The Oracle Team, in accordance with its responsibilities outlined in the Oracle Team Mandate, has placed a Governance Poll into the voting system to Create ETH/BTC Oracle + Whitelist tBTC. Voters are now able to signal their support to:

• create an ETH/BTC Oracle
• whitelist tBTC to read prices from the ETH/BTC Oracle

This Governance Poll (FAQ) will be active for four days beginning on Monday, April 20, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

Oracle Type: ETHBTC

Oracle Address:

0x81A679f98b63B3dDf2F17CB5619f4d6775b3c5ED (Medianizer) N/A (Oracle Security Module)

Customer: tBTC

Whitelist:

TBD (tBTC)

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

Data Models describe the data sources and transformations for calculating the canonical price of an asset.

Glossary

• 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    | 

Technical Deliverables

Contracts

• Deployed, configured, and verified ETHBTC Medianizer on Ethereum mainnet at address 0x81A679f98b63B3dDf2F17CB5619f4d6775b3c5ED
• Reviewed tBTC contracts and verified Oracle price access is permissioned
• Created spell to whitelist tBTC contract (WIP)

Tooling

setzer-mcd

• added support for the ETHBTC Data Model

omnia

• updated Feed configuration files with asset pair details
• updated Relayer configuration files with contract details

The ETH/BTC Oracle Proposal was discussed in the Maker Forum. Please review the Discussion to inform your position before voting.

For context, the following proposals may be useful to further your understanding.

• Oracle Incentives Restructuring Proposal
• Responsible Oracle Migration Proposal
• Oracle Team Mandate Proposal

These proposals were published in the Maker Forum for review by the MKR Governance community as well as discussed on the Governance Calls on September 5th and September 12th.

Next Steps

• On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

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Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.