UMIP 66 -Add USDBTC_18DEC, BCHNBTC_18DEC, ELASTIC_STABLESPREAD/USDC_18DEC, STABLESPREAD/USDC_18DEC, STABLESPREAD/BTC_18DEC and AMPLUSD_18DEC as supported price identifiers

Mhairi · March 2, 2022, 1:44pm

This UMIP proposes adding USDBTC_18DEC, BCHNBTC_18DEC, ELASTIC_STABLESPREAD/USDC_18DEC, STABLESPREAD/USDC_18DEC, STABLESPREAD/BTC_18DEC, AMPLUSD_18DEC as supported price identifiers.

github.com

UMAprotocol/UMIPs/blob/master/UMIPs/umip-66.md

## Headers
| UMIP-66    |                                                                                                                                          |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add USDBTC_18DEC, BCHNBTC_18DEC, ELASTIC_STABLESPREAD/USDC_18DEC, STABLESPREAD/USDC_18DEC, STABLESPREAD/BTC_18DEC and AMPLUSD_18DEC as supported price identifiers            |
| Authors    | Sean Brown (@smb2796)                               |
| Status     | Approved                                                                                                                                 |
| Created    | March 10, 2021                                                                                                                           |
| [Discourse Link](https://discourse.uma.xyz/t/propose-v2-pids-for-all-depreciated-pis/336)   |                                              |


## Summary (2-5 sentences)

This UMIP proposes adding USDBTC_18DEC, BCHNBTC_18DEC, ELASTIC_STABLESPREAD/USDC_18DEC, STABLESPREAD/USDC_18DEC, STABLESPREAD/BTC_18DEC, AMPLUSD_18DEC as supported price identifiers.

## Motivation

With the introduction of the new EMP template proposed in UMIP-52, all price identifiers are required to be scaled by 10^18 when submitted on-chain. This is in contrast to the function in old EMP contracts, where the price identifier needed to be scaled to match the scaling factor of the collateral currency that the identifier was being used with. This means that price identifiers that are being used in an old EMP contract that has a non-18 decimal collateral currency cannot be used with the new contracts.

Because of this, many price identifiers have been deprecated. This UMIP simply reproposes those price identifiers with slightly altered price identifier names and a scaling specification of 18 decimals. Everything else about these identifiers remains the same. The intention is that these price identifiers only be used while the original price identifiers are still deprecated. If the original price identifiers are at any point able to be used again, those should once again become the canonical price ids.

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UMIP 66 -Add USDBTC_18DEC, BCHNBTC_18DEC, ELASTIC_STABLESPREAD/USDC_18DEC, STABLESPREAD/USDC_18DEC, STABLESPREAD/BTC_18DEC and AMPLUSD_18DEC as supported price identifiers

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