Mhairi
March 2, 2022, 12:39pm
1
This UMIP will have the effect of introducing a new global whitelist contract that will allow new collateral currencies to be added without deploying any new contracts. Previously a new financial contract template would need to be deployed to use a new collateral currency.
## Headers
| UMIP-8 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add Global Collateral Currency Whitelist |
| Authors | Matt Rice (matt@umaproject.org), Clayton Roche (clayton@umaproject.org) |
| Status | Approved |
| Created | July 16, 2020 |
## Summary (2-5 sentences)
This UMIP will have the effect of introducing a new global whitelist contract that will allow new collateral currencies to be added without deploying any new contracts. Previously a new financial contract template would need to be deployed to use a new collateral currency.
## Motivation
Up until now, to update the collateral currencies, one would need to deploy a new financial contract template since financial contract templates were expected to have a frozen and limited list of collateral currencies. To make the protocol more scalable, it seems sensible to make adding a collateral currency to all existing financial contract templates as easy as proposing a simple governance vote that would approve two Governor transactions: one to add it to the whitelist and another to add a flat final fee for that currency.
## Technical Specification
To accomplish this upgrade, a few actions will need to be taken:
- A new `AddressWhitelist` contract will need to be deployed.
- The Governor contract should be this contract’s owner.
- Note: because Dai is already used as a collateral currency, Dai will be included in this whitelist from the start without requiring a separate vote.
- A transaction will need to be proposed to add this new `AddressWhitelist`’s address to the `Finder` contract under the name `“CollateralWhitelist”`.
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