SIP-2059: Legacy Spot Synth Migration #2227
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| function _redeem(address synthProxy, uint amountOfSynth) internal { | ||
| bytes32 currencyKey = ISynth(IProxy(synthProxy).target()).currencyKey(); |
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Do you think it's worthwhile adding a allowForRedemption map, set by governance, in order to protect against situations of things being allowed for redemption, while that not being the intention.... Like SNX
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That is one way to do it. Another way would be to simply require the currencyKey to not be sUSD. This way all synths except for sUSD can be redeemed.
Also, since SNX is not an ISynth, this function will revert for any non-synth tokens.
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Can also add a setActive flag to enable/disable dynamic redemptions.
| function target() external view returns (address); | ||
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| contract DynamicSynthRedeemer is Owned, IDynamicSynthRedeemer, MixinResolver { |
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Will disabling exchanges / atomic exchanges on all synths be done in this PR?
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Don't need a code change for that. It can be done with an owner action: SystemStatus.suspendSynthsExchange[]
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works for killing atomic exchanges I assume?
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How do synths that are pending fee reclamation go into play here? Should we run a script that eliminates all settles all pending fee reclamations before executing this or should we tackle this in a PR, to kill pending fee reclamations?
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works for killing atomic exchanges I assume?
Yessir. exchangeAtomically also requires exchangeActive to be true
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How do synths that are pending fee reclamation go into play here? Should we run a script that eliminates all settles all pending fee reclamations before executing this or should we tackle this in a PR, to kill pending fee reclamations?
This can be done as part of the release:
- 1 - suspend exchanges
- 2-
settle()all pending fee reclamations (set waiting period to 0 if needed) - 3 - deploy dynamic redeemer
- 4 - set
redemptionActive = true
contracts/BaseDebtCache.sol
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| @@ -144,7 +151,8 @@ contract BaseDebtCache is Owned, MixinSystemSettings, IDebtCache { | |||
| address synthAddress = address(synths[i]); | |||
| require(synthAddress != address(0), "Synth does not exist"); | |||
| uint supply = IERC20(synthAddress).totalSupply(); | |||
| values[i] = supply.multiplyDecimalRound(rates[i]); | |||
| uint value = supply.multiplyDecimalRound(rates[i]); | |||
| values[i] = value.multiplyDecimalRound(dynamicSynthRedeemer().getDiscountRate()); | |||
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I believe sUSD needs to always have a discountRate of 1. The discountRate is only applied on synths that are open for dynamic redemption... I think another reason why we may need allowedForRedemption list. In addition, the old redemption tokens redeemer, are hopefully not affected?
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Instead of maintaining a list, we can also add an exception here for sUSD only.
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sure thing 🙏🏼 and for old tokens like sLINK, i am assuming they are not captured here (rather the sUSD in redeemer is used), because we removed from the exchangeRates and being considered as synths, right?
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sure thing 🙏🏼 and for old tokens like sLINK, i am assuming they are not captured here (rather the sUSD in redeemer is used), because we removed from the exchangeRates and being considered as synths, right?
Correct. Old synths like sLINK have been removed from the Issuer and are no longer considered to be synths in the system. They are only available for redemption through the legacy SynthRedeemer.
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I believe sUSD needs to always have a discountRate of 1
Addressed here 0e4eff7
* SIP-2059: Legacy Spot Synth Migration (#2227) * sepolia-ethereum deployment artifacts * update verify * sepolia-ovm deployment artifacts * fix: check valid synth (#2231) * add check for valid synth target * remove unnecessary address casts * impl feedback and update tests * replace proxy param with currency key * add burnAndIssueSynthsWithoutDebtCache func
* SIP-2059: Legacy Spot Synth Migration (#2227) * implements 2096 (#2225) Co-authored-by: Leonardo Massazza <lmassazza@gmail.com> * sccp-2100 (#2235) * update sccp 2099 (#2230) Co-authored-by: Leonardo Massazza <lmassazza@gmail.com> * implements sccp 2104 (#2239) * sccp-2106 (#2241) Co-authored-by: Leonardo Massazza <lmassazza@gmail.com> * Upgrade hardhat-cannon version ^2.12.4 (#2240) * add funding.json (#2244) * sccp-2116 (#2243) Co-authored-by: meb <4982406+barrasso@users.noreply.github.com> * implements sccp-2108 (#2242) Co-authored-by: meb <4982406+barrasso@users.noreply.github.com> * fix: resolve merge conflict * sccp-2125 (#2245) * chore: fix lint issuer (#2247) * legacymarket: prevent self liquidation on v2x once LM is enabled (#2246) * legacymarket: prevent self liquidation on v2x once LM is enabled * add test case --------- Co-authored-by: meb <4982406+barrasso@users.noreply.github.com> * l1 deployment artifacts * l2 deployment artifacts --------- Co-authored-by: kaleb <62237347+kaleb-keny@users.noreply.github.com> Co-authored-by: Leonardo Massazza <lmassazza@gmail.com> Co-authored-by: Noah Litvin <335975+noahlitvin@users.noreply.github.com> Co-authored-by: dbeal <git@danb.email>
Introduces a new contract,
DynamicSynthRedeemer, which quotes synth redemption prices based on real-time chainlink price data * a discount rate (as opposed to theSynthRedeemer, which does so by removing the synth from the issuer and redeems at a fixed rate).https://sips.synthetix.io/sips/sip-2059/