SCCP-2124: Synth Redemption - Treasury Council
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
Simple Summary
The SCCP proposes deprecating volatile non-sUSD synths on Ethereum by setting the discountRate to zero. To accommodate potential future redemptions by users claiming sUSD, an equivalent value of the deprecated synths, in sUSD, would be minted and sent to the Treasury Council, who would be in charge of redeeming users without the need for the SC to sign off on the redemption.
Abstract
After this SCCP is implemented, debt of stakeholders will remain unchanged, however Treasury Council will receive the equivalent value of the volatile synth in sUSD on ethereum in order to manage redemptions going forward.
Motivation
In order to allow Treasury to continue to service accidental redemptions, this SCCP is proposed, whereby the value of synth is minted to Treasury Council who would be responsible of managing that process in the future.
Copyright
Copyright and related rights waived via CC0.