SIP-101: Add new crypto Synths

Author
StatusImplemented
TypeGovernance
NetworkEthereum
ImplementorTBD
ReleaseTBD
Created2020-12-07

Simple summary

Add new long and inverse Synths for six new cryptocurrencies:

  • AAVE (AAVE)
  • Uniswap (UNI)
  • Yearn (YFI)
  • Polkadot (DOT)
  • REN (REN)
  • Compound (COMP)

Motivation

Adding long/inverse exposure to a range of new Synths will allow traders to profit from bullish or bearish bets on the value of some of the best-known assets across the cryptocurrency ecosystem.

Specification

These Synths will be implemented in much the same way as the other long/inverse crypto Synths. Each iSynth will have upper and lower thresholds.

Rationale

Additional crypto Synths will add further utility to the Synthetix protocol. The included assets were chosen based on feedback in the Synthetix Discord, and were deemed to have sufficient liquidity in a new report from Delphi Digital.

Update (Jan 14, 2021): Please note that the initial SIP also featured Filecoin (FIL), but there was some objection in the Synthetix community so it has been excluded and will be re-voted on. There was also some objection to Bancor (BNT), which was featured in the same Delphi Digital report, so it is not featured here either.

Test Cases

N/A

Implementation

These Synths will be added in the upcoming Bellatrix release.

Here are the relevant price feeds provided by Chainlink oracles:

Copyright and related rights waived via CC0.

SIPs

  • SIPs

Synthetix Improvement Proposals (SIPs) describe standards for the Synthetix platform, including core protocol specifications, client APIs, and contract standards.