Adding Nickel Prices to the UMA Price Feed (NICKEL-USDT)

rishabchakraborty · May 26, 2021, 1:46am

The purpose to add a method to hold short or long positions on synthetic nickel.

rishabchakraborty/UMA-Price-Identifier-Nickel-USD/blob/main/README.md

# UMA-Price-Identifier-Nickel-USD
# **Summary**

A synthetic token which would be correlated to the price of nickel. Nickel prices will rise due to the ongoing demand for nickel in lithium-ion batteries, but people don't have the ability to partake in rise of this commodity, because exchanges such as the London Metals Exchange have such big capital requirements. This would allow people to hold a position on nickel away from physical bounds. 

# **Motivation**

*Please explain why you want to add this price identifier. What types of synthetics are you intending to create with this?*

A synthetic hedged to the price of nickel would allow people to hedge against the price of Nickel without buying physical nickel. This would democratize the process of buying nickel and make it limitless. I hope to create a synthetic token which would be between USDC and Nickel prices, allowing me to create a long position on Nickel. 

# **Data Specifications**

Although the best data would be found using Bloomberg's Commodity's Index, for most people. The best data sources would be the London Metals Exchange, Business Insider Markets and Kitco Markets. For USDT, the best platforms would be Coinbase, CoinGecko, Binance and other institutional exchanges in crypto.
*If proposing multiple price identifiers, please add markets or other data sources for each.*

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- Price identifier name: **Nickel**
- Markets & Pairs: **London Metal's Exchange Live Nickel/USD** - *Example: Binance ETH/USDT, Coinbase Pro ETH/USD. This might not apply to all price identifiers*

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