Synthetix sETH to Curve/Convex Zap

Deposit ETH and borrows then sETH and then deposits sETH into a Curve pool. Possibility to stake on Convex on mainnet.

The same contract can be deployed to Ethereum mainnet and Optimism.

Deployment addresses

• Ethereum: #
• Optimism: #

Requirements

• Python 3.9+
• Vyper 0.3.4
• Brownie (latest from the repository)
• Ganache

To install Brownie, use (the currently availabe 1.19 version does not yet support Vyper 0.3.4): pip install git+git:github.com/eth-brownie/brownie.git#egg=eth-brownie

Tests

• Ethereum: brownie test
• Optimism: brownie test --chain op (require an optimism-fork network to be setup with brownie)

Deployment

There is a deployment scripts in /script that can be run as follows, after creating an account in Brownie and updating the account's name in deploy.py

Mainnet: brownie run scripts/deploy.py

Optimism: brownie run scripts/deploy.py --network optimism

Deployment parameters:

Param	Description	ETH Value	OP Value
eth_collateral	Address of the Synthetix ETH Collateral contract	0x5c83...5DfA	0x308A...1A41a
seth	Address of the sETH token	0x5e74...31cb	0xE405...ee49
curve_pool	Address of the ETH/sETH Curve pool	0xc542...4567	0x7Bc5...B35E
token_index	Index of sETH token in Curve pool (0 or 1)	1	1
lp_token	Address of ETH/sETH Curve pool LP token	0xA3D8...74A9c	0x7Bc5...B35E
booster	Address of the Convex Booster contract	0xF403...AE31	0x0000...0000

Deposit

The deposit is a payable function. The specified payable value is used to borrow the specified amount of sETH. No collateral ratio is enforced by the Zap itself (the underlying Synthetix contract will revert if the ratio is too low).

The contract will return Curve LP token to the users. The min_lp_tokens_out parameter can be used to set a minimum expected amount of Curve liquidity tokens to receive in order to prevent front-running.

If the stake_on_convex option is set to true on Ethereum mainnet, the Curve LP tokens will automatically be staked on Convex on behalf of the caller.

Deposit parameters:

Param	Description	Default value
msg.value	Amount of ETH to borrow against	N/A
amount	Exact amount of sETH to borrow	N/A
min_lp_tokens_out	Minimum amount of expected Curve sETH/ETH LP tokens	0
stake_on_convex	Whether to stake Curve LP tokens on Convex or not	False