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 BTC/USD Oracle + Whitelist Set Protocol & dYdX. Voters are now able to signal their support to:

• create a BTC/USD Oracle
• whitelist Set Protocol to read prices from the BTC/USD Oracle
• whitelist dYdX to read prices from the BTC/USD 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: BTCUSD

Oracle Address:

0xe0F30cb149fAADC7247E953746Be9BbBB6B5751f (Medianizer) N/A (OSM)

Customers: Set Protocol, dYdX

Whitelist:

0xbf63446ecF3341e04c6569b226a57860B188edBc (Set Protocol)

0x538038E526517680735568f9C5342c6E68bbDA12 (dYdX)

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 thereafter.

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

BTC/USD Data Model

|    Source     |  Asset Pair   |Quorum | Feed Model  | Oracle Model |
| :------------ | :------------ | :---: | :---------: | :----------: |
|   Binance     |    BTC/USDT   |   13  |    Median   |    Median    |
|   BitFinex    |    BTC/USDT   |
|   Bitstamp    |    BTC/USD    |
|   Bittrex     |    BTC/USD    | 
|   Coinbase    |    BTC/USD    |
|   Gemini      |    BTC/USD    |
|   Kraken      |    BTC/USD    |

Supporting Data Model

USDT/USD

|    Source     |  Asset Pair   |  Feed Model  |
| :------------ | :------------ | :----------: | 
|   Binance     |    BTC/USDT   |    Median    |
|   BitFinex    |    BTC/USDT   |
|   Huobi       |    BTC/USDT   |
|   Kraken      |    USDT/USD   |
|   OKEx        |    BTC/USDT   |

Technical Deliverables

Contracts

• Deployed, configured, and verified BTCUSD Medianizer on Ethereum mainnet at address 0xe0F30cb149fAADC7247E953746Be9BbBB6B5751f
• Reviewed Set Protocol and dYdX contracts and verified Oracle price access is permissioned
• Created spell to whitelist Set Protocol and dYdX contracts (WIP)

Tooling

setzer-mcd

• added support for the BTCUSD Data Model
• added support for the USDT/USD and KRW/USD Supporting Data Models

omnia

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

The BTC/USD 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.