UMIP 90 -Add NGNUSD, PHPUSD, CADUSD, ZARUSD, KRWUSD and JPYUSD as price identifiers

Mhairi · March 3, 2022, 11:14am

The DVM should support price requests for the NGNUSD, PHPUSD, CADUSD, ZARUSD, KRWUSD and JPYUSD price index.

UMAprotocol/UMIPs/blob/master/UMIPs/umip-90.md

## Headers
| UMIP-90   |                                                          |
|------------|----------------------------------------------------------|
| UMIP Title | Add NGNUSD, PHPUSD, CADUSD, ZARUSD, KRWUSD and JPYUSD as price identifiers                           |
| Authors    | Vsevolod Potorocha (vsevolod@jarvis.network)                 |
| Status     | Approved                                                 |
| Created    | 30/04/2021                                   |
| Discourse link    | https://discourse.uma.xyz/t/umip-90-ngn-php-cad-zar-krw-and-jpy-vs-usd/1033    

## Summary
The DVM should support price requests for the NGNUSD, PHPUSD, CADUSD, ZARUSD, KRWUSD and JPYUSD price index.

## Motivation
The DVM currently does not support these Forex price index.

### Cost: 
While Forex data are free through open centralized exchange, brokers, and other sources APIs, the most reliable are paid. We propose to use TraderMade's APIs whose pricing is accessible on their website. TraderMade has also a Free Tier which can be used by the voters and would be sufficient to provide the price of a certain asset.

### Opportunity: 
Synthetic tokens that track Forex pairs such as CADUSD and JPYUSD could be used both for speculations and hedging, but we see a bigger opportunity for using them as building blocks for helping other DeFi protocols and dApp addressing the global market.

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UMIP 90 -Add NGNUSD, PHPUSD, CADUSD, ZARUSD, KRWUSD and JPYUSD as price identifiers

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