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Add CRE8R & COMFI as collateral currency (#472)
* Update collateral-currency-template.md * Create Add CRE8R & COMFI As Collateral Currency * Update Add CRE8R & COMFI As Collateral Currency * Update Add CRE8R & COMFI As Collateral Currency * Update and rename Add CRE8R & COMFI As Collateral Currency to Add CRE8R & COMFI As Collateral Currency.md * Update collateral-currency-template.md File reverted to original state
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- **UMIP title:** Add CRE8R and COMFI as collateral currency | ||
- **Author:** Geoff ([email protected]) | ||
- **Status:** Draft | ||
- **Created:** 19 January 2022 | ||
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## Summary (2-5 sentences) | ||
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This UMIP proposes adding CRE8R and COMFI for use as collateral in UMA contracts. | ||
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## Motivation | ||
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The addition of this collateral currency offers additional functionality to the UMA protocol and increases the range of contracts that can be built. | ||
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## Technical Specification | ||
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To accomplish this upgrade, the following changes need to be made: | ||
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## Ethereum Mainnet | ||
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- The CRE8R address https://etherscan.io/token/0xaa61d5dec73971cd4a026ef2820bb87b4a4ed8d6 needs to be added to the collateral currency whitelist introduced in UMIP-8. | ||
- A final fee of 5,280 CRE8R needs to be added in the Store contract. | ||
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- The COMFI address https://etherscan.io/token/0x752efadc0a7e05ad1bcccda22c141d01a75ef1e4 needs to be added to the collateral currency whitelist introduced in UMIP-8. | ||
- A final fee of 1,430 COMFI needs to be added in the Store contract. | ||
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## Polygon | ||
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- The COMFI address https://polygonscan.com/token/0x72bba3aa59a1ccb1591d7cddb714d8e4d5597e96 needs to be added to the collateral currency whitelist introduced in UMIP-8. | ||
- A final fee of 1,430 COMFI needs to be added in the Store contract. | ||
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## Rationale | ||
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This store fee was chosen as it is approximately equivalent to $1500 in line with other collateral currencies as determined by querying CoinGecko. | ||
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## Implementation | ||
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This change has no implementations other than the aforementioned governor transactions | ||
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## Security considerations | ||
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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. | ||
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Contract deployers considering using this collateral in an UMA contract should refer to the [guidelines on collateral type usage](https://docs.umaproject.org/uma-tokenholders/guidence-on-collateral-currency-addition) to ensure appropriate use. | ||
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