15
NA
Ethereum Atomic Exchange Circuit Breakers
Ticker
Proposed Circuit Breakers Parameters
Existing Circuit Breaker Parameters
ETH
3 Answers / 10 Minutes
3 Answers / 10 Minutes
BTC
3 Answers / 10 Minutes
3 Answers / 10 Minutes
USD
NA
NA
EUR
2 Answers / 10 Minutes
NA
CHF
2 Answers / 10 Minutes
NA
JPY
2 Answers / 10 Minutes
NA
GBP
2 Answers / 10 Minutes
NA
KRW
2 Answers / 10 Minutes
NA
AUD
2 Answers / 10 Minutes
NA
Other Parameters
The max volume per block would remaind at 15m$ per block
USD, ETH and BTC would be using 'USDC', wETH and wBTC as their respective uniswap-v3 equivalents.
The rest of the feeds, being EUR, CHF, JPY, GBP, AUD and KRW, would trade at the pure chainlink price.
The CL_BUFFER will be set to zero on all assets.
Non-Atomic Exchanges on Ethereum
Base Exchange Fee
Ticker
Proposed Fees
Previous Fees
ETH
25
25
BTC
25
30
USD
0
30
EUR
5
25
CHF
5
25
AUD
5
25
JPY
5
25
GBP
5
25
KRW
5
25
AAVE
70
100
DOT
70
100
DEFI
70
100
LINK
50
85
Atomic Exchanges on Optimism
Base Exchange Fee
Ticker
Proposed Fees
Previous Fees
ETH
25
25
BTC
25
25
USD
0
25
LINK
35
35
EUR
5
25
AAVE
55
70
SOL
55
70
AVAX
55
70
MATIC
55
70
UNI
55
70
Abstract
The parameters are as follows:
feeRateForExchange is the fee that is paid by traders computed by adding the baseFee of the source and destination currencies after SIP-222. Previously that fee is based purely on the destination currency.
atomicMaxVolumePerBlock is the max volume in sUSD per block.
The atomicVolatilityConsiderationWindow is the the time window to evaluate whether a synth is too volatile to atomically exchange, specified in number of seconds
The atomicVolatilityUpdateThreshold is the maximum number of Chainlink updates in the consideration window before a synth is deemed too volatile to atomically exchange, specified in number of updates.
Motivation
The base fees were primarily calibrated by considering the historical volatility of the assets as to limit the latency arbitrage. The atomic exchange circuit breakers were set by looking at the number of historical oracle prices pushes during different time intervals under different volatility environments with the aim of limiting trading disruption.