Mhairi
March 2, 2022, 12:51pm
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The DVM should support requests for aggregatory gas prices on the Ethereum blockchain in multiples of a million. This will reflect the price of a million units of gas.
# Headers
| UMIP-20 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add GASETH-1HR-1M GASETH-4HR-1M GASETH-1D-1M GASETH-1W-1M GASETH-1M-1M as price identifiers |
| Authors | Sean Brown (@sean@umaproject.org)
| Status | Approved |
| Created | October 29th, 2020 |
## Summary (2-5 sentences)
The DVM should support requests for aggregatory gas prices on the Ethereum blockchain in multiples of a million. This will reflect the price of a million units of gas.
## Motivation
As specified in price identifiers approved with [UMIP-16](https://github.com/UMAprotocol/UMIPs/blob/master/UMIPs/umip-16.md), the DVM currently supports reporting aggregatory gas prices of finalized blocks on the Ethereum blockchain. A gas price is the amount of Ether that is paid per unit of gas.
For the creation of a tokenized gas price futures contract, it is desired that the DVM return the aggregatory gas price for 1 million units of gas. Using the gas price for a million units of gas is more suitable for a tokenized futures contract because tokens will actually represent a non-negligible amount of value. If a token was built with the identifiers defined in UMIP-16, participants would need to transact in millions/billions of tokens to capture any substantial value, as the price of each token would be somewhere in the range of 10-150 Gwei. This is thought to not be an optimal user experience and is the motivation for this UMIP.
## Technical Specification
The definition of this identifier should be:
- Identifier name: GASETH-1HR-1M GASETH-4HR-1M GASETH-1D-1M GASETH-1W-1M GASETH-1M-1M
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