Decentralised synthetic assets

The Saiph Release

The Saiph Release

Later today, June 9th at ~5:00-6:00pm UTC, the Saiph release will begin. Here's what’s included in this release:

  • SIP-235: Update Issuer Modifier: Increases security for future Synthetix deployments for the onlyTrustedMinters modifier in Issuer
  • SIP-238: Only allow token transfers via proxies: Allow users to interact with SNX, as well as synths, via their proxies, and stop allowing transfers via their implementations.
  • SIP-240: Update Liquidate Amount: Liquidates the correct amount of debt for accounts with mostly escrowed SNX

Only allow token transfers via proxies

The ability to transfers our tokens via two different entry points can cause accounting issues in smart contracts that are designed to track state for tokens via a single entry point. By restricting transfers to the proxy only, we mitigate such possible accounting issues in protocols that use Synthetix tokens.

Balancer (on both Ethereum and Optimism) reported the two different entry points for SNX and synth tokens as a medium severity issue for their protocol. Once this change is implemented, Balancer can reenable exchanges with Synthetix tokens.

Please check their forum post for any updates, Synthetix will post here once the update is complete. 👉 https://forum.balancer.fi/t/medium-severity-bug-found/3161

Update Liquidate Amount

Previously, an account whose SNX collateral is predominantly in escrow will not have the proper amount of debt burned when it is liquidated. The liquidated amount is currently based on the proportion of their SNX balance relative to all of their collateral (including escrow + liquidator rewards). This leads to burning less debt than expected, which effectively adds an unnecessary penalty.

This release ensures that the correct amount of debt is liquidated for accounts in this situation.

Any Questions?

If you've got any comments or questions about the release, please join the conversation in Discord. This release is called Saiph, which like all releases, is named after a star (in order of visual magnitude).