UMIP # - tbd
UMIP title: Add TETU as collateral currency
Author Gregory Tumbiola (Tumbiola@gmail.com)
Created: May 10 2022
This UMIP proposes adding TETU 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 TETU address 0x255707B70BF90aa112006E1b07B9AeA6De021424 needs to be added to the collateral currency whitelist introduced in UMIP-8.
A final fee of 55,554 needs to be added for TETU in the Store contract.
This store fee was chosen as it is approximately equivalent to $1500 in line with other collateral currencies as determined by (TETU price today, chart, and market cap | CoinGecko)
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.
Contract deployers considering using this collateral in an UMA contract should refer to the guidelines on collateral type usage available here (Guidance for the Addition of Collateral Currencies | UMA Docs) to ensure appropriate use.