Whitelist AX as collateral

Headers

Summary

This UMIP proposes adding AX for use as collateral in UMA contracts.

Motivation

The addition of this collateral currency offers additional functionality to the UMA protocol and increases the range of contracts that can be built.

Technical Specification

To accomplish this upgrade, the following changes need to be made:

  • The AX address ** ** 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.

Rationale

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 (community sale price) = 400 which results in a store fee of 5,000AX

Implementation

This change has no implementations other than the aforementioned governor transactions

Security considerations

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.