MIP10c7-SP1: Update ETHUSD Data Model

Preamble

MIP10c7-SP#: 1
Author(s): Niklas Kunkel (@NiklasKunkel)
Contributors:
Oracle Team Name: Green
Status: Formal Submission
Date Proposed: 2020-09-12
Date Ratified: <yyyy-mm-dd>

Specification

Introduction

As markets and liquidity profiles evolve, it is important to revisit Data Models for collateral assets to ensure they accurately reflect the new normal.

This proposal adds FTX (ETH/USD) and Uniswap (ETH/USDC) as price sources for the ETH/USD Oracle and removes Bitfinex (ETH/USDT).

Oracle Data Model

Source Asset Pair Quorum Feed Model Oracle Model
Binance ETH/BTC 13 Median Median
Bitstamp ETH/USD
Coinbase ETH/USD
FTX ETH/USD
Gemini ETH/USD
Kraken ETH/USD
Uniswap ETH/USDC

Oracle Supporting Data Model(s)

BTC/USD Data Model

Source Asset Pair Quorum Feed Model Oracle Model
Bitstamp BTC/USD 13 Median Median
Bittrex BTC/USD
Coinbase BTC/USD
Gemini BTC/USD
Kraken BTC/USD

USDC/USD

Source Asset Pair Feed Model
1 N/A N/A

Supporting Evidence

DeFi has grown exponentially and Uniswap now does significant volume rivaling many centralized exchanges. Similarly, FTX has experienced remarkable growth and now boasts a significant Ethereum volume against USD. Meanwhile there is continued uncertainty over Tether’s backing.

  • What is better about the new Data Model?
    This proposal would remove any dependency on USDT from the ETH/USD Data Model.
    It also adds Uniswap as a source which as an AMM is very expensive for an attacker to manipulate.

Oracle Address

  • Medianizer
  • Oracle Security Module (OSM)

Supported Tools

5 Likes

Cool to also integrate Uniswap into the data model!

Does this use the V2 uniswap oracle functionality?

Out of interest, how are you converting the on-chain data into price? We’ve discussed this a little in the past and would be curious to hear the implementation.