Proposal for adding pairs in Money On Chain Decentralized Oracles (OMOC)

MOC Improvement Proposals
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Introduction

The proposal contemplates adding the USD/COP, USD/ARS, and RIF/USD pairs to the decentralized oracle protocol, giving the option to protocols that need to use these pairs.

Proposal details

This proposal has as its initial objective the incorporation of USD/COP, USD/ARS pairs to the Money on Chain Decentralized Oracle Protocol (OMOC). These pairs will provide an oracle solution to protocols that require them such as Flipmoney, a new protocol running over the Rootstock network, which chose Money On Chain Decentralized Oracles to report prices, opening new opportunities for MOC Holders.

It is important to note that, if the proposal is approved, the decentralized Oracles for Flipmoney will be the same Money On Chain oracles that will publish more prices. This means that the MOC node operators themselves will publish the price of the pairs needed by Flipmoney, with the latter paying back to the Oracles Node operators.

Benefits for the MOC Holders Community

  1. Ecosystem expansion: The addition of new peers attracts projects that need these prices, increasing the adoption of the OMOC protocol. MOC tokens will be required to pay back oracles, which increases their demand.
  2. New revenue opportunities: Node operators will be able to subscribe to these new pairs and provide pricing data, earning additional revenue through incentives deposited by projects, which will also be received in MOC tokens.
  3. Zero cost for the protocol and optional for OMOC Node Operators: The addition of these pairs does not generate additional costs for the decentralized oracle protocol nor for the Money on Chain protocol, representing an efficient and cost-effective solution to expand the functionality of the protocol. For OMOC Node Operators, it is optional to subscribe to the new price pairs.

Incentives

Projects that choose to adopt and support these pairs will be able to deposit the MOC token as an incentive in the contract corresponding to each pair, every month.

Node Operators

Operators may choose to subscribe to these new pairs and contribute to the price feed, receiving revenues provided by the protocols.

Adding Procedure

To add these pairs, new currency pair contracts must be deployed and make a change to the protocol registry. This requires community approval of the proposal through the governance process and a voting process.

Implementation details

  • Proposed Pairs: USD/COP, USD/ARS.
  • Additional Pairs: RIF/USD. The RIF/USD pair will be enabled in the implementation so that the Rif On Chain protocol can opt to use decentralized oracles in the future.

Technical procedure to aggregate the pairs

:warning: Warning: some technical/coding knowledge is necessary to fully understand this document.

In order to add these pairs, the new coinpair contracts must be deployed.

The proxy contracts of the new coinpair end up pointing to the implementation that is already shared with the current productive coinpair, ergo the logic does not change and the contracts do not require a new audit.

Then a change in the protocol registry is necessary to add these pairs.
For this it will be necessary to run a contract change that must go through the voting process.

The contracts of the new coin pairs would be:

Name Pair Type Address¹
CoinPairPrice RIF/USD Proxy 0xaFb1B8…B727A4
CoinPairPrice RIF/USD Implementation 0x486324…A6e963
CoinPairPriceFree RIF/USD Proxy 0x800B58…b2b076
CoinPairPriceFree RIF/USD Implementation 0xE1C220…02DAE2
CoinPairPrice USD/ARS Proxy 0x44E100…F04393
CoinPairPrice USD/ARS Implementation 0x486324…A6e963
CoinPairPriceFree USD/ARS Proxy 0x214222…d091BD
CoinPairPriceFree USD/ARS Implementation 0xE1C220…02DAE2
CoinPairPrice USD/COP Proxy 0xdD711A…8f166b
CoinPairPrice USD/COP Implementation 0x486324…A6e963
CoinPairPriceFree USD/COP Proxy 0xD3872f…96786e
CoinPairPriceFree USD/COP Implementation 0xE1C220…02DAE2

¹ The contract address links point to the verified codes in the RSK explorer.

The changer contract to vote would be:

Name Address¹
OracleManagerPairChangeListWL 0x6a2519…006bFf

¹ The contract address links point to the verified codes in the RSK explorer.

3 Likes
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Muy buena propuesta!

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:mega: Call to MOC holders: This proposal is being voted on. How to vote Tutorial.

:mega: Llamado a los MOC holders: Esta propuesta se está votando. Tutorial de cómo votar.

4

:mega: The voting process is over:

  • 27.73% of the MOC tokens total supply participated in the vote.
  • 100% of the participants voted in favor.
  • No one voted against the proposal.
  • The change was successfully implemented