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SIP 2026: add YFI and MKR to Perps #1621

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Jul 10, 2023
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SIP 2026: add YFI and MKR to Perps #1621

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98 changes: 98 additions & 0 deletions content/sips/sip-2026.md
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---
sip: 2026
title: Add YFI and MKR to Perps V2
network: Optimism
status: Draft
type: Governance
author: GUNBOATs (@gunboatsss)
created: 2023-07-10
---

<!--You can leave these HTML comments in your merged SIP and delete the visible duplicate text guides, they will not appear and may be helpful to refer to if you edit it again. This is the suggested template for new SIPs. Note that an SIP number will be assigned by an editor. When opening a pull request to submit your SIP, please use an abbreviated title in the filename, `sip-draft_title_abbrev.md`. The title should be 44 characters or less.-->



## Simple Summary

<!--"If you can't explain it simply, you don't understand it well enough." Simply describe the outcome the proposed changes intends to achieve. This should be non-technical and accessible to a casual community member.-->

Add yearn.finance and Maker as a market under Perps V2

## Abstract

<!--A short (~200 word) description of the proposed change, the abstract should clearly describe the proposed change. This is what *will* be done if the SIP is implemented, not *why* it should be done or *how* it will be done. If the SIP proposes deploying a new contract, write, "we propose to deploy a new contract that will do x".-->

This is proposal to offer YFI and MKR futures which tracks the price of respective cryptocurrency.

## Motivation

<!--This is the problem statement. This is the *why* of the SIP. It should clearly explain *why* the current state of the protocol is inadequate. It is critical that you explain *why* the change is needed, if the SIP proposes changing how something is calculated, you must address *why* the current calculation is innaccurate or wrong. This is not the place to describe how the SIP will address the issue!-->

Adding those token allows Synthetix to offers more assets for onboarding more traders.

## Specification

<!--The specification should describe the syntax and semantics of any new feature, there are five sections
1. Overview
2. Rationale
3. Technical Specification
4. Test Cases
5. Configurable Values
-->
Data was obtained on June 30 via Coingecko from following exchange: Binance, OKX, dYdX, Phermex, Kucoin and Huobi.

| Symbol | Trading Volume (USD) | Binance | OKX | dYdX | Phermex | Kucoin | Huobi |
|--------|----------------------|---------|-----|------|---------|--------|-------|
| YFI | 44,902,228.87 | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| MKR | 259,328,143.59 | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |


### Rationale

<!--This is where you explain the reasoning behind how you propose to solve the problem. Why did you propose to implement the change in this way, what were the considerations and trade-offs. The rationale fleshes out what motivated the design and why particular design decisions were made. It should describe alternate designs that were considered and related work. The rationale may also provide evidence of consensus within the community, and should discuss important objections or concerns raised during discussion.-->

YFI is the governance token for yearn.finance which their veYFI upgrade is nearly done, making a oppoturnity to speculate on Synthetix.
MKR is the governance token for MakerDAO, which has seen impressive growth in their stablecoin DAI and also will have major event called End-game that will change its offering.

### Technical Specification

<!--The technical specification should outline the public API of the changes proposed. That is, changes to any of the interfaces Synthetix currently exposes or the creations of new ones.-->

Implementation requires implementing off-chain oracle price feeds from Pyth Network and backup on-chain oracles from Chainlink.

Configurable values (read below) will be set in a subsequent SCCP for each market.

### Test Cases

<!--Test cases for an implementation are mandatory for SIPs but can be included with the implementation..-->

N/A

### Configurable Values (Via SCCP)

<!--Please list all values configurable via SCCP under this implementation.-->

All Perps V2 configurable values will be set in subsequent SCCPS for each market.

"makerFee": "",
"takerFee": "",
"takerFeeDelayedOrder": "",
"makerFeeDelayedOrder": "",
"takerFeeOffchainDelayedOrder": "",
"makerFeeOffchainDelayedOrder": "",
"maxLeverage": "",
"maxMarketValue": "",
"maxFundingVelocity": "",
"skewScale": "",

"nextPriceConfirmWindow": "",
"delayedOrderConfirmWindow": "",
"minDelayTimeDelta": "",
"maxDelayTimeDelta": "",
"offchainDelayedOrderMinAge": "",
"offchainDelayedOrderMaxAge": "",
"offchainPriceDivergence": "",

## Copyright

Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).