SCCP-274: Add 1inch Direct Integration Cross Asset Swaps / Fusion Mode
Author | |
---|---|
Status | Deprecated |
Type | Governance |
Network | Ethereum |
Implementor | TBD |
Release | TBD |
Proposal | Loading status... |
Created | 2023-01-20 |
Simple Summary
Add the fusion-enabled 1inch contract 0xa77c88abcaa770c54a6cfbfd0c586a475537bbc1
to Synthetix's DirectIntegration, with the following parameter set:
{'currencyKey': 'sBTC',
'dexPriceAggregator': '0x228bCc970003Ca7588337604AFD9Fc5d92bF1C8B',
'atomicMaxVolumePerBlock': 5m$,
'atomicVolatilityUpdateThreshold': 10,
'atomicExchangeFeeRate': 5 bp}
{'currencyKey': 'sUSD',
'dexPriceAggregator': '0x228bCc970003Ca7588337604AFD9Fc5d92bF1C8B',
'atomicMaxVolumePerBlock': 5m$}
{'currencyKey': 'sETH',
'dexPriceAggregator': '0x228bCc970003Ca7588337604AFD9Fc5d92bF1C8B',
'atomicMaxVolumePerBlock': 5m$,
'atomicVolatilityUpdateThreshold': 10,
'atomicExchangeFeeRate': 5 bp}
Abstract
The DirectIntegration addresses are contracts setup by integrators, that are allowed to trade at specialized fees and parameters, given that they satisfy certain conditions. In 1inch's case, they abide by the CRV <> SNX <> CRV trading route. Below are the variables being configured in this SCCP:
dexPriceAggregator
is the uniswap aggregator in operation, it would be pointed towards the uniswap 5 bp pools.atomicMaxVolumePerBlock
is the maximum sUSD volume allowed per block.atomicExchangeFeeRate
is the fee rate paid on exchanges into a specific synth.
Motivation
The main motivation is to boost volume, as fusion mode incorporates a small amount of latency, due to the trade being executed by 1inch keepers. Hence, we should be able to provide more competitive fees.
Copyright
Copyright and related rights waived via CC0.