---
sip: 166
network: Ethereum
title: Adding sCEFI
status: Rejected
author: Justin J. Moses (@justinjmoses)
created: 2021-07-13
type: Governance
---

## Simple Summary

<!--"If you can't explain it simply, you don't understand it well enough." Simply describe the outcome the proposed changes intends to achieve. This should be non-technical and accessible to a casual community member.-->

Replace the deprecated `sCEX` synth with a new `sCEFI` synth.

## Abstract

In order to support the rebalancing of `sCEX` and introduction of new non-exchange elements into `sCEFI`, the old `sCEX` and `iCEX` tokens were deprecated in order to make way for a new `sCEFI` token using the upgraded feed from Chainlink.

## Motivation & Rationale

<!--This is the problem statement. This is the *why* of the SIP. It should clearly explain *why* the current state of the protocol is inadequate.  It is critical that you explain *why* the change is needed, if the SIP proposes changing how something is calculated, you must address *why* the current calculation is innaccurate or wrong. This is not the place to describe how the SIP will address the issue!-->

[SCCP-124](https://sips.synthetix.io/sccp/sccp-124/) proposed the rebalancing of the `sCEX` index with two new centralized finance tokens - `NEXO` and `CEL` - and a rename into `sCEFI` which more correctly depicts the index. A rename in this instance is not valid due to the 150k of open interest currently held in the sCEX synth, as those holders did not buy into a `sCEFI` token. In order to correctly handle this rebalance, we either needed to a) keep `sCEX` around and create a new `sCEFI` token or b) deprecate `sCEX` and create the new `sCEFI` synth allowing them to trade into it. Thus the council opted for option b, and once `sCEX` is deprecated in [SIP-169](https://sips.synthetix.io/sips/sip-169/) this SIP can proceed.

## Specification

<!--The specification should describe the syntax and semantics of any new feature, there are five sections
1. Overview
2. Rationale
3. Technical Specification
4. Test Cases
5. Configurable Values
-->

### Overview

The new synth will behave as other indexes with no new API or semantics.

### Technical Specification

<!--The technical specification should outline the public API of the changes proposed. That is, changes to any of the interfaces Synthetix currently exposes or the creations of new ones.-->

### Test Cases

<!--Test cases for an implementation are mandatory for SIPs but can be included with the implementation..-->

TBD

### Open Questions

1. Should this new synth target L1 or L2?

### Configurable Values (Via SCCP)

<!--Please list all values configurable via SCCP under this implementation.-->

N/A

## Copyright

Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).