Authors: Synapse DAO contributors, with support from Aura contributors
Summary
Synapse DAO is seeking the whitelisting of a Balancer gauge for a 50/50 SYN/ETH pool.
Protocol Description
Synapse is a cross-chain communications protocol, launched Q3 2021. Synapse enables the transfer of reserve assets (stablecoins, ether, etc.) and partner assets (e.g. gOHM, VSTA, GMX, etc.) across a number of EVM and non-EVM compatible chains. Since launch, Synapse has processed $12.5b worth of cross-chain bridge transactions, across hundreds of thousands of transactions.
Synapse has a native governance token SYN, which is distributed to liquidity providers. SYN is currently tradable on both decentralized and centralized exchanges, with robust liquidity currently on SushiSwap.
Motivation
SYN currently has a large 50/50 pool of liquidity on Sushi. As of this proposal’s writing, the pool has liquidity of $10m, with over $10 million worth of trading volume in the past 24 hours. Synapse as a protocol is incentivizing the liquidity of the pool with SYN incentives. Sushi also has incentivized the pool with a small amount of SUSHI, totaling ~$1,500 a day.
Synapse can increase the yield of the pool by migrating liquidity to Balancer, then incentivizing vlAURA votes for the pool via Hidden Hand. With a current voting incentive efficiency over 2.5x, Synapse will benefit greatly from migrating to Balancer.
Specifications
- Governance: The Synapse DAO is the overarching governance structure of the protocol. DAO memmbers contribute to the protocol and help curate proposals for larger decisions. You can find out more information here: https://forum.synapseprotocol.com/
- Oracles: The protocol does not rely on external oracles at the moment. All relevant contract work is done on chain
- Audits: Synapse has a history of audits from Certik, OpenZeppelin, and Quantstamp, along with ongoing audits. More information about Synapse’s audit history can be found here.
- Centralization vectors: There are no direct lines of centralization, smart contracts custody funds on each side of the bridge
- Market history: SYN has been an actively traded coin since Q3 2021. It is a liquid asset across both prominent decentralized and centralized venues.
Links & References:
- Website: https://synapseprotocol.com/landing
- Documentation: https://docs.synapseprotocol.com/
- Github Page: https://github.com/synapsecns
- Communities: https://twitter.com/SynapseProtocol and https://t.co/SLQjDYoMTJ
PoolID: A3C500969ACCB3D8DF08CBA313C120818FE0ED9D000200000000000000000471
Uncapped gauge: 0x4532fBa326D853A03644758B8B7438374F6780dC
Specification
The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptor at 0x8F42aDBbA1B16EaAE3BB5754915E0D06059aDd75 and call performAction with the GaugeController at 0xC128468b7Ce63eA702C1f104D55A2566b13D3ABD for the target(address) argument and using 0x3a04f900 followed by the gauge address 0x4532fBa326D853A03644758B8B7438374F6780dC and the corresponding gauge type for the data(bytes) argument.
data(bytes) : 0x3a04f9000000000000000000000000004532fba326d853a03644758b8b7438374f6780dc0000000000000000000000000000000000000000000000000000000000000002