From 77a8866cca912d2b673a1a64fba0e4689ed3afc4 Mon Sep 17 00:00:00 2001 From: John Shutt Date: Sun, 11 Sep 2022 08:30:23 -0700 Subject: [PATCH 1/4] fix: add WETH on Optimism Signed-off-by: John Shutt --- UMIPs/umip-weth.md | 38 ++++++++++++++++++++++++++++++++++++++ 1 file changed, 38 insertions(+) create mode 100644 UMIPs/umip-weth.md diff --git a/UMIPs/umip-weth.md b/UMIPs/umip-weth.md new file mode 100644 index 00000000..92dd0575 --- /dev/null +++ b/UMIPs/umip-weth.md @@ -0,0 +1,38 @@ +**UMIP #** - tbd + +- **UMIP title:** Add WETH as collateral currency on Optimism +- **Author:** John Shutt (john@umaproject.org) +- **Status:** Draft +- **Created:** September 11, 2022 +- **Discourse Link:** https://discourse.umaproject.org/t/add-weth-as-collateral-currency-on-optimism/1803 + +## Summary (2-5 sentences) + +This UMIP proposes adding WETH for use as collateral in UMA contracts on Optimism. + +## Motivation + +WETH is already approved as a collateral currency within UMA's system but has not been approved on Optimism. This UMIP will correct that. + +## Technical Specification + +To accomplish this upgrade, the following changes need to be made: + +- The Optimism **WETH** address **[0x4200000000000000000000000000000000000006](https://optimistic.etherscan.io/token/0x4200000000000000000000000000000000000006)** needs to be added to the collateral currency whitelist introduced in UMIP-8. +- A final fee of **0.35** needs to be added for **WETH** in the Store contract. + + +## Rationale + +This store fee matches the fee for WETH on mainnet. + +## Implementation + +This change has no implementations other than the aforementioned governor transactions. + +## Security considerations + +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](https://docs.umaproject.org/uma-tokenholders/guidence-on-collateral-currency-addition) to ensure appropriate use. + From af8995263dbc1c900c36cebf80ad6d643df8b1c0 Mon Sep 17 00:00:00 2001 From: Reinis Martinsons Date: Tue, 13 Sep 2022 21:40:37 +0300 Subject: [PATCH 2/4] convert optimism weth as upp Signed-off-by: Reinis Martinsons --- UMIPs/umip-weth.md | 38 -------------------------------------- UPPs/upp-weth.md | 18 ++++++++++++++++++ 2 files changed, 18 insertions(+), 38 deletions(-) delete mode 100644 UMIPs/umip-weth.md create mode 100644 UPPs/upp-weth.md diff --git a/UMIPs/umip-weth.md b/UMIPs/umip-weth.md deleted file mode 100644 index 92dd0575..00000000 --- a/UMIPs/umip-weth.md +++ /dev/null @@ -1,38 +0,0 @@ -**UMIP #** - tbd - -- **UMIP title:** Add WETH as collateral currency on Optimism -- **Author:** John Shutt (john@umaproject.org) -- **Status:** Draft -- **Created:** September 11, 2022 -- **Discourse Link:** https://discourse.umaproject.org/t/add-weth-as-collateral-currency-on-optimism/1803 - -## Summary (2-5 sentences) - -This UMIP proposes adding WETH for use as collateral in UMA contracts on Optimism. - -## Motivation - -WETH is already approved as a collateral currency within UMA's system but has not been approved on Optimism. This UMIP will correct that. - -## Technical Specification - -To accomplish this upgrade, the following changes need to be made: - -- The Optimism **WETH** address **[0x4200000000000000000000000000000000000006](https://optimistic.etherscan.io/token/0x4200000000000000000000000000000000000006)** needs to be added to the collateral currency whitelist introduced in UMIP-8. -- A final fee of **0.35** needs to be added for **WETH** in the Store contract. - - -## Rationale - -This store fee matches the fee for WETH on mainnet. - -## Implementation - -This change has no implementations other than the aforementioned governor transactions. - -## Security considerations - -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](https://docs.umaproject.org/uma-tokenholders/guidence-on-collateral-currency-addition) to ensure appropriate use. - diff --git a/UPPs/upp-weth.md b/UPPs/upp-weth.md new file mode 100644 index 00000000..d6fc71d5 --- /dev/null +++ b/UPPs/upp-weth.md @@ -0,0 +1,18 @@ +## Status + +Draft + +## Summary + +This UPP proposes adding WETH for use as collateral in UMA contracts on Optimism. + +## Rationale + +WETH is already approved as a collateral currency within UMA's system but has not been approved on Optimism. This UPP will correct that. + +## Specifics + +To accomplish this upgrade, the following changes need to be made: + +- The Optimism **WETH** address **[0x4200000000000000000000000000000000000006](https://optimistic.etherscan.io/token/0x4200000000000000000000000000000000000006)** needs to be added to the collateral currency whitelist introduced in UMIP-8. +- A final fee of **0.35** needs to be added for **WETH** in the Store contract. From 245534086ab6397db907759b390735f59ed856f7 Mon Sep 17 00:00:00 2001 From: Reinis Martinsons Date: Tue, 13 Sep 2022 21:42:40 +0300 Subject: [PATCH 3/4] weth store contract on optimism Signed-off-by: Reinis Martinsons --- UPPs/upp-weth.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/UPPs/upp-weth.md b/UPPs/upp-weth.md index d6fc71d5..2caadf09 100644 --- a/UPPs/upp-weth.md +++ b/UPPs/upp-weth.md @@ -15,4 +15,4 @@ WETH is already approved as a collateral currency within UMA's system but has no To accomplish this upgrade, the following changes need to be made: - The Optimism **WETH** address **[0x4200000000000000000000000000000000000006](https://optimistic.etherscan.io/token/0x4200000000000000000000000000000000000006)** needs to be added to the collateral currency whitelist introduced in UMIP-8. -- A final fee of **0.35** needs to be added for **WETH** in the Store contract. +- A final fee of **0.35** needs to be added for **WETH** in the Store contract on Optimism. From 5740f35e011f170b91817bde39a46dba0bcbaa8a Mon Sep 17 00:00:00 2001 From: Reinis Martinsons Date: Tue, 13 Sep 2022 21:45:14 +0300 Subject: [PATCH 4/4] update status and upp numbering Signed-off-by: Reinis Martinsons --- UPPs/{upp-weth.md => upp-11.md} | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) rename UPPs/{upp-weth.md => upp-11.md} (98%) diff --git a/UPPs/upp-weth.md b/UPPs/upp-11.md similarity index 98% rename from UPPs/upp-weth.md rename to UPPs/upp-11.md index 2caadf09..588183a1 100644 --- a/UPPs/upp-weth.md +++ b/UPPs/upp-11.md @@ -1,6 +1,6 @@ ## Status -Draft +Last Call ## Summary