FlashBurn — Flash Loan Tool for SNX Stakers
Sell staked SNX to burn sUSD debt
The grantsDAO presents FlashBurn, a tool that allows SNX stakers to burn debt by selling staked SNX. This tool utilizes an sUSD Flash Loan dApp to allow users to fix their c-ratio (or unstake completely) by selling staked SNX.
Stakers who are low on liquidity or unable to acquire sUSD easily for tax reasons may desire to sell some of their SNX in order to pay off their remaining debt. Stakers in danger of liquidation may use this tool to fix their c-ratio without the liquidation penalty and potentially with less market impact.
This tool is a benefit to the health of the Synthetix Protocol. It allows stakers in trouble to fix their c-ratio or exit instead of putting the system at risk.
Here’s the basics of how the smart contract works:
- Takes sUSD flashloan from Aave
- Burns sUSD debt
- Sells SNX for sUSD on 1inch
- Mints max sUSD
- Repays Flash Loan
- Migrate to L2 here
- User interface: https://flashburn.gcubed.io/
- Ethereum contract: 0x8A2BCd334f557f4654855A8da34142f271C0021C
- Docs: https://github.com/snxgrants/flashburn
- The smart contract has been audited by IOSIRO. The Reports will be shared shortly.
- The Flash Loan fee is 0.09%
- Navigate to https://flashburn.gcubed.io/
- Connect wallet (MetaMask & WalletConnect supported)
- Set slippage settings with the gear icon
- Enter sUSD amount to burn
- Approve Burn & Approve SNX
- Burn 🔥
Note: The smart contract cannot sell Escrowed SNX.