SIP-27: Add new crypto Synths
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Created | 2019-11-20 |
Simple Summary
Add new long and inverse Synths for three new cryptocurrencies: Chainlink (LINK), Ripple (XRP), and Litecoin (LTC).
Motivation
Adding long/inverse exposure to a range of new crypto Synths will allow traders to speculate on the value of some of the best-known tokens in the ecosystem. This update is intended to attract more traders to Synthetix.Exchange, adding to the growing list of available Synths. It's important to attract new traders to the platform, because the entire protocol is built around rewarding SNX stakers with fees generated by trding volume.
Specification
These Synths will be implemented in much the same way as the other long/Inverse crypto Synths. Each Inverse Synth will have an entry price, as well as upper and lower thresholds. If the iSynths reach their upper or lower thresholds, they will be frozen, holders will be purged into sUSD, and they will be added to the system once again.
Rationale
These cryptocurrencies were chosen through community voting on Twitter, demonstrating that there is already some demand in the community to trade these assets.
Test Cases
N/A
Implementation
These Synths will be added in the upcoming Arcturus release.
Copyright
Copyright and related rights waived via CC0.