I had to tweet a lot of hentai, but I managed to get us some publicity. Also, it appears that there is a lot of interest in us adding SNX vaults. Anybody got any good reasons why we shouldn’t?
I do not. Seems like a great way for YFI to more or less act as an investment fund, managing small SNX holders stake in a gas optimal manner. Perhaps not ideal for SNX in that it intermediates protocol management, but beneficial in that it better incentivizes more smaller holders by allowing them to get better value out of their asset.
LOL, are you the DegenSpartan himself in disguise?
Anyway, the SNX vault would be awesome for peons like me who do not want to pay a fortune to fuff around with Mintr once a week. There is plenty of good reasons for doing this.
Not sure about good reasons not to do it, but something that could give us pause: what are we going to do with all the millions sUSD that we will end up minting?
There needs to be an optimal strategy, ideally something that does not end up in the users racking up a ton of debt.
A few options:
- Emission is constantly kept debt neutral by replicating the current distribution of synths (needs a lot of buying and selling)
- sUSD are dumped into the Curve sUSD pool. Doing this will probably annihilate any SNX rewards there however, since there is little incentive for them to keep… incentivizing.
- sUSD are split between sETH and iETH. Same issue as above.
- sUSD is used to buy SNX. This is not going to end well (but it was great while it lasted).
- ??? Profit
Anyway, I’d say some smart DeFi strategist should come up with a clever proposal, and then we are good to go. We are probably going to have millions sUSD available to the vault, we can throw around a lot of weight with those.
Does anybody know how to turn this into a proposal? As it currently stands, I’ve neither knowledge or incentive to do it (no incentives as of now for proposers, and I’m not an SNX hodler). Doin’ it all for the wifey.
Yeap, glad to see we are pushing this SNX vault thing. Honestly, I’m not an SNX pro…IMO this asset would be added to the vault. it’s just when and priority. So give us some time. More discussion needed. We can only add one asset one time right now.
Pushing discussion here: YIP 34: Add Synthetix (SNX) to yVaults