New crypto Synths, 750% C-Ratio, and reward claim updates!
An overview of the system updates we just deployed
Update (November 11, 2019): some of the content in this article is no longer up-to-date. Please check the blog for more recent information.
We’re pleased to announce that our first community-voted wave of system updates is now live. This includes the following:
- Removing tiered penalties for SNX and Synth rewards and preventing SNX stakers from claiming rewards if their C-Ratio is more than 10% below the required C-Ratio. (SIP2)
- Implementing purgeable Synths (SIP3)
- Adding three new Synths: sTRX, sXTZ, sMKR (SIP5)
- Updating the required C-Ratio to 750% (SCCP2)
- Changing rewards to being claimable for only two weeks (SIP4)
We were also intending to launch iTRX, iXTZ, and iMKR, but we decided to postpone the release of the new Inverse Synths (iXTZ, iTRX, and iMKR) as existing inverse Synths have been heavily targeted by trading bots. We would like to implement additional measures to protect against oracle front running before we add these new iSynths. We are also postponing the re-launch of iBTC and iBNB, and iETH will be frozen at its current price.
If you are an SNX staker, here is what you need to know:
- You are now required to keep your C-Ratio at around 750% instead of 500%. This means that before you next claim any rewards, if your ratio is currently around 500% you’ll need to burn about one third of your current debt. If you’ve already sold all the Synths you minted, then you’ll need to purchase some.
- Rewards are now only claimable for two weeks instead of six.
- Rewards now cannot be claimed if your C-Ratio is below 675%. Previously, you could claim rewards if your C-Ratio was below the penalty threshold, but at a reduced rate. Now, they simply cannot be claimed at all until your C-Ratio has been fixed.
If you’ve got any questions about any of this, come find us in Discord!