Mhairi
March 2, 2022, 12:40pm
1
This UMIP will have the effect of introducing a slightly modified financial contract template that:
Still allows users to deploy the EMP (synthetic expiring token) contract.
Respects the collateral currency whitelist introduced in UMIP-8 to allow simpler and faster adoption of new collateral currencies.
Allows the liquidation and withdrawal liveness parameters to be set to any time period that’s at least 1 second (previously hardcoded at 2 hours, or 7200 seconds).
Allows the expiry time to be set to any future timestamp.
## Headers
| UMIP-9 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Approve Updated EMP Financial Contract Template |
| Authors | Matt Rice (matt@umaproject.org), Clayton Roche (clayton@umaproject.org) |
| Status | Approve |
| Created | July 16, 2020 |
## Summary (2-5 sentences)
This UMIP will have the effect of introducing a slightly modified financial contract template that:
- Still allows users to deploy the EMP (synthetic expiring token) contract.
- Respects the collateral currency whitelist introduced in UMIP-8 to allow simpler and faster adoption of new collateral currencies.
- Allows the liquidation and withdrawal liveness parameters to be set to any time period that’s at least 1 second (previously hardcoded at 2 hours, or 7200 seconds).
- Allows the expiry time to be set to any future timestamp.
## Motivation
Up until now, the parameters allowed for an EMP contract have been strict and inflexible. To update the collateral currencies, one would need to deploy a new template. Expiries could only be at the beginning of the month, and all liveness periods had to be 2 hours. These parameter choices were made to keep the risks as low as possible as the first few EMPs were being deployed on mainnet. Now that there have been multiple successful deployments of the EMP contract, we propose that these parameters become more flexible to allow anyone to experiment with parameters of their choice.
## Technical Specification
To accomplish this upgrade, a new financial contract template must be deployed:
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