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Synapse ProtocolSynapse Protocolby0x49551C9E8eCaEc17d1EB09bFc42cf47379dC80970x4955…8097

[SIP-25] Deploying Synapse Bridges onto Polygon zkEVM

Voting ended almost 3 years agoSucceeded

This proposal asks that Synapse deploy bridges on Polygon zkEVM to connect them to the rest of the EVM chains Synapse interconnects. Synapse should enable this by launching two new liquidity pools on zkEVM.

About Polygon zkEVM:

Polygon zkEVM is an open-source ZK-Rollup that provides EVM equivalence for a frictionless user experience and the security of Ethereum. All existing smart contracts, developer tools, and wallets work seamlessly. The zkEVM harnesses the power of ZK proofs to reduce transaction costs and massively increase throughput, all while inheriting the security of Ethereum. The mainnet beta was launched on March 27, 2023.

More context: https://forum.synapseprotocol.com/d/401-deploy-synapse-on-polygon-zkevm

Implementation:

Taking into account that USDC is the most prevalent stablecoin on Polygon zkEVM currently and that Polygon zkEVM uses ETH as their gas token, I suggest Synapse deploy two bridges:

  1. Stable Pool: comprised of nUSD and USDC
  2. Ether Pool: comprised of nETH and ETH

The new pools will allow users to bridge their stablecoins and ETH from any Synapse connected blockchain to USDC or ETH on Polygon zkEVM, and bridge their USDC or ETH on Polygon zkEVM to stablecoins or ETH on any Synapse connected blockchain.

The pools will have no SYN incentives and liquidity for both pools will be sourced from Nima Capital, our liquidity management partners, as we continue progressing towards our goal of zero emissions.

For more details about Nima Capital: https://snapshot.org/#/synapseprotocol.eth/proposal/0x16f029d625e7dd0f8997b3cecc4297dd4f3516424e41b129e5d2535d378c93d6

Off-Chain Vote

Deploy bridges
6.05M SYN100%
Do not deploy bridges
0 SYN0%
Quorum:121%
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Discussion

Synapse Protocol[SIP-25] Deploying Synapse Bridges onto Polygon zkEVM

Timeline

Jun 01, 2023Proposal created
Jun 01, 2023Proposal vote started
Jun 04, 2023Proposal vote ended
Oct 26, 2023Proposal updated