Add TETU as collateral

UMA Protocol technical UMIPs
1

UMIP # - tbd

  • UMIP title: Add TETU as collateral currency

  • Author Gregory Tumbiola (Tumbiola@gmail.com)

  • Status: Draft

  • Created: May 10 2022

  • Discourse Link:

Summary (2-5 sentences)

This UMIP proposes adding TETU for use as collateral in UMA contracts.

Motivation

The addition of this collateral currency offers additional functionality to the UMA protocol and increases the range of contracts that can be built.

Technical Specification

To accomplish this upgrade, the following changes need to be made:

  • The TETU address 0x255707B70BF90aa112006E1b07B9AeA6De021424 needs to be added to the collateral currency whitelist introduced in UMIP-8.

  • A final fee of 55,554 needs to be added for TETU in the Store contract.

Rationale

This store fee was chosen as it is approximately equivalent to $1500 in line with other collateral currencies as determined by (TETU price today, chart, and market cap | CoinGecko)

Implementation

This change has no implementations other than the aforementioned governor transactions

Security considerations

Adding a collateral currency introduces a level of risk into the UMA Ecosystem. This collateral type should be monitored to ensure that the proposed collateral continues to have value.

Contract deployers considering using this collateral in an UMA contract should refer to the guidelines on collateral type usage available here (Guidance for the Addition of Collateral Currencies | UMA Docs) to ensure appropriate use.

1 Like
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Community Review Call Outcome - 16th May

GO with conditions

  • address comments on github
  • Check whether tetu is deployed on Mainnet.
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Note that this UMIP did not go forward to an on-chain vote as it was discovered that Tetu had already been approved for use as collateral in UMIP 158