SCCP-139: Re-enable price feeds that certain live markets on Thales Protocol rely on
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Discussions-To | https://discord.gg/e9c5Cs |
| Created | 2021-09-23 |
Simple Summary
Re-enable the deprecated price feeds of sXTZ (Tezos), sRUNE (THORchain), sYFI (yearn.finance), sCRV (Curve DAO Token), sUNI (Uniswap), sXRP (Ripple), sBNB (Binance Coin) and sXAU (Gold Ounce) until their currently live Thales markets are resolved properly.
Abstract
Per SIP-169, a number of L1 Synths were deprecated. Thales Binary Options protocol currently has 8 live markets that use 8 price feeds of these deprecated L1 Synths that are crucial for resolving the said markets properly on their respective maturity dates.
Those 8 price feeds and their respective markets and maturity dates on Thales are:
- sXTZ (Tezos) XTZ@30.09.2021
- sRUNE (THORchain) RUNE@30.09.2021
- sYFI (yearn.finance) YFI@15.10.2021
- sCRV (Curve DAO Token) CRV@31.12.2021
- sUNI (Uniswap) UNI@31.12.2021
- sXRP (Ripple) XRP@31.12.2021
- sBNB (Binance Coin) BNB@31.12.2021
- sXAU (Gold Ounce) XAU@31.12.2021
To support and properly resolve these 8 markets that are currently live using price feeds from deprecated synths, Thales needs these price feeds re-enabled as soon as possible.
Important disclaimer: Re-enabling these price feeds will NOT re-enable trading of said Synths that propagate these price feeds, hence this SCCP will not have any effect on the Synthetix debt pool and this SCCP will not affect the redemption value of outstanding synths.
As per listed maturity dates above, it is visible that the shortest market is due to be resolved in 6 days from the time of writing this SCCP, so we again emphasize the time sensitivity of voting in this SCCP and, hopefully, implementing it before the live markets are due for maturity.
Going forward, Thales protocol will change the architecture so not to depend on the ExchangeRates contract of the Synthetix protocol. As soon as all the markets listed above reach maturity, Synthetix protocol can remove the mentioned price feeds again without impacting Thales protocol.
Motivation
With the deprecation of the Synths listed in SIP-169, price feeds for those assets were removed due to complexities of unsettled trades into or out of those Synths that may result in more of the deprecated synth being issued. When Thales took ownership of BinaryOptions contracts, it inheritted the price feeds being served from ExchangeRates contract used by the Synthetix protocol. Thales did not anticipate that the deprecation of Synths also entails removing the price feeds of said Synths. This resulted in certain Thales Binary Options markets, that use price feeds from deprecated Synths, to lose a crucial feed needed to resolve these specific markets properly on their respective date of maturity.
Copyright
Copyright and related rights waived via CC0.