SIP-271: System Wide Suspension - Proof Of Stake 🐼
| Author | |
|---|---|
| Status | Draft |
| Type | Governance |
| Network | Ethereum & Optimism |
| Implementor | TBD |
| Release | TBD |
| Created | 2022-08-18 |
Simple Summary
In preparation for the Ethereum merge event, expected to take place on 15-September, this SIP proposes to suspend all Synthetix contracts on both Ethereum and Optimism, 2 hours before the expected merge block and resume activites after ensuring that Chainlink feeds and the rest of the protocol is in a stable state.
Abstract
The system would be suspended by triggering the suspendSystem function wih the reason given being set to 271.
Motivation
In order to ensure the smooth transition to the new network, the system would be suspended in preparation of the merge block and resumed on the new chain afer ensuring that all aspects of the protocol and price oracles are in a steady state.
It is important to note, that the system will never be resumed on the PoW chain.
Specification
The following checks would be performed on a forked chain (with canon) before unsuspending the system:
- Minting and burning debt can take place normally, with the debt pool oracle in line with size of debt
- Both atomic and non-atomic exchange tests would be performed to ensure that the outputted amounts are reasonable
- Test on transfers of synths and SNX to a different wallet
- Test on opening new loans with ETH and repaying that loan to release the ETH
- Test on opening futures positions, modifying that position and closing that position to release the margin
- Test on flagging an account for liquidation and liquidating that account by moving forward in time
- ETH and LUSD can be wrapped and released
Due to protocol external dependencies, additional checks would be performed on a forked chain:
- All Chainlink oracles configured within Synthetix are pushing prices that are within a reasonable margin from centralized exchange prices or off-chain calculated expected prices
- LUSD price is close to 1$
- renBTC price is close to the price of BTC
- OP bridge is operational in both directions
Test Cases
TBD
Configurable Values (Via SCCP)
N/A
Copyright
Copyright and related rights waived via CC0.