Title: RFC for sUSD oracle moving to Chainlink
Authors: SNX Ambassadors
Related Discussions: N/A
Submission Date: 14th / Nov / 2022
This proposal calls for changing the sUSD price oracle to Chainlink. It is submitted by Millie, a member of the Synthetix Ambassadors.
Currently, the sUSD price oracle is not useful because there is no sUSD-WETH Uni-V3 pairing. sUSD thus cannot be used on Euler. We would like to change that and bring sUSD to Euler. There is significant on-chain liquidity for sUSD, but it is fractured across several different liquidity pools.
sUSD-WETH has been supported on Chainlink for some time This oracle can be found here. Users of this oracle include Kyber, 1inch and Aave.
After some discussions with Euler community members, we’d like to strengthen the connection between Synthetix (as ambassadors for the protocol) and Euler. To us, enabling an sUSD market would bring great utility to an already productive asset.
In upgrading the sUSD oracle to chainlink, it will allow for us to bring sUSD without allocating scarce assets on a WETH pairing, something that does not really make sense for sUSD when a Chainlink feed exists.
While Euler enjoys permissionless listings, Chainlink would put sUSD at the top tier of oracle security in one swoop.
Specification & Implementation:
If passed, the sUSD market’s price oracle should be updated to use the Chainlink sUSD / WETH oracle see here:sUSD / WETH | Chainlink 1.
This oracle alternative was made possible by the recently passed eIP 14 and the implementation is similar to that called for in eIP 16 1.
- Yes – the sUSD market should have its oracle changed to use the Chainlink sUSD / WETH oracle.
- No – the sUSD market should find an alternative oracle.