In conjunction with the building of the medianizer, I want to begin the discussion on what price feeds the community is interested in adding to the medianizer. Currently, Coinbase Pro is the only allowed reporter. Okex is already reporting their price feed, but it hasn’t been enabled in the protocol for use.
A few things to think about:
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Once the medianizer goes live, I think we should include Okex.
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Jared Flatow mentioned on yesterday’s governance call that the medianizer might want to build in Uniswap, so it doesn’t require more gas to post the price separately. I agree that gas usage is important and that it is worth exploring.
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In line with the prior point, the community could consider building Keep3r/uniquote into the medianizer so it could call their contracts for prices. Keep3r currently has support for Uniswap and Sushiswap (added recently). This might be a good low gas method for getting data. Generally, the most popular pools right now are against ETH and not USD, so we would need to convert the ether value of everything to dollars for our purposes. Additionally, the community could consider creating a “job” on the Keep3r protocol that is more specific to Compound’s needs.
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Chainlink is worth considering. They have oracles for every market we need and they currently freely display the prices. We would build their oracles into medianizer so that no posting would be required. My rough understanding is that while the prices are currently available for free most projects that utilize them have some kind of agreement with the Chainlink team. I will work on gaining some more clarity on this.
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Band oracles are also available for free use (getting clarification might be similar to the chainlink setup) and could be built into the medianizer contract.
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The community should lobby for other exchanges to join the Open Oracle Price program. (If you work at an exchange and you’re reading this, please reach out if you are at all curious how this would work).
Personally, trying to optimize for gas, I think, is really important. I think the community should strongly consider building in Band and Chainlink (pending costs). Keep3r is still somewhat new but also a strong consideration. If we can go from using one source (Coinbase) to four (Coinbase, Okex, Chainlink, Band), I think that is a huge improvement for protocol safety and growth. That being said, I don’t want to stop at four, but I think this would be an amazing improvement.
Please feel free to share your opinions on these ideas or propose a new one.