- UMIP <#>
- UMIP title: Whitelist AX as collateral
- Author: bitbool // email@example.com
- Status: Draft
- Created: 7/16/2021
- Idea Bank: Synthetic Athlete Performance Tokens - #15 by Mhairi-UMA
This UMIP proposes adding AX for use as collateral in UMA contracts.
The addition of this collateral currency offers additional functionality to the UMA protocol and increases the range of contracts that can be built.
To accomplish this upgrade, the following changes need to be made:
- The AX address Contract Address 0xA77a597C1b0ddA403aF54656c28bF7Bc0565351c | Etherscan needs to be added to the collateral currency whitelist introduced in UMIP-8.
- A final fee of 5,000 needs to be added for AX in the Store contract.
This store fee was chosen as it is approximately equivalent to $400 in line with other collateral currencies as determined by taking the # of coins multiplied by .08 (presale price) = 400 which results in a store fee of 5,000AX
This change has no implementations other than the aforementioned governor transactions
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.