Mhairi
March 2, 2022, 1:17pm
1
The DVM should support price requests for the OCEAN/USD and USD/OCEAN price index. These price identifiers will serve to support OCEAN token as collateral.
## Headers
| UMIP-46 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add OCEANUSD, USDOCEAN as price identifiers |
| Authors | Logan (Logan@opendao.io)|
| Status | Approved |
| Created | January 28, 2021 |
| Link to Discourse | https://discourse.uma.xyz/t/adding-oceanusd-as-a-price-identifier/118 |
## Summary (2-5 sentences)
The DVM should support price requests for the OCEAN/USD and USD/OCEAN price index. These price identifiers will serve to support OCEAN token as collateral.
## Motivation
Supporting the OCEAN/USD price identifier would enable the creation of the OceanO stablecoin, backed by OCEAN as collateral. Ocean token holders can utilize this as a hedging tool, and could go long, or use OceanO for other purposes. It also lays the groundwork for other future projects that may need to query the same price identifier.
A platform could use this price identifier to properly determine the quantity of OCEAN required to mint a dollar-pegged OCEAN-backed stable coin.
The supply of Ocean is capped at 1.41 billion tokens. 51% of this supply is disbursed according to a Bitcoin-like schedule over decades, to fund community projects curated by OceanDAO. At the time of writing, the Ocean token market cap is $243,700,423 in the top 100 projects with a 24-hour trading volume of $137,565,116.
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