[MATIC] Collateral Onboarding Oracle Assessment (MIP10c3-SP39)

MIP10c3-SP39

Preamble

MIP10c3-SP#: 39
Author(s): Niklas Kunkel (@NiklasKunkel)
Contributors:
Type: Process Component
Status: RFC
Date Proposed: 2021-07-10
Date Ratified: <yyyy-mm-dd>

Specification

Introduction

This Oracle would provide the MATIC/USD price as part of the collateral onboarding process for MATIC.

Oracle Data Model

|    Source    |  Asset Pair   |Quorum | Feed Model  | Oracle Model |
| :----------- | :------------ | :---: | :---------: | :----------: |
|    Binance   |   MATIC/USDT  |   13  |    Median   |    Median    |
|      Huobi   |   MATIC/USDT  | 
|    Coinbase  |   MATIC/USD   |
|      FTX     |   MATIC/USD   |
|     Gemini   |   MATIC/USD   |
|     Kraken   |   MATIC/USD   |

Oracle Supporting Data Model(s)

USDT/USD (canonical)

|    Source     |  Asset Pair   |  Feed Model  |
| :------------ | :------------ | :----------: | 
|   Binance     |    BTC/USDT   |    Median    |
|   BitFinex    |    USDT/USD   |              |
|   FTX         |    ETH/USDT   |              |
|   Huobi       |    ETH/USDT   |              |
|   Kraken      |    USDT/USD   |              |
|   OKEx        |    BTC/USDT   |              |

Oracle Address

  • Medianizer - Mainnet TBD
  • Oracle Security Module (OSM) - Mainnet TBD

Supported Tools

  • Setzer
  • Gofer
  • Omnia
  • Kovan
  • Mainnet

Remaining Work

  • Add support to Setzer and Gofer
  • Deploy and configure Medianizer and Oracle Security Module smart contracts to Kovan & Mainnet
  • Push new relayer configuration with MATIC/USD Mainnet Medianizer smart contract address

Summary

The Data Model focuses on direct to USD trading pairs supplemented with tether exposure which is the highest volume market for MATIC. While exchanges like Gemini, Kraken, and FTX have low trading volume relative to the majors like OKEx and Huobi, they have substantial market-depth. This makes those markets more resistant to price manipulation. The imbalance of market depth to volume may also be an indicator of wash-trading on the majors hence why they were excluded, bar Huobi.

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