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The Synthetix foundation is running a trial to reward arbitraging the sETH/ETH Uniswap pool if the ratio falls below 99/100. The foundation is funding this arbitrage pool with 144k SNX initially during the trial. We need someone to write a contract that enforces the arbitrage pool mechanism on-chain without manual intervention.
The contract will:
1. Allow a user to send ETH to the contract if the sETH/ETH ratio is below 99/100 &
2. there is sufficient SNX remaining in the contract at the current exchange rate
3. Convert the ETH to sETH via Uniswap up to the 99/100 ratio or the ETH is exhausted
4. Convert the sETH to SNX at the current exchange rate
5. Send the SNX to the wallet that sent the ETH
The sETH/ETH ratio can be read directly from the Uniswap contract, but the SNX/ETH ratio should be read from the Synthetix exchange rates contract on mainnnet.
We expect the contract to be deployed to Ropsten/Kovan testnet and tested with your support before the foundation deploys it to mainnet.
We do not require a front end for this contract as it will eventually be integrated into our Mintr dApp.
Resources and links:
[Arbitrage Pool Announcement](https://blog.synthetix.io/snx-arbitrage-pool/)
[sETH Uniswap Pool Contract Address](https://etherscan.io/address/0x4740c758859d4651061cc9cdefdba92bdc3a845d/)
[Synthetix Dev Portal](https://developer.synthetix.io/api/docs/home.html)