SIP-414: Create SNX Staking Account Splitter

Simple Summary

Create a tool to allow stakers to split their staking account NFT (i.e. Staked SNX and debt) into two new account NFTs that each represent 50% of the previous NFT.

Abstract

Currently there is no way for a staker to split their account into smaller accounts without repaying all of their debt, unstaking, and restaking in smaller allotments. This SIP proposes a way to allow users to split their account in 2 equal 50/50 sub accounts.

Specification

The tool being built will allow an account NFT to be split in two equal sub accounts only. For example, if a staker has 100 SNX and 20 sUSD worth of debt, after splitting their account they will have 2 accounts, each with 50 SNX and 10 sUSD worth of debt.

Should users wish to split a sub account again, they can with the same 50/50 split.

Rationale

Historically, many users staked SNX from a single account. Given debt inflation and the complexities of debt management, many of the long term stakers have never gone through the exercise of unwinding and restaking their SNX from multiple accounts should they have personal needs to do so.

Staking has been a core part of Synthetix's design historically. Since the early days of staking, sophistication of asset management has improved, and staker needs have evolved. There are many stakers that would like to hold their staked assets in several different wallets, but have been unable to as they've remained staked for over 5 years. Providing the option to split their accounts will allow stakers to better manage their portfolio and account for their SNX holdings.

In additon, splitting accounts can provide account management benefits with the introduction of SIP-420. Should it be approved, users may wish to split their NFTs into several smaller accounts to better manage their staking positions and liquidity needs in the new pool.

Copyright

Copyright and related rights waived via CC0.