Back in September of 2019, the Maker Foundation published a blog post introducing the Oracle V2 architecture that would launch alongside Multi-Collateral Dai, and recommending a series of governance proposals.
- Oracle Team Mandate Proposal
- DeFi Public Feed Proposal
- Oracle Incentives Restructuring Proposal
- Responsible Oracle Migration Proposal
As a result of these proposals, MKR Governance gained several new capabilities, among these:
- Launch Oracles for new assets (even if those assets aren’t collateral types in the Maker Protocol)
- Regulate who can access the Oracle prices through a whitelist
- Setting an Oracle Fee, the proceeds of which go to MKR token holders.
The Oracle Team, in accordance with its responsibilities outlined in the Oracle Team Mandate, is proposing the creation of an ETH/BTC Oracle. With the DeFi ecosystem’s rapid innovation and expansion into tokenized Bitcoin (WBTC, tBTC, RenBTC) and synthetic Bitcoin derivatives (dYdX, Synthetix) there is significant demand for an ETH/BTC Oracle.
Furthermore, should this proposal be accepted, tBTC will be added to the whitelist as the initial customer of the ETHBTC Oracle.
Oracle Type: ETHBTC
N/A (Oracle Security Module)
Date of Proposed Inclusion: 2020-04-17
Fee: In accordance with the Responsible Oracle Migration Proposal, fees are waived for the first year and determined by MKR Governance after that.
Data Models describe the data sources and transformations for calculating the canonical price of an asset.
Source- The data source for the Oracle Feed
Asset Pair- a price quote of the exchange rate for two different assets traded on the source.
Quorum- The amount of Feeds needed to reach consensus on a price.
Feed Model- Model for how a Feed processes all sourced data into a singular price
Oracle Model- Model for how an Oracle processes all Feed data into a singular price
ETH/BTC Data Model
| Source | Asset Pair |Quorum | Feed Model | Oracle Model | | :------------ | :------------ | :---: | :---------: | :----------: | | Binance | ETH/BTC | 13 | Median | Median | | BitFinex | ETH/BTC | | Coinbase | ETH/BTC | | Huobi | ETH/BTC | | Kraken | ETH/BTC | | Poloniex | ETH/BTC |
Supporting Data Model(s)
- Deployed, configured, and verified ETHBTC Medianizer on Ethereum mainnet at address
- Reviewed tBTC contracts and verified Oracle price access is permissioned
- Created spell to whitelist tBTC contract (WIP)
- added support for the ETHBTC Data Model
- updated Feed configuration files with asset pair details
- updated Relayer configuration files with contract details
Removed HitBTC from ETH/BTC Data Model source
Added Bitfinex to ETH/BTC Data Model source