SNX & sUSD Proxy Upgrade - Effect on Mesa

Hi dxDAO!

We would like to make you aware of a Synthetix proxy upgrade for the following two tokens (other Synthetix tokens are unaffected): sUSD and SNX.

The Synthetix team is planning to finalise the upgrade by the end of July (no definite fixed date).

This has an effect on Mesa and means that users must withdraw SNX and sUSD before the end of that period; upgrades then happen automatically for the user. However, this does not happen when the funds are deposited in the Gnosis Protocol contract.

Though this is not super urgent, we think it would be very useful to make the users aware of the upcoming upgrade already to give them more time to adapt their strategies.

On our part (Gnosis Ltd), we will let the Liquidity Provision incentive program for stablecoins run until the 17th of July as planned, but let the users decide if they would like to cancel sUSD orders beforehand (and still be eligible for the prize).

We are also planning to suggest a PR for updating Mesa, which includes:

  • A deny-list of token addresses, which you can alter upon your own decision, which:
    • Gives the users a warning about deprecated tokens
    • Disables deposits for those tokens
    • Disables trades (or leaves a warning) for those tokens

Likely this will not be a one time occurrence as many token projects have upgrade rights to their tokens and a deny-list will give you the flexibility of performing the same actions for different tokens in the future.

Call for Action of the dxDAO:

  1. We would encourage you to share and retweet some of the communication we will send out, which includes information about:
  • Continuing the Liquidity program but altering the rules that 3 out of 5 tokens suffice
  • That we encourage to withdraw old SNX and sUSD as well as cancelling buy orders.
  • That the upgrades happen automatically once withdrawn.
  1. To add the two new tokens to Mesa (dxDAO TCR) and remove the old ones.
  2. To accept the proposal about the deny-list very promptly (once it exists).
  3. To incentivize with a small bounty those who spread the word about changes to users.

Appendix:

Old token addresses:

  • sUSD: 0x57ab1e02fee23774580c119740129eac7081e9d3

  • SNX: 0xc011a72400e58ecd99ee497cf89e3775d4bd732f

New token addresses:

  • sUSD: 0x57ab1ec28d129707052df4df418d58a2d46d5f51 (already listed on Gnosis Protocol ID66)

  • SNX: 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f (already listed on Gnosis Protocol ID67)

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In case someone wants to read about Gnosis’ communication: https://twitter.com/gnosisPM/status/1277972609519370241

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An update. As announced by Chris in her post.
There’s a new version 1.0.5 in Gnosis Protocol Dapp https://github.com/gnosis/dex-react/tree/v1.0.5

This version contains some features to address the Synthetics proxy update better:

  • Includes in the config file a list of tokens that have been deprecated
  • The list is used to override the token name/symbol, fade out the icon, and include a warning icon with a tooltip and a link to a relevant web with more details about the deprecation
  • The UI also won’t allow the user to trade, deposit, or enable a token that has been deprecated
  • The deprecated tokens can still be withdrawn from the UI, actually, users should do that, so they can get a balance for the new tokens 0x57ab1ec28d129707052df4df418d58a2d46d5f51 and 0xc011a73ee8576fb46f5e1c5751ca3b9fe0af2a6f

IMPORTANT: It’s a good idea to add the tokens above to the TCR once/if Mesa decide to take the code changes included in this version. This would prevent the user from making the mistake of mixing up the two tokens. In some time after their migration is completed, it would be a good idea to de-list the old sUSD address from the TCR.

Additionally:

  • Includes a similar functionality as the one described above, but for tokens that are incompatible with the protocol, such as aTokens or Paxos Gold. This tokens can also be included in the config file.
  • Fixes one issue that was making the pending transactions (transaction sent to a node, but not yet mined) not to show in the UI.
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I can show one test I did, that show why is very important users withdraw their sUSD/SNX from Mesa:

  1. I have balance for the deprecated sUSD (but not for the new one)

  2. Withdraw and Claim to get it out (the only actions the new UI allow you to do):

  3. Now the new sUSD has also balance (both tokens share the same storage):

They need to do that before Synthetics activates next phase of the migration, that would make the old token not operational. For details:
https://docs.synthetix.io/integrations/guide/#proxy-deprecation

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