Adding Price Feeds

Ideas
#1

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:

  • Once the medianizer goes live, I think we should include Okex.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

5 Likes
#2

Hello!

Always great suggestions, I admire you!

I would like to see “API3” added as well!

Please consider it!

2 Likes
#3

I like Chainlink, but am not skilled enough to develop at the moment.

AAVE uses Chainlink so I don’t see why it wouldn’t work here. I think that paying for a job or a price reporter should be considered, that is what the reserves are for.
I will support any idea for this that has backing and consensus, so if Keep3r is the way so be it.

If we want to do it in house, we need to divide labor/ work with a grants committee.

If we want to outsource, then a grants committee.

This should be made high priority. Thank you @getty

2 Likes
#4

I know Chainlink price feeds operate on a shared public good model where multiple projects fund the same feeds creating a network effect that lowers per-project costs the more they scale.

However, we’d probably need to speak with their team to get a better idea of how exactly it would apply to Compound. I can take lead on this if you’d like?

3 Likes
#5

Please do. keep us in the loop. Thank you!

1 Like