Simple Summary

This SCCP proposes to deploy a synthetic ETH spot market with a snxETH token to Optimism, integrated with the Synthetix V3 core system.

Abstract

This deployment will use the spot market implementation specified in SIP-317, using the price provided by Chainlink for atomic orders and the price provided by Pyth for asynchronous orders. Wrappers and the skew fee will be enabled.

Motivation

This should be considered an alpha release, to begin testing the V3 spot market and core system in a production environment.

Technical Specification

Functions should be invoked on the spot market system unless otherwise noted.

• Invoke registerSynth with name Synthetic ETH and symbol snxETH.
• Invoke registerNode (on the oracle manager) to generate an ID for a Chainlink Node which retrieves the price for ETH from the aggregator contract 0x13e3Ee699D1909E989722E753853AE30b17e08c5
• Invoke updatePriceData to use the resulting node ID for both buy and sell price feeds.
• Invoke setAtomicFixedFee to the maximum integer value (effectively disabling it for now).
• Invoke addSettlementStrategy with the following data:
  • Strategy Type: PYTH
  • Settlement Delay: 15 seconds
  • Settlement Window Duration: 60 seconds
  • Price Verification Contract: 0xff1a0f4744e8582DF1aE09D5611b887B6a12925C
  • Feed ID: 0xff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace
  • URL: https://api.synthetix.io/pyth-mainnet/api/get_vaa_ccip?data={data}
  • Settlement Reward: 0
  • Price Deviation Tolerance: 5%
  • Minimum USD Exchange Amount: bn(0.000001)
  • Max Rounding Loss: bn(0.000001)
  • Disabled: false
• Invoke setAsyncFixedFee with 0.1%
• Invoke configureMaximumMarketCollateral (on the core system) with 100 wETH.
• Invoke setWrapper with maximum 100 wETH.
• Invoke setMarketSkewScale with 100,000 ETH.
• Invoke setWrapperFees with 0.01% for wrap and unwrap.
• Invoke setPoolConfiguration with the new market ID on the preferred pool using a weight and maximum debt share value of 1.

Copyright

Copyright and related rights waived via CC0.