Proposal: Expand Custom Taker Fee on Stable to Stable Trades On Sei v2 - Synnax USD

LEVEL 2 (FINAL VERSIONS)
1

To be posted to Snapshot October 5th, 2025

Previous proposals have been brought up to the Bancor DAO that set a lower fee on stable to stable trades for certain trading pair(s) on Sei v2.

This proposal is looking to expand that list and include SyUSD with a 1 bps taker fee. syUSD is the native stablecoin for the SEI Network, built to make capital useful. It’s overcollateralized, fast, and designed to move — not sit idle.

Overview:

The default taker fee on Carbon DeFi Sei v2 deployment is 0.4% which means that anyone taking an order from the protocol has to pay this amount. Previous proposals:

have been brought up to the Bancor DAO to lower this fee on stable to stable trades for certain trading pairs in order to make Carbon DeFi more competitive with stable to stable swaps that are normally lower across other DEXs.

This list currently encompasses the following trading pairs:

USDC.n / kavaUSDT

USDC.n / USDT0

USDT0 / kavaUSDT

Native USDC / USDC.n

Native USDC / USDT0

Native USDC / KavaUSDT

This proposal is seeking to expand the custom taker fee to these other stable pairs.

syUSD / Native USDC

What is Synnax?

Synnax is a modular stablecoin protocol built to unify fragmented yield across DeFi. Unlike typical stablecoins that are either fiat-backed or narrowly tied to one yield source, Synnax is designed as a programmable layer where users can mint a stablecoin (syUSD) against crypto collateral and earn real, sustainable yield automatically.

The yield comes from market-making and arbitrage strategies on-chain. By operating natively on the Sei blockchain (optimized for high-speed orderbook trading), Synnax enables low-latency execution, fast settlement, and efficient capital deployment. Its core promise is to make stablecoins not just stable in value, but also productive assets that earn yield by default

What is Synnax syUSD?

syUSD is Synnax’s flagship asset — an overcollateralized, yield-bearing stablecoin. It maintains a soft peg to the U.S. dollar.

Users mint syUSD by depositing approved collateral (e.g. SEI, USDC, USDT, BTC, or yield-bearing tokens like sfrxUSD).

Holders can use syUSD as a regular stablecoin for payments or trading, or stake it into a yield contract (syUSDs) to capture ongoing returns. This means syUSD functions as both a stable unit of account and a passive yield instrument, effectively giving retail users access to strategies normally reserved for professional market makers

What is Native USDC?

The official form of USDC on Sei Mainnet issued by Circle, backed 100% by highly liquid cash and cash-equivalent assets and always redeemable 1:1 for US dollars.

What are the smart contract addresses for these tokens?

Native USDC:

https://seiscan.io/token/0xe15fc38f6d8c56af07bbcbe3baf5708a2bf42392

syUSD:

https://seiscan.io/token/0x059a6b0ba116c63191182a0956cf697d0d2213ec

FOR: Update the taker fee to 1 bps (0.01%) on the following trading pairs Native USDC / syUSD
AGAINST: Take no Action

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Welcome to our community and thank you for creating this proposal.

As an author of the previous proposal to expand the custom taker fee on Sei I support this proposal to expand the custom taker fee to the syUSD-USDC trading pair. Onchain data shows that the aggregate spread for syUSD-USDC is about 4 bps. The current taker fee of 40 bps is 10x that and in order to improve execution for this trading pair on Carbon DeFi, it must be lowered. This approval does just that by proposing a 1 bps spread on syUSD-USDC.

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Appreciate your feedback.

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Great proposal, I’m for it.

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The necessity of just having money moving cannot be overstated–this is why banks charge service fees when you don’t use your card. This is a good consideration. My opinion on this matter has little to do with the proposal.

As always, I’m in favor of things that drive volume. It has my FOR.

1 Like