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Synapse ProtocolSynapse Protocolby0xF0B5859d6A4Ff0e51261D3658d803320821bCA410xF0B5…CA41

[SIP-33] - Deprecating Avalanche ".e" pool

Voting ended about 2 years agoSucceeded

Overview: Avalanche was the first chain to begin migration away from bridged stable assets to their native counterparts (mostly enabled by CCTP). Recently Ava labs has increased the fee to redeem bridged stable assets to 10bps, continuing to deprecate the assets fully on the chain.

Because of relatively little demand and utilization of the bridged assets, deprecating Synapse pools that have .e assets, and migrating emissions to the pool with the native assets will drive more volume and more efficiently spend emissions.

More in-depth analysis on the forum discusses the menial fees and usage the current pool generates.

Proposal: Move emissions from the current Avalanche stableswap pool, the new pool that only supports native stablecoins on the chain. This transition will redirect 17k SYN/month towards a pool with higher utilization and generate more fees for the DAO.

The new pool is already in production: https://synapseprotocol.com/pool/avalanchenusd

Off-Chain Vote

Migrate Pools
8.99M SYN100%
Against
0.02 SYN0%
Quorum:180%
Download mobile app to vote

Discussion

Synapse Protocol[SIP-33] - Deprecating Avalanche ".e" pool

Timeline

Jan 08, 2024Proposal created
Jan 08, 2024Proposal vote started
Jan 11, 2024Proposal vote ended
Jan 11, 2024Proposal updated