UMIP 49 -Add DAIPHP and PHPDAI as a price identifier

Mhairi · March 2, 2022, 1:19pm

The DVM should support price requests for the DAIPHP and PHPDAI price index.

UMAprotocol/UMIPs/blob/master/UMIPs/umip-49.md

## HEADERS

| UMIP-49          |                                                                                     |
| ----------------- | ----------------------------------------------------------------------------------- |
| UMIP Title        | Add DAIPHP and PHPDAI as a price identifier                                         |
| Authors           | Chris Verceles (chris.verceles@halodao.com), James Orola (james.orola@halodao.com)  |
| Status            | Approved                                                                               |
| Created           | Feb 3, 2021                                                                         |
| Link to Discourse | [Discourse](https://discourse.uma.xyz/t/adding-dai-php-price-identifier/135) |

# SUMMARY

The DVM should support price requests for the DAIPHP and PHPDAI price index.

# MOTIVATION

The DVM currently does not support the DAIPHP or PHPDAI price index. Supporting the DAIPHP and PHPDAI price identifiers would enable the creation of a synthetic DAIPHP and PHPDAI stablecoin, backed by DAI as collateral. Token minters could go short on DAI/PHP index, while token holders could go long or use synthetic PHP for functional purposes.

Examples of a person interacting with a contract that uses this price identifier would be;

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UMIP 49 -Add DAIPHP and PHPDAI as a price identifier

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