Back in September of 2019, the Maker Foundation published a blog post introducing the Oracle V2 architecture that would launch alongside Multi-Collateral Dai and recommending a series of governance proposals.

These proposals were published in the Maker Forum for review by the MKR Governance community as well as discussed on the Governance Calls on September 5th and September 12th.

MKR Governance subsequently ratified the proposals through a sequence of Polling Votes (1, 2, 3, 4).

As a result of these proposals, MKR Governance gained several new capabilities, including:

Proposal Summary

The Oracle Team, in accordance with its responsibilities outlined in the Oracle Team Mandate, is proposing the creation of a BTC/USD Oracle. With the DeFi ecosystem's rapid innovation and expansion into tokenized Bitcoin (WBTC, tBTC, RenBTC) and synthetic Bitcoin derivatives, there is significant demand for a BTC/USD Oracle.

Furthermore, should this proposal be accepted, Set Protocol and dYdX will be added to the whitelist as the initial set of customers for the BTCUSD Oracle.

Oracle Type: BTCUSD

Oracle Address: 0xe0F30cb149fAADC7247E953746Be9BbBB6B5751f

Customers: Set Protocol, dYdX


0xbf63446ecF3341e04c6569b226a57860B188edBc (Set Protocol)

0x538038E526517680735568f9C5342c6E68bbDA12 (dYdX)

Date of Proposed Inclusion: 2020-04-17

Fee: In accordance with the Responsible Oracle Migration Proposal, fees are waived for the first year.

Data Models

Data Models describe the data sources and transformations for calculating the canonical price of an asset.


BTC/USD Data Model

|    Source     |  Asset Pair   |Quorum | Feed Model  | Oracle Model |
| :------------ | :------------ | :---: | :---------: | :----------: |
|   Binance     |    BTC/USDT   |   13  |    Median   |    Median    |
|   BitFinex    |    BTC/USDT   |
|   Bitstamp    |    BTC/USD    |
|   Coinbase    |    BTC/USD    |
|   Gemini      |    BTC/USD    |
|   Kraken      |    BTC/USD    |
|   Upbit       |    BTC/KRW    | 

Supporting Data Model(s)