YIP 34: Add Synthetix (SNX) to yVaults

Would love to see something similar to what we have with Link:
1 - Collateralize ETH
2 - Get stable coin
3 - Wrap it in yCrv
4 - Invest in the yCrv pool
5 - Use the returns to buy more ETH and back to 1

2 Likes

Since it is basically already written i am FOR as well, however as mentioned above, to set us up for sustainable growth we must prioritize audits/NXM implementation and other security measures before spamming out new products. Clearly AUM increase is no problem and will come naturally, whereas lacking security could be detrimental. One incident and the party is over for good.

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We are already taking care of that with the 500K we are saving for exactly these types of things.

I know, i’m just trying to get all the new vault addition suggestions to chill a little. I think we have something incredible in our hands and it would be a shame to move too fast and get greedy without a solid security layer.

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Don’t forget that a lot of the code does not change. It is just adapting what we have to new tokens, so it is not as bad as it seems. You do have a valid concern though.

NXM integration would be nice but I am not sure how realistic that is (I honestly don’t know). But one option is to use YFI as insurance back up like MTA does for MUSD.

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So did this vault happen and I missed it, or is it still a work in progress? Or did people get bored with the idea.

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What happened with this YIP? It was approved but the vault is still not available?

ySNX testing takes a week at a time due to the nature of how claim works. The strategy will be promoted to prod when testing is finished.

16 Likes

What happened to test in prod? I fear we are getting too professional here. :rofl:

is it possible to do something similar but for $BAL?

Closed since inactive. Feel free to reopen if this topic is still relevant.