SIP-336: Deploy Synthetix V3 Core on Base

Author	Mike
Status	Implemented
Type	Governance
Network	Base
Implementor	TBD
Release	TBD
Proposal	Loading status...

Simple Summary

Deploy the Synthetix V3 Core System on Base mainnet for their official launch in August 2023.

Abstract

The V3 contracts have been live on Optimism and were designed for efficient deployment on other chains. Base launching on the OP Stack provides an opportunity for Synthetix to deploy to an additional chain that has very similar or identical technical specification as Optimism mainnet. This SIP proposes to release the V3 Core System in time for the Base mainnet launch in August 2023.

Motivation

With the upcoming launch of the Base L2, Synthetix has an opportunity to establish itself as one of the founding protocols at launch and be ready for the onboarding of new DeFi users from Coinbase. Further, Base is built on the OP stack and is compatible with the Synthetix V3 contracts, allowing for low overhead deployment by the core contributor engineers. Finally, Synthetix core contributor efforts are focusing on attracting new builders to create novel financial instruments and apps on top of Synthetix V3 and Base has established a new community of builders to tap into early in their lifecycle.

Specification

Overview

The implementation of the core V3 system will allow Synthetix to establish the core contracts on Base for potential builders to begin work on V3 market integrations.

Users on Base will not yet be able to stake SNX or mint the V3 USD stablecoin until these contracts are unpaused.

This SIP does not divert any inflation to Base stakers.

Rationale

OP Stack and Ease of Deployment

Synthetix V3 contract architecture was built for flexibility and to simplify deployment in a cross-chain environment. Base is built on Optimism’s OP Stack with the vision of building a standard, modular, rollup agnostic Superchain scaling Ethereum — a mesh of highly-integrated chains which eventually becomes one fluid experience for users. Because Base is built on the OP Stack, deployment of V3 contracts will be further simplified compared to other L2s and EVM L1s and will serve as a proof of concept for future cross-chain deployments.

New User Acquisition and First Mover Advantage

Base will be the favored onchain entry point in the Coinbase UI for both retail and institutional users. The UI of both Coinbase and Coinbase Wallet will direct users to the dapps that are active on Base. By deploying Synthetix V3 when Base mainnet launches, Synthetix will be able to take advantage of new users entering the onchain ecosystem for the first time. Furthermore, we give our existing ecosystem partners the support and foundation to take advantage of the influx of users as well. It may be even more important for the front end partners to be active on Base from the beginning.

Builder Ecosystem

Base has begun to build a community of builders and according to their records, 1.1M wallets deployed smart contracts on Base during their Builder quest. By launching Synthetix V3 on Base at launch, the protocol can position itself to tap into this new pipeline of builder talent.

Technical Specification

Deploy omnibus-base-mainnet.toml including the following systems:

name = "synthetix-omnibus"
version = "3.2.1"
description = "Includes the full synthetix system with configurations applied"
include = [
     "tomls/settings-mainnet.toml",
     "tomls/core.toml", 
     "tomls/permissions.toml",
     "tomls/collaterals/snx.toml",
     "tomls/collaterals/weth.toml",
     "tomls/pools/spartan-council.toml",
     "tomls/permit-all-transferCrossChain.toml",
     "tomls/markets/spot/eth.toml",
]

All systems will be deployed as paused until changed via SCCP.

Test Cases

https://github.com/Synthetixio/synthetix-deployments/blob/main/omnibus-base-goerli.toml

Configurable Values (Via SCCP)

TBD