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Deprecating Low Volume L1 Synths

Deprecating Low Volume L1 Synths

As part of our rollout on the Optimistic Ξthereum L2, a number of synths will be deprecated on L1 and subject to a re-listing process for L2 (as per SIP-169). The synths to be deprecated include: s1INCH, sXTZ, sGOOG, sAMZN, sAAPL, sCOIN, sCOMP, sCRV, sDASH, sEOS, sETC, sFTSE, sFB, sLTC, sMSFT, sXMR, sNFLX, sNIKKEI, sREN, sXRP, sRUNE, sTRX, sTSLA, sUNI, sYFI, sBNB, sXAG, sXAU, sOIL.

These synths generate relatively low volumes on L1, with most having high exchange fees due to various risk factors which can be better addressed on L2. Reducing surface area during the transition to L2 will minimize chances of an exploit while helping to accelerate the shift to a better, faster trading experience on L2.

Deprecation of these synths is pending the release of SIP-174, which is expected to be deployed with the Mirfak release this week (estimated for Tuesday September, 14th). SIP-174 introduces a new mechanism allowing holders of deprecated synths to redeem them at a fixed price for sUSD without needing to be purged to sUSD prior to deprecation.

More details on the synth redemption mechanism will follow with the Mirfak release announcement this week. No synths will be deprecated in the Mirfak release. After the Mirfak release is completed, preparations will begin for the Wezen release which is expected to follow in the days after the Mirfak release and will include the deprecation of the synths mentioned above as well as all inverse synths (which have already been frozen for some time).

If you've got any comments or questions about the release, please come join the conversation in Discord.