SNXweave Weekly Recap

Spartan Council and SIP updates

  • Debt shares is a new tokenized debt tracking system that will replace the debt register, which is not compatible with a multi-chain debt pool.
  • Next, Chainlink is developing two novel oracles for the Debt Synthesis: a debt pool oracle and a debt shares oracle. The first oracle will read the size of the debt pool on each network and combine these values so that both networks are in sync with respect to the combined debt pool size. The second oracle will read the total supply of the debt shares contract and push the combined total supply of debt shares on both networks onto each chain.
  • Once the oracles and debt shares are in place, the Debt Pool Synthesis can be initiated. During this Synthesis, the system will be paused and the debt percentage calculations will be updated for both claims to reflect the total debt and the total supply of debt shares. This means stakers on each network will be responsible for the debt on both networks regardless of which network they’re staking on.
  • Once this is completed, there will be a Synth Teleporter SIP to restore fungibility of synths across the two networks. This will work by burning a synth on one network and re-minting it on the other, thereby allowing any synth to be moved between networks as needed.
  • Lastly, the Debt Migration SIP will serve as the final step of the Synthesis and will allow any staker to migrate their debt position from L1 to L2 without needing to burn their debt. This will allow you to transfer your entire SNX balance, both escrowed and unlocked to L2, while maintaining your c-ratio.

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SNXweave

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Covering all things Synthetix.

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