SIP-188: Add sETHBTC synth

Simple Summary

List a synth tracking the ETH:BTC price ratio (sETHBTC).

Abstract

This SIP will add a synth whose price mirrors the ratio of prices between ETH and BTC.

Motivation

$ETHBTC is one of the most traded pairs in crypto markets, but many users lack a simple vehicle to gain exposure to its upside. An sETHBTC synth gives users one-click exposure to pseudo-delta neutral exposure to ETH's upside.

Specification and Overview

The sETHBTC synth will function similarly to all other synths, with the exception that the synth trade at the ratio of prices from multiple Chainlink feeds (ETH:USD and BTC:USD, or inverse of BTC:ETH).

Rationale

Supporting additional assets expands the utility of the Synthetix protocol. Synthetix is uniquely positioned to offer a synth tracking this ratio (sETHBTC) via a synth with custom pricing logic, which greatly simplifies the process of gaining exposure to ETH alpha. The current debt pool composition also provides significant tailwind for supporting the sETHBTC synth, since the debt pool currently carries ~$300M of short sETH / long sBTC skew. Thus, all inflows into the sETHBTC synth will neutralize existing debt pool skew in sETH and sBTC.

Technical Specification

N/A

Test Cases

ETH/USD oracle price = $4500

BTC/USD oracle price = $60000

sETHBTC price = 0.075 sUSD

Configurable Values (Via SCCP)

N/A

Copyright

Copyright and related rights waived via CC0.