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Synthetix SCCP/SIPSynthetix SCCP/SIPby0x9E988BF30fa85c5ee2CEac5c13C95357CD35d0F3GovVote

SIP-271: System Wide Suspension - Proof Of Stake 🐼

Voting ended over 3 years agoSucceeded

SIP-271 proposes to suspend all Synthetix contracts on both Ethereum and Optimism at TTD 58740000000000000000000 and unsuspend PoS then PoW contracts after running the below tests and ensuring that they all pass:

  • Minting and burning debt can take place normally, with the debt pool oracle in line with size of debt
  • Both atomic and non-atomic exchange tests would be performed to ensure that the outputted amounts are reasonable
  • Test on transfers of synths and SNX to a different wallet
  • Test on opening new loans with ETH and repaying that loan to release the ETH
  • Test on opening futures positions, modifying that position and closing that position to release the margin
  • Test on flagging an account for liquidation and liquidating that account by moving forward in time
  • ETH and LUSD can be wrapped and released
  • All Chainlink oracles configured within Synthetix are pushing prices that are within a reasonable margin from centralized exchange prices or off-chain calculated expected prices
  • LUSD price is close to 1$
  • renBTC price is close to the price of BTC
  • OP bridge is operational in both directions

Are you in favor of this decision?

Off-Chain Vote

sYES
6 SNX-SCT100%
iNO
0 SNX-SCT0%
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Timeline

Aug 29, 2022Proposal created
Aug 29, 2022Proposal vote started
Sep 01, 2022Proposal vote ended
Dec 20, 2024Proposal updated