Creating Accounts

To deposit collateral in the Synthetix protocol, users must first create an account. Accounts are represented as ERC-721 compliant tokens (NFTs). They can be transferred between wallets using any app with general support for NFTs.

Anyone can mint an account token by calling the createAccount() function on the Synthetix Core address. Other than gas fees, there is no cost to mint an account token. When creating an account, can optionally pass in the requestedAccountId parameter for an ID with a value below type(uint128).max / 2 that isn't already in use.

The account token's ERC-721 compliant interface is exposed at the Account Token address. All other logic pertaining to accounts, including the createAccount function, is available at the Synthetix Core address.

Account Permissions

Accounts can delegate permissions to addresses other than the owner. This is useful to improve security (e.g. by owning the account with a hardware wallet and using a software wallet with reduced permissions for more common activities, like claiming rewards) or for collaboratively managing liquidity positions.

• ADMIN - Admins have permission to do everything that the account owner can (including granting and revoking permissions for other addresses) except for transferring account ownership.

• WITHDRAW - Addresses with this permission may call the withdraw function) on behalf of the account.

• REWARDS - Addresses with this permission may call the claimRewards function on behalf of the account.

• MINT - Addresses with this permission may call the mintUSD function on behalf of the account.

• DELEGATE - Addresses with this permission may call the delegateCollateral function on behalf of the account.

Note that there are no permissions for DEPOSIT or BURN. These are permissionless operations, which can be performed by anyone on any liquidity position because they improve the position's health.

Permissions are handled by the Account Module, exposed at the Synthetix Core address. Each permission listed above should be encoded/decoded as bytes32 when making requests.

The hasPermission function returns whether an address has a particular permission for a given account. The getAccountPermissions function returns all of the addresses and their respective permissions for a given account. The account owner (and addresses with the ADMIN permission) may call the grantPermission and revokePermission functions. An address may also revoke its own permissions with the renouncePermission function.