Mhairi
March 2, 2022, 1:22pm
1
This UMIP will have the effect of introducing a new optimistic oracle contract that will allow optimistic settlement of prices and funding rates without a vote from the DVM. This will reduce the number of votes required from the DVM and is a pre-requisite for use of the new Perpetual (UMIP-53) and EMP (UMIP-54) contracts.
## Headers
| UMIP-52 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add Optimistic Oracle |
| Authors | John Shutt (john@umaproject.org) |
| Status | Approved |
| Created | February 16, 2021 |
## Summary (2-5 sentences)
This UMIP will have the effect of introducing a new optimistic oracle contract that will allow optimistic settlement of prices and funding rates without a vote from the DVM. This will reduce the number of votes required from the DVM and is a pre-requisite for use of the new Perpetual (UMIP-53) and EMP (UMIP-54) contracts.
## Motivation
Prior to addition of the optimistic oracle, every expiring multi-party contract would require a vote from the DVM to establish a final settlement price. The optimistic oracle allows for optimistic settlement of expiring contracts with a liveness window for disputes, similar to how liquidations and withdrawals happen today. The optimistic oracle also allows for optimistic proposals of funding rates, allowing the implementation of a perpetual contract that does not expire.
## Technical Specification
To accomplish this upgrade, a few actions will need to be taken:
- A new `OptimisticOracle` contract will need to be deployed. Once deployed, the contract address will be added to this UMIP.
- A transaction will need to be proposed to add this new address to the `Finder` contract under the name `“OptimisticOracle”`. This is how other contracts will find the optimistic oracle and reference it.
- The `OptimisticOracle` will need to be registered with the `Registry` so that it can make requests to the DVM.
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