Mhairi
March 3, 2022, 11:23am
1
This UMIP will add OPEN to the supported collateral currencies on the global whitelist contract, allowing the usage of OPEN as collateral currency. This serves as an important step to allow for the creation of call options for OPEN tokens.
## Headers
| UMIP-102 | |
| ------------------- | ------------------------------------------------------------- |
| UMIP Title | Add OPEN as a supported collateral type |
| Authors | Logan F [logan@opendao.io] |
| Status | Approved |
| Created | May 23rd, 2021 |
| Discourse Link | https://discourse.uma.xyz/t/add-open-as-approved-collateral-currency/1128 |
## Summary (2-5 sentences)
This UMIP will add OPEN to the supported collateral currencies on the global whitelist contract, allowing the usage of OPEN as collateral currency. This serves as an important step to allow for the creation of call options for OPEN tokens.
## Motivation
The motivation of adding OPEN as a supported collateral in the global whitelist contract is so that OPEN governance token holders can interact with a call option primitive for OPEN tokens, creating a new opportunity for the OPEN token holders who would be able to write said options and be an LP against it.
The Open Governance Token (OPEN) is native to the Ethereum Network, and is also bridged to BSC in the form of bOPEN. It is a governance token intended to represent ownership of the DAO and is required to engage in DAO related activities or gain DAO-related financial incentives.
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