UMIP 36 -Add Dynamic Set Dollar as a collateral currency

Mhairi · March 2, 2022, 1:09pm

This UMIP will add DSD to the supported collateral currencies into the global whitelist contract, allowing the usage of DSD as collateral currency.

github.com

UMAprotocol/UMIPs/blob/master/UMIPs/umip-36.md

## Headers
| UMIP-36    |                                                                                                                                          |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add Dynamic Set Dollar as a collateral currency              |
| Authors    | John (dsdravage@gmail.com), Sean (sean@opendao.io) |
| Status     | Approved                                                                                                                                    |
| Created    | January 13, 2021                                                                                                                           |
 
## Summary (2-5 sentences)
This UMIP will add DSD to the supported collateral currencies into the global whitelist contract, allowing the usage of DSD as collateral currency.


## Motivation
Dynamic Set Dollar (DSD) is a fast growing algorithmic stablecoin. DSD has a current market capitalization of $128 million & $28.7 million in liquidity. The volume since inception (under two months) has exceeded $444 million at the time of this writing. 

The motivation of adding DSD as a supported collateral in the global whitelist contract is so that DSD holders can go long on DSD by minting a stablecoin backed by DSD as collateral, which will be built on UMA.

DSD holders would supply tokens to the OpenDAO Platform as a collateral asset to mint DSDO via underlying UMA contracts and use the minted DSDO elsewhere. DSDO being a synthetic asset that traces the value of USD. Once users of the DSDO token want their locked DSD collateral back they would bring DSDO back to the OpenDAO platform, settle any fees/interest and reclaim DSD tokens. A DSDO/USDC pool will be created via uniswap & sushiswap for easy access into other markets using DSDO.

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UMIP 36 -Add Dynamic Set Dollar as a collateral currency

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