Mhairi
March 3, 2022, 11:26am
1
The BASK token is the Governance token for the Basket DAO Protocol. Adding BASK as a price collateral currency for the creation of synthetic tokens is the purpose of this collateral UMIP.
## Headers
| UMIP-105 | |
| ------------------- | ------------------------------------------------------------- |
| UMIP Title | Add BASK as a supported collateral type |
| Authors | Shawn C. Hagenah (Hagz48)shawnhagenah99@yahoo.com |
| Status | Approved |
| Created | 6/2/2021 |
| Discourse Link | https://discourse.uma.xyz/t/add-dfx-as-approved-collateral-currency/1144 |
## Summary (2-5 sentences)
The BASK token is the Governance token for the Basket DAO Protocol. Adding BASK as a price collateral currency for the creation of synthetic tokens is the purpose of this collateral UMIP.
## Motivation
Adding BASK as a collateral currency would give Basket DAO community members the ability to create synthetic tokens for the creation of KPI options. The creation of these tokens using the UMA protocol, will not only allow for growth in the Basket DAO community but would also raise the current TVL of the UMA protocol thus benefitting both communities. Basket DAO has also expressed interest in other UMA protocol products as well.
## Technical Specification
To accomplish this upgrade, the following changes need to be made:
- The [BASK address](https://etherscan.io/address/0x44564d0bd94343f72e3c8a0d22308b7fa71db0bb) needs to be added to the collateral currency whitelist introduced in UMIP-8.
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