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Update sip-392.md #2007

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Jun 12, 2024
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MattLosquadro Jun 12, 2024
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19 changes: 5 additions & 14 deletions content/sips/sip-392.md
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---
sip: 392
title: Support Ethena USDe as LP & Perps margin collateral
title: Support Ethena USDe as LP Collateral
network: Arbitrum
status: Draft
type: Governance
author: Matt, DSacks
---
## Simple Summary

This SIP proposes to add Ethena's USDe as LP & perps margin collateral to Synthetix V3 on Arbitrum.
This SIP proposes to add Ethena's USDe as LP collateral to Synthetix V3 on Arbitrum.

Additionally, this SIP proposes to add Ethena USDe as perps margin collateral to Synthetix V3 on Arbitrum.

## Abstract

Add USDe as a supported collateral type for Arbitrum V3 deployment with minting at 125% C-ratio and a maximum LP cap of $25M.
Add USDe as a supported collateral type for Arbitrum V3 deployment with issuance at 200% C-ratio and a maximum LP cap of $25M.

Also support 25m USDe in wrapper capacity to allow users to exchange USDe synthetic USDe. Synthetic USDe can then be swapped to the synthetix arbitrum stablecoin at the pyth oracle price.

Utilizing a wrapper is a temporary measure to support USDe as perps margin before launching multi collateral on perps v3.

## Motivation

Expand All @@ -34,15 +30,10 @@ Implementation of this SIP will be contingent on the availability of a USDe pric
### Configurable Values (Via SCCP)

**USDE LP Values**
- Maximum LP amount: $25M
- Issuance Ratio: 125%
- Maximum LP amount: $50M
- Issuance Ratio: 200%
- Liquidation Ratio: 105%

**USDe Wrapper Values**

- Maximum Wrapped Amount: 25m
- Use Oracle from Pyth to price USDe and exchange to synthetix arbitrum stablecoin

## Copyright

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