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.