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----
-sccp: 2124
-network: Ethereum
-title: Update discountRate to enable L1 SNX migration to V3
-author: Cavalier (@cavalier)
-status: Deprecated
-created: 2024-07-08
-type: Governance
----
-
-# Simple Summary
-
-This SCCP proposes to decrease the  `discountRate` from its current 48% to 0%, so that volatile synths on L1 are deprecated, and the L1 SNX migration to V3 can commence.
-
-# Abstract
-
-To complete the preparation for migration of SNX on L1 to V3, this proposal reduces the `discountRate` from 48% to 0%, as outlined in [SIP-2059](https://sips.synthetix.io/sips/sip-2059/). This change is essential for the deprecation of L1 volatile synths, including sETH and sBTC. It is important to note that the `discountRate` adjustment does not impact the value of sUSD or any synths on L2.
-
-# Motivation
-
-The V3 migration is now ready for release on L1, following the three-month notice period since the [synth deprecation announcement](https://blog.synthetix.io/legacy-spot-synth-exchange-deprecation-migration/). Deprecating volatile synths on L1 is a crucial step in this migration process, imeplemented by [SIP-2059](https://sips.synthetix.io/sips/sip-2059/) that incentivized users to convert volatile synths into sUSD. As with [SCCP-2110](https://sips.synthetix.io/sccp/sccp-2110/), users may request redemption from the Treasury Council within a reasonable timeframe, which the Council may grant at its discretion.
-
-# Copyright
-
-Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).