SIP-243: Deprecate sDEFI
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | MEB (@barrasso) |
| Release | Denebola |
| Proposal | Loading status... |
| Created | 2022-05-31 |
Simple Summary
Deprecate sDEFI and open it for redemption at the price of 3,195$ per token.
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.