Support for optimism protocol


Is it possible to add support of defi for optimism protocol.
I currently use the following defi platform:

  • Beefy Finance
  • Lyra
  • Synthetix

I think the most difficult to add is probably Synthetix as it doesn’t work the same way than other pools. Synthetix work like a lending platform where you stake your snx token and receive susd with a 350% collateral ratio. In addition you receive a debt share token which is used to compute the after mentioned collateral ratio. As a stacker you are responsible of your share of the debt of the platform.
This debt can be controlled by 3 manner:

  1. Burn susd to increase your colateral ratio
  2. Self liquidate, by selling part of your locked snx to increase your colateral ratio.
  3. Add additional snx to mint new susd.

Unstaking is also done by Burning susd.

I guess from a fiscal point of view this protocol would work like a lending platform contrary than a liquidity pull.

Thanks in advance.

Hi @Nabla64,
It is most likely possible to support that.

Synthetix does sound a bit convoluted, but your explanation is pretty clear. The main thing for us to check there is how the API can provide all the necessary data to import those transactions correctly.

Usually with protocols that involve burning tokens we have to do some tweaks on our end to handle that, as transaction blocks don’t always specify what the burned token is related to.

I will have to check with our lead dev to see about an ETA. He will get back to you about that.

Or you can also open a ticket on our Discord server, which is a good place to talk to our developers directly: Coinpanda Community

Thanks for your answer, I will open a ticket on the discord.

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