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sccp: 2117 | ||
network: Ethereum & Optimism | ||
title: Update Issuance Ratio | ||
author: Kaleb (@kaleb-keny) | ||
status: Vote_Pending | ||
created: 2024-06-10 | ||
type: Governance | ||
--- | ||
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# Simple Summary | ||
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This SCCP proposes to update the `issuanceRatio` ratio from 11.11% currently (i.e. 900% cratio) to 12.5% (i.e. 800% cratio). | ||
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# Abstract | ||
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The issuance ratio is the ratio that determines the maximum amount of sUSD that can be minted for a staked amount of snx collateral. | ||
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# Motivation | ||
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The temporary increase in collateralization ratio was previously implemented in order to rollout [SIP-2059](https://sips.synthetix.io/sips/sip-2059), with the debt windfall benefiting stakers that took on the historical legacy debt from the long ETH skew. With sip-2059 being mostly rolled out, and changes being to the discount rate planned to be implemented in slow incremental steps, the issuanceRatio can be restored back to previous levels. This SCCP proposes to start off that process with, with gradual changes to the `issuanceRatio` being proposed to limit the impact on the protocol. | ||
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# Copyright | ||
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Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). | ||
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sccp: 2118 | ||
title: Redeem `0x1B51cCe51` At Parity | ||
network: Ethereum | ||
status: Vote_Pending | ||
type: Governance | ||
author: Kaleb (@kaleb-keny) | ||
--- | ||
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## Simple Summary | ||
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The SCCP proposes to redeem `0x1B51cCe51E2531C478daA9b68eb80D47247dCbec` at parity. This is done by increasing the `discountRate` to 1, executing the redemption on the sBTC held by the user and setting `discount` rate to 48% (as per the schedule voted on in [SCCP-2113](https://sips.synthetix.io/sccp/sccp-2113/)). | ||
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# Abstract | ||
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The `discountRate`, described in [SIP-2059](https://sips.synthetix.io/sips/sip-2059/), determines the rate which users can redeem their synths for sUSD. | ||
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## Motivation | ||
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The `discountRate` is currently set to 50%, in order to encourage volatile synth holders to redeem their synths to sUSD and help rebalance the long skew. However, users who hold volatile synths, can request from governance to be redeemed at parity. | ||
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## Copyright | ||
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Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). |
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