xSNX Take Two

We’re excited to announce that xSNXa is once again deployed and live on mainnet. The changes have been audited and the contracts have undergone an additional, independent security review by Quantstamp.

ΔLΞXΔNDΞR’s meme from xSNX launch in August

Our previous blog post exploring the mechanics of the system is still an important resource for anyone considering investing in xSNX. The post has been updated to reflect the small technical changes we made, although the product is essentially the same to end users. We highly recommend that potential investors read the post in full.

The one major difference between the former and current implementations is that xSNX is now deployed behind a multi-sig proxy to allow for upgradeability. After some careful reflection, we realized that our complex smart contract architecture relied on too many external dependencies (Synthetix, Set Protocol, Curve, Kyber) to remain fully immutable. DeFi moves fast and xSNX needed to maintain the flexibility to move with it.

While the new implementation allows for upgradeability, we take trust minimization very seriously. With that in mind, we’ve developed a custom multi-sig with three signers: xToken and two Synthetix core contributors. The xToken key is the only address with the ability to propose an upgrade, however, no upgrades can process without confirmation from one of the Synthetix signers. We believe this model offers a powerful blend of trust-minimization and strong UX.

Mint xSNX now at xToken Market!

Gas Reimbursement Program

Although no funds were lost, we want to compensate our early adopters who invested in xSNXa and then had to redeem shortly thereafter when we shut down the contract. Fill out this form with the Etherscan link to your “redeem” transaction — either direct redemption on xToken or an xSNXa-for-SNX/xSNXa-for-ETH transaction on Balancer. We will send 2x the ETH you spent on gas to the address you used.

Remaining Redemptions

The vast majority of investors in the first version of the contract have redeemed their holdings. However, there are still several investors who have yet to redeem. We’re removing the previous version from the xToken UI. For those remaining, please follow the instructions below to redeem.

• Navigate to this Etherscan link
• Press Connect to Web3 near the top of the page
• Go to function #3 burn
• Input your token holdings. Recall that your holdings are denominated in 18 decimal format. If you have 150 tokens, you should input 150000000000000000000 (150 + 18 zeroes)
• Write and confirm