UMIP 29-Add EURUSD, CHFUSD and GBPUSD as price identifiers

Mhairi · March 2, 2022, 1:00pm

The DVM should support price requests for the EURUSD, GBPUSD and CHFUSD price index.

UMAprotocol/UMIPs/blob/master/UMIPs/umip-29.md

## Headers
| UMIP-29    |                                                          |
|------------|----------------------------------------------------------|
| UMIP Title | Add EURUSD, CHFUSD and GBPUSD as price identifiers                           |
| Authors    | Pascal Tallarida (pascal@jarvis.network)                 |
| Status     | Approved                                                    |
| Created    | December 22, 2020                                        |

## Summary
The DVM should support price requests for the EURUSD, GBPUSD and CHFUSD price index.

## Motivation
The DVM currently does not support the EURUSD, GBPUSD and CHFUSD index.

### Cost: 
While Forex data are free through open centralized exchange, brokers, and other sources APIs, the most reliable are paid. We propose to use TraderMade's APIs whose pricing is accessible on their website. TraderMade has also a Free Tier which can be used by the voters and would be sufficient to provide the price of a certain asset.

### Opportunity: 
Synthetic tokens that track Forex pairs such as EURUSD, GBPUSD and CHFUSD could be used both for speculations and hedging, but we see a bigger opportunity for using them as building blocks for helping other DeFi protocols and dApp addressing the european market.

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