Fast track eIP #31: Move WBTC oracle to an explicit WBTC Chainlink Oracle
Fast-track EIP #31 - move WBTC to an explicit Wrapped Bitcoin Chainlink oracle Author(s): river0x, building on Millie & EIP #30
Related Discussions: https://discord.com/channels/742749441697513632/780943855155413034/1045366205176881252, https://forum.euler.finance/t/rfc-change-susd-pricing-oracle-to-chainlink/480/19, https://forum.euler.finance/t/eip-30-upgrading-to-chainlink-oracles-for-several-markets/495/2
Submission Date: 24/11/22
Simple Summary: Move the WBTC oracle to a WBTC-ETH with the aim of promoting more accurate pricing of the asset. The current oracle prices wBTC as BTC, which does not reflect the risk of wBTC trading at some other price (as sometimes happens with derivative assets).
Abstract: At the moment, the protocol prices WBTC as BTC. This is incorrect, and should be updated. Indeed, an existing eIP (28) already touched on this issue but given the current situation I propose the DAO updates this contract sooner. This is solely out of an abundance of caution and this eIP stands to mitigate a risk solely presented to Euler at this time.
Motivation: This will update the protocol to price WBTC as WBTC, as opposed to its current configuration. While this requires some work and overriding of an existing structure, it costs the DAO little to nothing to be cautious here and so I suggest we move forward with this update.
Specification & Implementation: The oracle has already been deployed. If this proposal passes, the WBTC oracle on Euler will be updated to this price oracle. Given the time sensitivity of this issue, I proposed to the DAO that we make this vote a 24h vote and received 19 votes in favour of this and 0 against this petition. I am submitting this snapshot vote now. If passed, The Euler Foundation will execute this EIP and WBTC on Euler will be priced as WBTC, as opposed to BTC. Please note, this does not affect any other asset in EIP 30. All other assets will still be subject to the existing voting period & will be implemented (or otherwise) based on that outcome.
Voting: Yes - move WBTC to the explicit WBTC Chainlink oracle. This is to be implemented by the 3PM EST, on the 25th of November. This is because it is a fast-track vote that has been approved and discussed as per the DAO.
No - leave the WBTC oracle as is.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x1A18...2B8B16 | 385,913 | Yes, by 3PM EST 25th Nov 22 |
 0x66cD...B765F9 | 12,923 | Yes, by 3PM EST 25th Nov 22 |
 0x276E...96C3c1 | 10,028 | Yes, by 3PM EST 25th Nov 22 |
 0x6C32...0f3B2a | 5,000 | Yes, by 3PM EST 25th Nov 22 |
 0x8727...716C38 | 2,775 | Yes, by 3PM EST 25th Nov 22 |
VOTE POWER
Proposal Status
- Thu November 24 2022, 08:25 pmVoting Period Starts
- Wed November 30 2022, 08:25 pmEnd Voting Period
Current Results
1-Yes, by 3PM EST 25th Nov 22
427,086.496