UMIP 5 -Add COMPUSD as a price identifier

Mhairi · March 2, 2022, 12:33pm

The DVM should support price requests for the $COMPUSD price index.

UMAprotocol/UMIPs/blob/master/UMIPs/umip-5.md

# Headers
| UMIP-5     |                                                                                                                                          |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add COMPUSD as a price identifier                                                                                                 |
| Authors    | Allison Lu, allison@umaproject.org |
| Status     | Approved                                                                                                                                    |
| Created    | June 19, 2020                                                                                                                           |

## Summary (2-5 sentences)
The DVM should support price requests for the $COMPUSD price index. 

## Motivation
The DVM currently does not support the $COMPUSD index.

Cost: Pricing for this index is easy to access through open centralized exchange APIs. Current liquidity is low, and cross-exchange price discrepancies are 5%+. Over time, as more $COMP supply becomes available, we anticipate that cross-exchange price discrepancies will be reduced.

Opportunity: A synthetic token that tracks $COMP would enable better price discovery by making it possible to short $COMP. It could be used as a hedging tool. It also increases yield for $COMP holders (who could sell $COMP to buy synthetic $COMP when there are negative funding rates to do so).

## Technical Specification

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UMIP 5 -Add COMPUSD as a price identifier

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