Mhairi
March 2, 2022, 1:49pm
1
This UMIP will add BAL as an approved collateral currency. This will involve adding BAL to the whitelist and adding a flat final fee to charge per-request. The proposed final fee is 8 BAL per request.
## Headers
| UMIP-72 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add BAL as approved collateral currency |
| Authors | Mhairi McAlpine (mhairi@umaproject.org |
| Status | Approved |
| Created | March 30, 2021 |
| [Discourse Link](https://discourse.uma.xyz/t/add-bal-as-approved-collateral-currency/510) | |
## Summary (2-5 sentences)
This UMIP will add BAL as an approved collateral currency. This will involve adding BAL to the whitelist and adding a flat final fee to charge per-request. The proposed final fee is 8 BAL per request.
## Motivation
BAL is an ERC20 token which is used for governance by the Balancer Protocol. It can be used to vote on proposals and steer the direction of the protocol.
Adding BAL as a collateral type will allow for a variety of contract deployments. These could be used with the BAL/USD price identifiers that are also being proposed, to create BAL backed yield dollars, or BAL covered calls.
## Technical Specification
To accomplish this upgrade, two changes for each currency need to be made:
show original