UMIP 6 - Add ETHUSD and USDETH as price identifiers

Mhairi · March 2, 2022, 12:34pm

The DVM should support price requests for the ETH/USD and USD/ETH price indexes.

UMAprotocol/UMIPs/blob/master/UMIPs/umip-6.md

# Headers
| UMIP-6     |                                                                                                                                          |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add ETHUSD and USDETH as price identifiers              |
| Authors    | Clayton Roche, clayton@umaproject.org |
| Status     | Approved                                                                                                                        |
| Created    | July 10, 2020                                                                                                                           |
 
## Summary (2-5 sentences)
The DVM should support price requests for the ETH/USD and USD/ETH price indexes. 

## Motivation
The DVM currently does not support these indexes: ETH/USD or USD/ETH

Supporting the USDETH price identifier would enable the creation of zero-coupon fixed-rate dollar loans, if collateralized by WETH.  This creates positions similar to using ETH in the MakerDAO system to mint Dai.  To give a measure of market size, of the date of writing, MakerDAO has 1.8mm ETH locked in this fashion.  

Supporting the ETHUSD price identifier would enable the creation of synthetic ETH.  It enables token minters to go levered short ETH.


## Technical Specification

This file has been truncated. show original