SIP-324: V3 SNX staking pool

Simple Summary

This SIP proposes a v3 pool for SNX staking that does not have market exposure, with yield provided by an external source. Treasury Council has expressed interest in funding such a pool through STP-4, and would control the yield.

Abstract

Create a new v3 pool, market and rewards distributor contract all owned by the Spartan Council. Register the market and rewards distributor, and disable pool debt issuance.

Motivation

Approximately 30% of SNX (95 million tokens) remain unstaked, with at least 20 million SNX held in centralized exchanges. Passive SNX holders are either unable or unwilling to stake and manage debt. V3 SNX staking could attract some of the unstaked SNX, and be a stepping stone to active staking and contributing to network collateral.

Specification

Overview

This SIP proposes to create a v3 pool for SNX staking, for holders who don’t want market exposure, in a way that centralized exchanges can offer to their customers. The proposed staking pool makes use of the v3 pool, market and rewards distributor capabilities.

Rationale

SNX staking has long been seen as too complicated for most users. By introducing a new form of SNX staking in Synthetix V3 and migrating the current staking system to "SNX Liquidity Provisioning" in V3 there is an opportunity to reintroduce Synthetix to a much wider audience. Given the recent success of Perps V2 and the launch of Synthetix V3, the timing for this change is ideal. Initially the yield from V3 SNX Staking will need to come from the TC to assess the viability of this pool.

Technical Specification

1. createPool create a new v3 Pool called “Passive SNX Pool”
2. registerMarket nullMarket with no exposure
3. setMarketMinDelegateTime on nullMarket to 0 seconds so that minDelgateTime on V3 SNX Staking Pool (Configurable via SCCP)
4. set Pool debt issuance to zero - depends on SIP-326
5. Create rewardsDistributor contract
6. registerRewardsDistributor

TC would then be able to direct rewards to the rewardsDistributor contract.

Test Cases

N/A

Configurable Values (Via SCCP)

minDelegateTime of the V3 SNX Staking Pool

Copyright

Copyright and related rights waived via CC0.