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sccp network title author status created proposal type
2062
Ethereum
Update Synth Exchange Parameters
Kaleb (@kaleb-keny)
Implemented
2023-11-29
Governance

Simple Summary

This SCCP to revert the changes implemented on SCCP-2061.

The SCCP also proposes to implement the following for the next 5 weeks, starting Saturday 2nd of December and ending on the 30th of December, between 15:00 UTC and 16:00 UTC:

  1. Lower the atomicMaxVolumePerBlock to 250k sUSD
  2. Lower the atomicExchangeFeeRate to 5 bp on sETH trades
  3. Revert the parameters back to their original values

Abstract

Below is a description of the parameters that are proposed to be updated:

  • The exchangeFeeRate is the fee rate applied on the amount being exchanged via conventional synth exchanges with fee reclamation.
  • The atomicMaxVolumePerBlock is maximum volume of trading via atomic swaps per block
  • The atomicExchangeFeeRate is the fee rate applied on trades into a certain synth

Motivation

The proposed parameter changes are meant to facilitate arbitrage of the peg between L1 and L2 and help guarantee the execution price of arbitrage.

Copyright

Copyright and related rights waived via CC0.