- UMIP-153
- UMIP title: Add Fiat DAO (FDT) as a collateral currency.
- Author: Geoff (stadnykgeoff1@gmail.com)
- Status: Approved
- Created: 14 March 2022
- Discourse Link: https://discourse.umaproject.org/t/umip-proposal-create-vsq-and-fdt-collateral-adds/1571
This UMIP proposes adding FDT for use as collateral in UMA contracts.
The addition of this collateral currency offers additional functionality to the UMA protocol and increases the range of contracts that can be built.
To accomplish this upgrade, the following changes need to be made:
- The FDT address on Ethereum https://etherscan.io/token/0xed1480d12be41d92f36f5f7bdd88212e381a3677 needs to be added to the collateral currency whitelist introduced in UMIP-8.
- A final fee of 9,000 FDT needs to be added in the Store contract.
This store fee was chosen as it is approximately equivalent to $1500 in line with other collateral currencies as determined by FDT values from CoinGecko
This change has no implementations other than the aforementioned governor transactions
Adding a collateral currency introduces a level of risk into the UMA Ecosystem. This collateral type should be monitored to ensure that the proposed collateral continues to have value.
Contract deployers considering using this collateral in an UMA contract should refer to the guidelines on collateral type usage to ensure appropriate use.