On our most recent governance call we discussed a range of items that were in scope, we are now less than a week away from the release of Altair which is scheduled for next Thursday (~12am, June 4, UTC). Most of the scope has been submitted for audit but there are still a few items not yet audited, so we have decided to split the scope into two releases a few weeks apart. The first is Altair and it will be followed by Acrux a few weeks later (subject to audits). In addition to these releases we have another release planned for July: Aldebaran. The scope is still being finalised but the focus will be the launch of Synthetic Futures. The current scope pending audit finalisation and community review for the next two releases is below:
Altair – June 4th 2020
SIP-15: Liquidation Mechanism
As anyone following the project probably noticed SIP-15 is quite old, it dates back to August 2018. It has been parked for almost a year, but recently Jackson went back and did some R&D on the implementation and simplified the implementation significantly. Liquidations are unlikely to be triggered while the c-ratio is 800% but getting this mechanism implemented paves the way for lower C-Ratios in the future.
SIP-56: Differential Fees
There have been many discussions about the single fee rate being inefficient. This upgrade significantly improves the status quo allowing for much lower fees on FX and equity synths while maintaining a higher fee on crypto Synths and other assets.
SIP-57: Address Resolver Proxy
There has been a significant increase in external integrations into Synthetix this year, this change will make integrations far easier and safer by providing a single interface for integrations to be able to resolve the many contracts in the Synthetix ecosystem.
Acrux – late June / early July 2020
SIP-48: Don’t revert on rates are stale
This SIP is another improvement for external integrations. It ensures that information can still be accessed even if the system is undergoing an upgrade or there is an outage on one of the Synths.
SIP-53: Binary Options
Binary options are a major upgrade to the Synthetix protocol, allowing anyone to create a new binary market to hedge exposure to any of the assets already integrated into Synthetix, including Gold, Silver, and Equity indexes.
SIP-58: Emit Reclaim Events
This will enable a significant user experience improvement on sX allowing traders to track the impact of fee reclamation on every trade.
SIP-59: Delegated Migrator
Post-Acrux all protocol upgrades will go through the delegated migrator, meaning more transparency and control of protocol upgrades for token holders. Combined with the integration of Aragon for token holder vetoes, this marks the largest change in protocol control since the network launch in 2018.
SIP-63: Trading Incentives
A new LP rewards contract will be deployed that tracks the amount of fees paid per address and distributes SNX proportionately. (SIP incoming)
If you’ve got any comments or questions about these upcoming releases or any SIP listed here, please come join the conversation in Discord.