Synthetix: Incoming Improvement Proposals

Today we have 8 new draft Proposals made by the Synthetix community:

SIP 156 - Chainlink

  • This SIP proposes to replace the existing debt cache mechanism with a debt pool oracle operated by Chainlink.

SIP 161 - Core Contributor Comittee

  • This SIP proposes the introduction of the Core Contributor Committee (CCC) to help coordinate and govern the Core Contributors. The CCC will be comprised of existing and former Core Contributors elected to the role by the Core Contributors.

SIP 165 - Merge L1 & L2 Debt

  • This SIP seeks to merge the debt pools between L1 and L2, tracking the total synth debt with a common oracle.

SIP 172 - Meta Governance

  • This proposal seeks to simplify the meta-governance processes of the Synthetix Governance System and addresses current meta-governance edge-cases and frictions.

SIP 180 - AELIN Protocol

  • This SIP proposes the creation of the Aelin Protocol, Aelin is an open and permissionless set of factory contracts that enables anyone to instantiate a pool of capital that can be used to source deals within the Ethereum ecosystem.
    “A portion of the AELIN tokens will be distributed to SNX stakers as a sign of appreciation for the effort that has gone into Synthetix governance enabling Aelin to launch via this SIP.”

SIP 183 - Kwenta Funding

  • This proposal outlines a request for 2 Million sUSD from the Synthetix Treasury DAO in order to fund the early development of the Kwenta protocol.

“With the approval of SIP-179, Kwenta has become an independent protocol. As an independent protocol, Kwenta is now responsible for compensating core contributors, as well as any external parties for services provided to the DAO. Monthly Core Contributor costs are estimated to be within the range of 73,000-84,000 sUSD for 6-7 full-time core contributors while monthly operation costs range from 5000-10,000 sUSD. With 2 Million sUSD, Core Contributors would retain their current momentum for a little under 2 years, giving the protocol adequate time and flexibility to establish itself.”

SIP 186 - Risk Comittee

  • This SIP aims to introduce a new governing body called the Risk Committee, consisting of members selected from the other governing bodies of Synthetix (i.e Spartan Council, Treasury Council) who will be responsible for risk analysis for the Synthetix Protocol.

Responsible for:

  • Establishing an initial process for the analysis of risk within the Synthetix Protocol in the form of a SIP (i.e monetary policies, external partnerships/programs)
  • Carrying out the risk analysis to be introduced in the SIP life-cycle
  • Providing risk analysis summaries for the Spartan Council to take in consideration when debating and voting on SIPs

SIP 187 - Debt Cache Fix
Fix an issue with partial updates of synths in the debt cache which is causing the cached debt value to not update after minting and burning sUSD.