Mhairi
March 2, 2022, 1:55pm
1
This UMIP will add yUSD, COMP, YFI, ALCX, ALPHA, MKR, CRV, REN, RGT, and NFTX as approved collateral currencies. This will involve adding each of these tokens to the whitelist and adding flat final fees to charge per-request.
## Headers
| UMIP-77 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add yUSD, RAI, COMP, YFI, ALCX, ALPHA, MKR, CRV, REN, RGT, and NFTX as approved collateral currencies |
| Authors | Deepanshu Hooda (deepanshuhooda2000@gmail.com), John Shutt (john@umaproject.org) |
| Status | Approved |
| Created | April 7, 2021 |
| [Discourse Link](https://discourse.uma.xyz/t/add-usdt-yusd-ust-susd-comp-yfi-alcx-rune-alpha-mkr-crv-ren-rgt-nftx-and-ruler-as-approved-collateral-currencies/712/2) | |
# Summary (2-5 sentences)
This UMIP will add yUSD, COMP, YFI, ALCX, ALPHA, MKR, CRV, REN, RGT, and NFTX as approved collateral currencies. This will involve adding each of these tokens to the whitelist and adding flat final fees to charge per-request.
# Motivation
Adding a collection of popular and liquid ERC20 tokens as collateral types will allow for a variety of contract deployments. These could be used with ERC20/USD price identifiers that are also being proposed to create yield dollars, covered calls or KPI options, synthetics backed by newly approved stablecoins, and many other use cases.
Proactively approving these collateral types and price feeds will make it easier for development teams and protocol treasuries to create new products with UMA.
# Proposed Collateral Currencies
Note: The final fee for all ERC20 tokens will be ~$400 at time of writing
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