VMP-24 - Update DOGE/USDT-231231 Future Market Settlement Oracle
This proposal requests to change the DOGE/USDT-231231 Future Market’s Settlement Oracle. When the market was created it was set up to have a community member submit the settlement price via a governance proposal. However, now that Vega can source price data from Chainlink I propose to update the market that it automatically settles using data from Chainlink’s DOGE/USD Price Feed.
Technically speaking, sourcing from DOGE/USD Chainlink price feed means the future market is technically not DOGE/USDT but DOGE/USD. I’m happy to create and deploy a smart contract to make the conversion but given the lack of trading volume not sure if it’s worth it?
Changes:
- Updated dataSourceSpecForSettlementData to ethOracle and added the DOGE/USD Chainlink address: 0x2465cefd3b488be410b941b1d4b2767088e2a028
- I’ve updated the settlement time to be Dec 31 2023 00:01:00 UTC, this is to allow for the network to source the price of DOGE/USD at Dec 31 2023 00:00:00 UTC + allow for 3 confirmations ~36 seconds.
I hope I’ve correctly implemented the swap to an ethOracle and would love the Vega team to check over closely!
Full Proposal JSON:
{
"rationale": {
"title": "VMP-24 - Update DOGE/USDT-231231 Future Market Settlement Oracle",
"description": "This proposal requests to change the DOGE/USDT-231231 Future Market's Settlement Oracle. When the market was created it was set up to have a community member submit the settlement price via a governance proposal. However, now that Vega can source price data from Chainlink I propose to update the market that it automatically settles using data from Chainlink's DOGE/USD Price Feed. Forum discussion can be found [here]()"
},
"terms": {
"updateMarket": {
"marketId": "d957e1d0ce9dcc08bdbb5bfe637f1a601050d67f81fa6cdaeef64801166f6a28",
"changes": {
"linearSlippageFactor": "0.001",
"quadraticSlippageFactor": "0",
"instrument": {
"code": "DOGE/USDT-231231",
"future": {
"quoteName": "USDT",
"dataSourceSpecForSettlementData": {
"external": {
"ethOracle": {
"address": "0x2465cefd3b488be410b941b1d4b2767088e2a028",
"abi": "[{\"inputs\":[],\"name\":\"latestAnswer\",\"outputs\":[{\"internalType\":\"int256\",\"name\":\"\",\"type\":\"int256\"}],\"stateMutability\":\"view\",\"type\":\"function\"}]",
"method": "latestAnswer",
"normalisers": [
{
"name": "prices.DOGE.value",
"expression": "$[0]"
}
],
"requiredConfirmations": 3,
"trigger": {
"timeTrigger": {
"initial": "1703980800"
}
},
"filters": [
{
"key": {
"name": "prices.DOGE.value",
"type": "TYPE_INTEGER",
"numberDecimalPlaces": "8"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "0"
}
]
},
{
"key": {
"name": "prices.DOGE.timestamp",
"type": "TYPE_INTEGER"
},
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN",
"value": "1703980860"
}
]
}
]
}
}
},
"dataSourceSpecForTradingTermination": {
"internal": {
"time": {
"conditions": [
{
"operator": "OPERATOR_GREATER_THAN_OR_EQUAL",
"value": "1703980860"
}
]
}
}
},
"dataSourceSpecBinding": {
"settlementDataProperty": "prices.DOGE.value",
"tradingTerminationProperty": "vegaprotocol.builtin.timestamp"
}
}
},
"metadata": [
"enactment:2023-07-14T00:00:00Z",
"settlement:2023-12-31T00:01:00Z"
],
"priceMonitoringParameters": {
"triggers": [
{
"horizon": "43200",
"probability": "0.9999999",
"auctionExtension": "600"
}
]
},
"logNormal": {
"tau": 0.0001140771161,
"riskAversionParameter": 0.000001,
"params": {
"mu": 0,
"r": 0.016,
"sigma": 1.5
}
}
}
},
"closingTimestamp": 0,
"enactmentTimestamp": 0
}
}