The Adhara release Synthetix Blog

The Adhara release

Today (Tuesday, December 1, ~01:00 UTC) an upgrade is being deployed with a major protocol improvement. During this time, which is expected to take up to 1-2 hours, users may be unable to interact with the system, including using Mintr, Kwenta, or Synthetix.Exchange, and transferring SNX or Synths.

Here’s what is included in this release:

  • SIP-98: Re-implement double exchange fee rate on swing trades — Double the exchange fee rate on any swing trade. That is any move to or from an sSynth to an iSynth. e.g. sTRX <> iBTC or iETH <> sBNB. The one Synth excluded from this is sUSD — moving in or out of sUSD will not double the fee.
    It has been observed that there are possibilities to front-run real world prices and the on-chain oracle prices between the long sSynth and the iSynth, without moving in between sUSD which would incur a 30bps fee to sell the short or long position first before opening a swing trade.
  • SIP-99: Upgrade sOIL to use diversified Chainlink aggregator — This SIP diversifies the amount of data sources Synthetix uses for the oil feed to help decentralize the reliability of the oil prices.
    [This update was pushed yesterday after being approved by the community governance process but is being bundled into this announcement]

It is not expected that the protocol’s downtime will impact the Spartan Council election, which queries a voter’s SNX staking debt at the last fee period snapshot.

This release is called ‘Adhara,’ which like all releases is named after a star (in order of visual magnitude). If you’ve got any comments or questions about the release, please come join the conversation in Discord.

—Source link—

What do you think?

EthHub Weekly #142 EthHub

Coinbase December 2020 Market Maker Program The Coinbase Blog – Medium