Title: Fast-track EIP #31 - move WBTC to an explicit Wrapped Bitcoin Chainlink oracle
Author(s): river0x, building on Millie
Related Discussions: Discord, [RFC] Change sUSD pricing Oracle to Chainlink - #19 by Millie, eIP 30: Upgrading to ChainLink Oracles for several Markets - #2 by Millie
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 (30) 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: Define what a “yes” and “no” vote entails. If there are any Snapshot votes or forum polls associated with this proposal, please attach them.
Yes - move WBTC to the explicit WBTC Chainlink oracle.
No - leave the WBTC oracle as is.