Umee allows users to lend and borrow a wide variety of assets across chains in a trustless manner. Adding more assets introduces more risk to the protocol, so it is important that anyone who wishes to propose a new asset on Umee has reviewed the asset risk documentation and is prepared to acknowledge:
The increased risk of insolvency that comes along with listing a new asset;
Centralized asset risk;
Magnified risks associated with collateral assets;
Anyone can submit a new asset listing request through Umee's governance forum.
Before proposing a new asset to be listed on Umee, it's incredibly important to research the asset and have a strong understanding of how it works, why it can be considered safe, and how it will benefit Umee users.
Community members should be able to answer all of the basic questions found in the "New Asset Listing Template" before moving on to step 2.
On the topic dropdown, select "New Asset Listing Request."
Reference the "New Asset Listing Template," to format and share your New Asset Listing Request as a thread. Do your best to include as many important details as possible - the community can help with things like Risk Analysis and Security Considerations if needed.
After the thread has been created, add an off-chain poll by opening the thread and selecting "Create poll." In most cases, the poll can be titled "Temperature Check" with "Yes" and "No" as options to gauge sentiment.
After the poll has been added, select the dropdown and choose "Edit stage." Choose "Drafted: Pre-Voting" to indicate that the proposal has been created and has yet to be submitted on-chain.
Engage With the Community
Once the drafted proposal has been shared on Commonwealth, the author should:
Encourage key community members (well respected contributors, validators, large stakers, etc.) to share their questions, concerns and/or constructive criticism.
Spread the word to bring attention to the proposal. Use tools like Twitter, Discord, Telegram, and Reddit to alert the community.
If the community’s feedback and the off-chain poll demonstrate clear support for the new asset listing request, the Umee Team will assist the community to performing an in-depth risk assessment and create a risk score for the asset in question.
A proper risk analysis will score the asset based off of things like smart-contract risk, counterparty risk, and overall risk with accompanying research-backed explanations.
3) Submit the Proposal On-Chain
Once a proper risk analysis has been conducted and all feedback has been taken into consideration, the governance proposal should be submitted on-chain.
Please note that a 10,000 UMEE deposit is required for all on-chain governance proposals and is fully refundable as long as the according proposalreaches the quorum and is not deemed malicious and therefore vetoed. The full amount does not need to come from the proposer but from any supporters who are willing to give support.
Creating an On-Chain Proposal
Select the New thread button and choose "New On-Chain Proposal" from the dropdown.
Select "Text Proposal" from the dropdown.
Use the "New Asset Listing Template" to title and describe the governance proposal. Be sure to include a link to the proposal draft discussion.
Complete the 10,000,000,000 uumee (10,000 UMEE) deposit to submit the proposal on-chain.