Kill Gauges on All Non sUSD Curve Pools on Ethereum

Proposals
#1

Summary:

Kill all non-sUSD gauges on synth pools on the ethereum network

Abstract:

Gauges of synth pools (excluding pools that contain sUSD) on ethereum, should be killed in order to incentivize liquidity providers to draw out their liquidity ahead of SIP-2059 implementation, expected in 2 weeks time.

Gauge Coins Synth Synth Tokens Synth Value USD Pool Value USD Pool
0x6d787113f23bed1d5e1530402b3f364d0a6e5af3 wBTC/sBTC sBTC 129.65 8,547,055.15 16,879,752.07 0xf253f83aca21aabd2a20553ae0bf7f65c755a07f
0x705350c4bcd35c9441419ddd5d2f097d7a55410f renBTC/wBTC/sBTC sBTC 46.73 3,080,775.47 8,838,322.18 0x7fc77b5c7614e1533320ea6ddc2eb61fa00a9714
0x3c0ffff15ea30c35d7a85b85c0782d6c94e1d238 sETH/ETH sETH 578.62 1,915,298.55 4,854,272.58 0xc5424b857f758e906013f3555dad202e4bdb4567
0x90bb609649e0451e5ad952683d64bd2d1f245840 EURS/sEUR sEUR 583,072.78 628,470.83 1,816,320.08 0x0ce6a5ff5217e38315f87032cf90686c96627caa
0x2fa53e8fa5fadb81f4332c8ece39fe62ea2f919e ibCHF/sCHF sCHF 49,353.49 54,313.39 691,217.27 0x9c2c8910f113181783c249d8f6aa41b51cde0f0c
0x1750a3a3d80a3f5333bbe9c4695b0fad41061ab1 sKRW/ibKRW sKRW 55,311,780.04 40,912.46 582,004.10 0x8461a004b50d321cb22b7d034969ce6803911899
0x99fb76f75501039089aac8f20f487bf84e51d76f ibEUR/sEUR sEUR 42,698.37 46,022.87 300,005.05 0x19b080fe1ffa0553469d20ca36219f17fcf03859
0xeff437a56a22d7dd86c1202a308536ed8c7da7c1 ibJPY/sJPY sJPY 1,483,381.36 9,767.56 68,550.60 0x8818a9bb44fbf33502be7c15c500d0c783b73067
0x05ca5c01629a8e5845f12ea3a03ff7331932233a ibAUD/sAUD sAUD 49,774.85 32,449.89 62,301.81 0x3f1b0278a9ee595635b61817630cc19de792f506

Motivation:

The pools in the table above contain synths (sETH,sBTC,…) that are set to be incentivized to be migrated to sUSD via a dynamic redeemer contract. This contract gives back the user sUSD for a given amount of synth burned, at the latest chainlink price. All other forms of synth spot exchanges will be disabled on the ethereum network. In addition, a discountRate is expected to be levied, which increases the incentive on synth holders to swap their volatile synths to sUSD. As such, in order to avoid having the value of their assets diluted, LP’s are encouraged to withdraw synths from liquidity pools and swap them to sUSD or to non-synth collateral at the earliest. Updates to the discountRate, which would initially be set at 1 require governance sign-off. More details on the implementation of v2x migration plan can be found in SIP-2059. Also happy to help users swap their synth with the best execution possible, feel free to reach out to us in Synthetix’s Discord.
Worth reiterating that the scope of the changes are pertaining to the ethereum network (L1), optimism is not affected.

Specification:

ACTIONS = [
# kill sETH/ETH
("0x519AFB566c05E00cfB9af73496D00217A630e4D5", “set_killed”, “0x3c0ffff15ea30c35d7a85b85c0782d6c94e1d238”, True),
# kill EURS/sEUR
("0x519AFB566c05E00cfB9af73496D00217A630e4D5", “set_killed”, “0x90bb609649e0451e5ad952683d64bd2d1f245840”, True),
# kill ibCHF/sCHF
("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", “set_killed”, “0x2fa53e8fa5fadb81f4332c8ece39fe62ea2f919e”, True),
# kill sKRW/ibKRW
("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", “set_killed”, “0x1750a3a3d80a3f5333bbe9c4695b0fad41061ab1”, True),
# kill ibEUR/sEUR
("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", “set_killed”, “0x99fb76f75501039089aac8f20f487bf84e51d76f”, True),
# kill ibJPY/sJPY
("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", “set_killed”, “0xeff437a56a22d7dd86c1202a308536ed8c7da7c1”, True),
# kill ibAUD/sAUD
("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", “set_killed”, “0x05ca5c01629a8e5845f12ea3a03ff7331932233a”, True),
]

