Mhairi
March 2, 2022, 1:46pm
1
The DVM should support price requests for the relative market capitalization indices of these top 9 cryptocurrencies (according to CoinGecko). These indices are commonly known as “dominance” indices. Compared to other typical UMIP price identifiers, these indices are unit-less since they are simply a percentage represented as a whole number.
## HEADERS
| UMIP-69 | |
|------------|------------|
| UMIP Title | Add BCHDOM, BNBDOM, BSVDOM, DOTDOM, ETHDOM, LINKDOM, LTCDOM, USDTDOM & XRPDOM as price identifiers |
| Authors | Domination Finance (Josh Bowden (<josh@ferrosync.io>), Michal Cymbalisty (<michal@domination.finance>), et. al.)
| Status | Approved |
| Created | March 16, 2021 |
| Link to Discourse | https://discourse.uma.xyz/t/add-bchdom-bnbdom-bsvdom-dotdom-ethdom-linkdom-ltcdom-usdtdom-xrpdom-as-price-identifiers/346 |
<br>
<br>
# SUMMARY
The DVM should support price requests for the relative market capitalization indices of these top 9 cryptocurrencies (according to CoinGecko). These indices are commonly known as *"dominance"* indices. Compared to other typical UMIP price identifiers, these indices are *unit-less* since they are simply a percentage represented as a whole number.
Each price identifier for a particular cryptocurrency's market share in general is calculated by taking,
* the total *circulating* supply of that cryptocurrency,
* multiplied by the current price of the token in USD,
* divided by the global market cap of all cryptocurrencies.
The price identifiers are constructed using the following formulations below.
show original