The Canopus Release
Today we're deploying a new system upgrade to launch the first phase of SIP 12. We'll be taking the system down for an expected duration of 1 hour, and during this time users will be unable to interact with the system or our tokens in any way.
- SIP 12: This SIP proposes to prevent front running of the price oracle by introducing max gas price for transactions on Synthetix exchanges. Front running occurs when a user or bot reads an incoming oracle update from the mempool and transmits an exchange with higher GWEI, taking advantage of a known price movement. Front running can jeopardise the debts of SNX stakers by enabling better odds at making profitable trades, and several accounts have used front running methods already. This first phase of SIP 12 will determine a max GWEI setting based on the current Ethereum congestion (somewhere between 'standard' and 'fast'), and traders will not be able to push a trade with more GWEI than that. Synthetix.Exchange will not allow traders to use a 'fast' GWEI setting, but if someone attempts a trade using the contacts directly, if they use a higher GWEI then the transaction will fail.