UMIP43 -Add Ocean as a collateral currency

Mhairi · March 2, 2022, 1:15pm

This UMIP will add Ocean to the supported collateral currencies on the global whitelist contract, allowing the usage of Ocean as collateral currency.

github.com

UMAprotocol/UMIPs/blob/master/UMIPs/umip-43.md

# Headers
| UMIP-43    |                                                                                                                                          |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add Ocean as a collateral currency              |
| Authors    | Logan (logan@opendao.io) |
| Status     | Approved                                                                                                                                   |
| Created    | January 28, 2021                                                                                                                           |
| Created    | January 28, 2021                                                                                                                           |
|Link to Discourse|  https://discourse.uma.xyz/t/adding-ocean-as-collateral-umip/117                                                               |

## Summary (2-5 sentences)
This UMIP will add Ocean to the supported collateral currencies on the global whitelist contract, allowing the usage of Ocean as collateral currency. 

## Motivation
The motivation of adding Ocean as a supported collateral in the global whitelist contract is so that Ocean holders can go long on Ocean by minting a stablecoin backed by Ocean as collateral, which will be built on UMA.

The Ocean token is used to stake on data, to govern Ocean community funding, and to buy & sell data. Ocean and the smart contracts for Ocean functionality are deployed to Ethereum mainnet, and to further networks over time.

The supply of Ocean is capped at 1.41 billion tokens. 51% of this supply is disbursed according to a Bitcoin-like schedule over decades, to fund community projects curated by OceanDAO. At the time of writing, the Ocean token market cap is $243,700,423 with a 24-hour trading volume of $137,565,116.

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UMIP43 -Add Ocean as a collateral currency

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