MIP10c3-SP#: 9 Author(s): Niklas Kunkel (@NiklasKunkel) Contributors: Type: Process Component Oracle Team Name: Green Status: RFC Date Proposed: 2020-09-08 Date Ratified: <yyyy-mm-dd>
This Oracle would provide the COMP/USD price as part of the collateral onboarding process for COMP.
Oracle Data Model
| Source | Asset Pair |Quorum | Feed Model | Oracle Model | | :----------- | :------------ | :---: | :---------: | :----------: | | Binance | COMP/USDT | 13 | Median | Median | | Coinbase | COMP/USD | | Huobi | COMP/USDT | | Kraken | COMP/USD | | KuCoin | COMP/USDT | | Uniswap | COMP/ETH |
Oracle Supporting Data Model(s)
| Source | Asset Pair | Feed Model | | :------------ | :------------ | :----------: | | Binance | BTC/USDT | Median | | BitFinex | USDT/USD | | | FTX | ETH/USDT | | | Huobi | ETH/USDT | | | Kraken | USDT/USD | | | OKEx | BTC/USDT | |
| Source | Asset Pair | Feed Model | | :------------ | :------------ | :----------: | | Binance | ETH/USD | Median | | Bitfinex | ETH/USDT | | | Bitstamp | ETH/USD | | | Coinbase | ETH/USD | | | Gemini | ETH/USD | | | Kraken | ETH/USD | |
- Medianizer - Mainnet TBD
- Oracle Security Module (OSM) - Mainnet TBD
- Setzer - a2cc40d9084c93902fd41b4fc642a83ddf635b2f - Added support for COMP/USD
- Omnia - 6d5ec1bf492431b1eb118171526ba8c545cdd94d - Added support for COMP/USD
- COMP/USD Medianizer on Kovan Testnet - 0x18746a1ced49ff06432400b8eddcf77876eca6f8
- 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 COMP/USD Medianizer smart contract address
The COMP token is traded on a wide variety of exchanges. When ranked by wash-trading adjusted volume most of the reputable exchanges trade against USDT. Being overweight in USDT is an undesirable property as it exposes the price model to a potential tether collapse risk. OKEx’s COMP/USDT was dropped as a source in favor of Huobi’s COMP/USDT as Huobi has more liquidity and as such is more expensive to manipulate.
Kraken’s COMP/USD was chosen due to USD fiat pairs being preferred for price discovery. Despite the low volume on Kraken relative to others in this set, the market-depth is disproportionally deep and bots arbitraging against Coinbase’s COMP/USD have abnormally high activity on Kraken.