Summary
The objective of this proposal is to migrate from the current TWAP-based NTRN oracle implementation to a standard Pyth price feed.
Motivation
Currently the NTRN price feed is calculated as follows:
NTRN/USD = NTRN/ATOM (TWAP) * ATOM/USD (Pyth)
Where:
- NTRN/ATOM uses a 30 minute geometric mean TWAP from the NTRN/ATOM XYK pool on Astroport.
- ATOM/USD is the ATOM Pyth price feed.
Since the NTRN feed is now available from Pyth, we propose to migrate to a standard Pyth feed as follows:
NTRN/USD = NTRN/USD (Pyth)
This migration has the following advantages:
- It’s simpler, as it doesn’t require a custom price feed composed of a TWAP and a Pyth feed.
- It’s potentially more robust, as now the price incorporates information from many sources, including several CEXes, while previously it only depended on the Astroport XYK pool.
- It helps with standardization, as most of Mars prices are standard Pyth price feeds.
Risks
As stated before, we believe this migration potentially improves the robustness of the feed. However, if anything negative were to happen specifically to the NTRN/USD Pyth price feed, such as bugs or manipulation, the protocol could be exposed to negative outcomes.
Implementation
This is a signaling proposal, not an executable proposal.
The Mars smart contracts on the Neutron chains are currently controlled by the Builder Multisig address. If this proposal passes, the builders will utilize their multisig to make the necessary parameter changes.
Copyright
Copyright and related rights waived via CC0.
Disclaimers/Disclosures
This proposal is being made by Delphi Labs Ltd., a British Virgin Islands limited company. Delphi Labs engages in incubation, investment, research and development relevant to multiple ecosystems and protocols, including the Mars Protocol. Delphi Labs and certain of its service providers and equity holders own MARS tokens and have financial interests related to this proposal. Additionally, Delphi Labs is one of several entities associated with one another under the “Delphi Digital” brand. Delphi Digital’s associated entities and/or equityholders or service providers of such entities may hold MARS and may have financial interests related to this proposal. All such entities, service providers, equity holders and other related persons may also have financial interests in complementary or competing projects or ecosystems, entities or tokens, including Neutron/NTRN, Cosmos/ATOM and PYTH. These statements are intended to disclose relevant facts and to help identify potential conflicts of interest, and should not be misconstrued as a complete description of all relevant interests or conflicts of interests; nor should they be construed as a recommendation to purchase or acquire any token or security.
This proposal is also subject to and qualified by the Mars Disclaimers/Disclosures. Delphi Labs may lack access to all relevant facts or may have failed to give appropriate weighting to available facts. Delphi Labs is not making any representation, warranty or guarantee regarding the accuracy or completeness of the statements herein, and Delphi Labs shall have no liability in the event of losses or damages ensuing from approval or rejection or other handling of the proposal. Each user and voter should undertake their own research and make their own independent interpretation and analysis of all relevant facts and issues to arrive at their own personal determinations of how to vote on the proposal.