Decentralised synthetic assets

The Rigil Release

The Rigil Release

Updates (November 5, 2019; November 9, 2019): we have made several updates to this post as what's included in the Rigil release has changed.

Next Friday (November 8, AEDT), we'll be deploying a new system upgrade to launch some of the recently approved SIPs. We will be taking down the system for several hours to deploy this release. During this time, users will be unable to interact with the system in any way, including using Mintr or Synthetix.Exchange, and transferring SNX or Synths.

Here's what will be included in this release:

  • SIP-21: This will double the exchange fee when changing between an s-Synth and an i-Synth, or vice versa, e.g. sTRX <> iBTC; or iTRX <> sBTC. The only Synth excluded is sUSD.
    There is already a leveraged benefit on the inverse Synths and currently being able to trade short <> long in a volatile market is a continuous advantage to front runners. The normal exchange fee rate is 30 bips (0.3%). However, it is currently 50 bips, which would make the swing trade 100 bips. When it is restored to 30 bips it would then only be 60 bips on a swing trade.
  • SIP-25: This SIP will decouple the gas limiter from the oracle. Currently, any invocation of the setGasPriceLimit() function has to be mined before a price update can be mined on-chain. This creates an unnecessary delay in serving timely oracle updates. This proposal is to change this access to setting the gasPriceLimit to a separate address, controlled by a setter only callable by the owner.
  • SIP-26: This is a bug fix that would reduce the gas estimation of trading SNX via Uniswap down from 900K to 100K.
  • SCCP-5: This change will divert 5% of the weekly SNX inflation into the arb pool — an increase from 2%. This is intended to provide a tighter sETH peg.
  • SCCP-6: This SCCP will reduce the C-Ratio buffer to 1% from 10%. The buffer was originally implemented as a protection mechanism for slashing of fees, as fee slashing is no longer implemented there is no need for such a high buffer, as it only needs to protect from minor price fluctuations. The previous 10% buffer meant a C-Ratio of ~682% was required to claim fees, while the new 1% buffer means a C-Ratio of ~742.6% is required.
  • Mintr v2: We will also be releasing the production version of Mintr v2, having previously released alpha and beta versions. It will include the new translation modules for Spanish, Mandarin, and Russian.

This release is called ‘Rigil,' which like future releases is named after a star (in order of visual magnitude). If you've got any comments or questions about the release, please submit it at our GitHub Issues page or come join the informal conversation in Discord.


Garth Travers

Garth Travers

Garth is Communications Manager at Synthetix, a synthetic assets platform.

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