{"componentChunkName":"component---src-pages-sips-sip-markdown-remark-frontmatter-sip-tsx","path":"/sips/sip-293/","result":{"data":{"markdownRemark":{"fileAbsolutePath":"/vercel/path0/content/sips/sip-293.md","frontmatter":{"sip":293,"sccp":null,"title":"Deprecate Low Volume Synths","network":"Ethereum & Optimism","author":"Kaleb (@kaleb-keny)","type":"Governance","proposal":"https://snapshot.org/#/snxgov.eth/proposal/0xfc47c402f08925c7a7c19065a8a935bef549733d33d5217d0c5b1fa093d90051","implementor":"MEB (@barrasso)","release":null,"created":"2022-12-14T00:00:00.000Z","updated":null,"status":"Implemented"},"html":"<h2 id=\"simple-summary\" style=\"position:relative;\"><a href=\"#simple-summary\" aria-label=\"simple summary permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Simple Summary</h2>\n<!--\"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.-->\n<p>This SIP proposes to deprecate the following synths at the prices fetched on 02-02-2023 using chainlink oracles:</p>\n<table>\n<thead>\n<tr>\n<th align=\"center\"><strong>Token</strong></th>\n<th align=\"center\"><strong>Network</strong></th>\n<th align=\"center\"><strong>Price In USD</strong></th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td align=\"center\"><strong>sAAVE</strong></td>\n<td align=\"center\">Ethereum/Optimism</td>\n<td align=\"center\">90.5805</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>sLINK</strong></td>\n<td align=\"center\">Ethereum/Optimism</td>\n<td align=\"center\">7.234</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>sDOT</strong></td>\n<td align=\"center\">Ethereum</td>\n<td align=\"center\">6.493</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>sADA</strong></td>\n<td align=\"center\">Ethereum</td>\n<td align=\"center\">0.4003</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>sMATIC</strong></td>\n<td align=\"center\">Optimism</td>\n<td align=\"center\">1.2168</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>sUNI</strong></td>\n<td align=\"center\">Optimism</td>\n<td align=\"center\">6.9263</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>sAVAX</strong></td>\n<td align=\"center\">Optimism</td>\n<td align=\"center\">21.6746</td>\n</tr>\n<tr>\n<td align=\"center\"><strong>sSOL</strong></td>\n<td align=\"center\">Optimism</td>\n<td align=\"center\">24.8584</td>\n</tr>\n</tbody>\n</table>\n<h2 id=\"abstract\" style=\"position:relative;\"><a href=\"#abstract\" aria-label=\"abstract permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Abstract</h2>\n<!--A short (~200 word) description of the proposed change, the abstract should clearly describe the proposed change. This is what *will* be done if the SIP is implemented, not *why* it should be done or *how* it will be done. If the SIP proposes deploying a new contract, write, \"we propose to deploy a new contract that will do x\".-->\n<p>Deprecate these synths and allow for synth holder to redeem them into <code>sUSD</code> by <code>SynthRedeemer</code> described in <a href=\"https://sips.synthetix.io/sips/sip-174/\">SIP-174</a>.</p>\n<h2 id=\"motivation\" style=\"position:relative;\"><a href=\"#motivation\" aria-label=\"motivation permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Motivation</h2>\n<!--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!-->\n<p>Given the low volume generated by those synths, as well as the large attack surface, due to them having an open-ended open interest on the derivative and low liquidity on the underlying, these synths are recommended to be deprecated with the owners being able to redeem them, for sUSD but not exchange them for other synths. It should be mentioned this sip is to be implemented only subsequent to their rollout on perps v2.</p>\n<h2 id=\"copyright\" style=\"position:relative;\"><a href=\"#copyright\" aria-label=\"copyright permalink\" class=\"anchor before\"><svg aria-hidden=\"true\" focusable=\"false\" height=\"16\" version=\"1.1\" viewBox=\"0 0 16 16\" width=\"16\"><path fill-rule=\"evenodd\" d=\"M4 9h1v1H4c-1.5 0-3-1.69-3-3.5S2.55 3 4 3h4c1.45 0 3 1.69 3 3.5 0 1.41-.91 2.72-2 3.25V8.59c.58-.45 1-1.27 1-2.09C10 5.22 8.98 4 8 4H4c-.98 0-2 1.22-2 2.5S3 9 4 9zm9-3h-1v1h1c1 0 2 1.22 2 2.5S13.98 12 13 12H9c-.98 0-2-1.22-2-2.5 0-.83.42-1.64 1-2.09V6.25c-1.09.53-2 1.84-2 3.25C6 11.31 7.55 13 9 13h4c1.45 0 3-1.69 3-3.5S14.5 6 13 6z\"></path></svg></a>Copyright</h2>\n<p>Copyright and related rights waived via <a href=\"https://creativecommons.org/publicdomain/zero/1.0/\">CC0</a>.</p>"}},"pageContext":{"id":"49267008-30e9-56ec-9076-34d67da46582","frontmatter__sip":293,"__params":{"frontmatter__sip":"293"}}},"staticQueryHashes":[]}