Due to necessity and after discussing with the UMA team, their perpetual contract system was modified to fit the needs of our protocol.
Reminder: Synthereum is a protocol to issue multi-collateralized synthetic fiat assets against liquidity pools. Liquidity pools hold USD-stablecoin such as USDC and are the sole Token Sponsor: a mint is a transaction where the liquidity pool self-mints a synthetic fiat with a collateral in USDC, and sell this synthetic fiat for USDC to the end-user, at the Chainlink price.
The UMIP-34 has been approved by the governance, allowing us to launch our synthetic assets collateralized by USDC on the mainnet ($1M TVL, $700k of synthetic assets minted; we have capped the amout of synthetic assets that can be minted until more audits are conducted; the protocol has received one full audit from Halborn, and a second one is undergoing with Ubik).
In order to increase the liquidity, security and scalability of our synthetic assets we have decided to deploy a new DerivativeFactory.sol contract and re-deploy our existing Derivatives/Pools (jEUR/USDC, jGBP/USDC, jCHF/USDC) in order to lower some of the required parameters like starting GCR and Liquidation threshold.