MIP10c3-SP5 Proposal: LRCUSD Oracle (Collateral Onboarding Oracle Assessment)

Preamble

MIP10c3-SP#: 5
Author(s): Niklas Kunkel (@NiklasKunkel)
Contributors:
Type: Process Component
Oracle Team Name: Green
Status: RFC
Date Proposed: 2020-08-05
Date Ratified: <yyyy-mm-dd>

Specification

Introduction

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

Oracle Data Model

|    Source    |  Asset Pair   |Quorum | Feed Model  | Oracle Model |
| :----------- | :------------ | :---: | :---------: | :----------: |
|   Binance    |    LRC/BTC    |   13  |    Median   |    Median    |
|   Gate.io    |    LRC/USDT   | 
|   Loopring   |    LRC/ETH    |
|   OKEx       |    LRC/USDT   |
|   Uniswap    |    LRC/ETH    |

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   |              |

BTC/USD (canonical)

|    Source     |  Asset Pair   |  Feed Model  |
| :------------ | :------------ | :----------: | 
|   Bitstamp    |    BTC/USD    |    Median    |
|   Bittrex     |    BTC/USD    |              |
|   Coinbase    |    BTC/USD    |              |
|   Gemini      |    BTC/USD    |              |
|   Kraken      |    BTC/USD    |              |

ETH/USD (canonical)

|    Source     |  Asset Pair   |  Feed Model  |
| :------------ | :------------ | :----------: | 
|   Binance     |    ETH/USD    |    Median    |
|   Bitfinex    |    ETH/USDT   |              |
|   Bitstamp    |    ETH/USD    |              |
|   Coinbase    |    ETH/USD    |              |
|   Gemini      |    ETH/USD    |              |
|   Kraken      |    ETH/USD    |              |

Oracle Address

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

Supported Tools

Remaining Work

  • Deploy and configure Medianizer and Oracle Security Module smart contracts to Mainnet
  • Coordinate Feeds to upgrade to latest release candidate
  • Push new relayer configuration with LRC/USD Medianizer smart contract address

Summary

LRC has a decent distribution of sources over a multitude of different quotes that in combination provide a resilient mechanism for determining a price. That being said, the Oracle Team will continue to monitor new exchange listings and their volume growth in order to potentially append a 6th data source.

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