Pertaining to the wBTC/sBTC pool gauge , they might be able to be killed with the deployer.

3 Likes
Remove Gauges: Fixed Forex ib*/s* & ib*/USDC pools
#2

Vote 693 bundles this proposal with the proposal to kill Fixed Forex gauges.

ACTIONS = [
    # kill sETH/ETH
    ("0x519AFB566c05E00cfB9af73496D00217A630e4D5", "set_killed", "0x3c0ffff15ea30c35d7a85b85c0782d6c94e1d238", True),
    # kill EURS/sEUR
    ("0x519AFB566c05E00cfB9af73496D00217A630e4D5", "set_killed", "0x90bb609649e0451e5ad952683d64bd2d1f245840", True),
    # kill ibCHF/sCHF
    ("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", "set_killed", "0x2fa53e8fa5fadb81f4332c8ece39fe62ea2f919e", True),
    # kill sKRW/ibKRW
    ("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", "set_killed", "0x1750a3a3d80a3f5333bbe9c4695b0fad41061ab1", True),
    # kill ibEUR/sEUR
    ("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", "set_killed", "0x99fb76f75501039089aac8f20f487bf84e51d76f", True),
    # kill ibJPY/sJPY
    ("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", "set_killed", "0xeff437a56a22d7dd86c1202a308536ed8c7da7c1", True),
    # kill ibAUD/sAUD
    ("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", "set_killed", "0x05ca5c01629a8e5845f12ea3a03ff7331932233a", True),
    # kill ibGBP/sGBP
    ("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", "set_killed", "0x63d9f3aB7d0c528797A12a0684E50C397E9e79dC", True),

    # kill ibEUR/USDC
    ("0x5a8fdC979ba9b6179916404414F7BA4D8B77C8A1", "set_killed", "0xE1D520B1263D6Be5678568BD699c84F7f9086023", True),
    # kill ibCHF/USDC
    ("0x5a8fdC979ba9b6179916404414F7BA4D8B77C8A1", "set_killed", "0x36C66bC294fEf4e94B3e40A1801d0AB0085Fe96e", True),
    # kill ibGBP/USDC
    ("0x5a8fdC979ba9b6179916404414F7BA4D8B77C8A1", "set_killed", "0x1Ba86c33509013c937344f6e231DA2E63ea45197", True),
    # kill ibAUD/USDC
    ("0x5a8fdC979ba9b6179916404414F7BA4D8B77C8A1", "set_killed", "0x1779AEB087C5BdBe48749ab03575f5f25D1DEeaF", True),
    # kill ibKRW/USDC
    ("0x5a8fdC979ba9b6179916404414F7BA4D8B77C8A1", "set_killed", "0xb6d7C2bda5a907832d4556AE5f7bA800FF084C2a", True),
    # kill ibJPY/USDC
    ("0x5a8fdC979ba9b6179916404414F7BA4D8B77C8A1", "set_killed", "0x3A748A2F4765BDFB119Cb7143b884Db7594a68c3", True),
    # kill ibEUR/agEUR
    ("0x742C3cF9Af45f91B109a81EfEaf11535ECDe9571", "set_killed", "0x38039dD47636154273b287F74C432Cac83Da97e2", True),
]
2 Likes
#3

Thank you for setting up the votes, please note that the dynamicRedeemer and discount rate, explained above are supposed to be voted on by Synthetix Governance this week, SIPs/content/sccp/sccp-2103.md at 57c4ef5ae1d4178861037a2792d48602b67baa74 · Synthetixio/SIPs · GitHub
The dynamic redeemer can be accessed via this front end Synthetix Staking

1 Like