SIP-243: Deprecate sDEFI
| Author | |
|---|---|
| Status | Vote_Pending |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2022-05-31 |
Simple Summary
Deprecate sDEFI and open it for redemption at the latest price available on chain.
Abstract
Deprecate sDEFI and allow for synth holder to redeem it into sUSD by SynthRedeemer described in SIP-174.
Motivation
sDEFI has LUNA with 10% weighting in it which has gone to 0 from UST bank run, triggering the circuit breaker. The reason why the redemption was chosen are:
- Enso user has signalled to redeem it as
sUSD. sDEFIdoes not exist on Optimism.- Low interest and rebalancing overhead from governance.
- Questionable underlying that no longer reflect DeFi as whole.
Copyright
Copyright and related rights waived via CC0.