SIP-215: Add Ukrainian Hrvnia Synth

Simple Summary

Add a new long Ukrainian Hrvnia (UAH) synths.

Abstract

Ukraine is in the global spotlight since the Russian invasion on 2022-02-24. Tens of millions of dollars-worth of relief poured into the country within the first week, along with broad support and military supplies. Much of the financial inflows were done with crypto, specifically BTC and ETH as other financial networks floundered or were delayed. This event presented a groundbreaking use-case for crypto as a means to distribute wealth globally and during a crisis. Crypto access is still limited however to a segment of the population. There is an opportunity to make a more meaningful impact if war-time aid in the form of crypto assets can be easily converted to the native currency to make use of the existing financial framework.

Motivation

Adding a UAH synth could bring further volume to the Synthetix protocol, allowing UAH to enter the decentralized exchange market, while facilitating the conversion of cryptocurrency denominated humanitarian aid into fungible fiat.

Rationale

Crypto is still difficult for the average citizens (in this case Ukrainian citizens) to make use of for the purchase of staple goods & services. The infrastructure for exchanging crypto for physical goods is not widely established nor evenly distributed. The Ukrainian crisis presents a unique opportunity: there is currently a flood of crypto inflows, stuck in a bottleneck of limited crypto adoption. Bridging crypto to fiat in Ukraine would have high-visibility on a global stage. The example set would make a compelling argument to add crypto to the list of global settlement currencies.

Specification

The Chainlink Oracle could be used as a price feed for UAH. payments.

Copyright

Copyright and related rights waived via CC0.