diff --git a/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_param.ts b/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_param.ts
index d945e1c82f..95ed7d6c89 100644
--- a/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_param.ts
+++ b/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_param.ts
@@ -18,8 +18,12 @@ export interface MarketParam {
    * For example if `Exponent == -5` then a `Value` of `1,000,000,000`
    * represents ``$10,000`. Therefore `10 ^ Exponent` represents the smallest
    * price step (in dollars) that can be recorded.
+   * 
+   * Deprecated since v7.1.x. This value is now determined from the marketmap.
    */
 
+  /** @deprecated */
+
   exponent: number;
   /**
    * The minimum number of exchanges that should be reporting a live price for
@@ -58,8 +62,12 @@ export interface MarketParamSDKType {
    * For example if `Exponent == -5` then a `Value` of `1,000,000,000`
    * represents ``$10,000`. Therefore `10 ^ Exponent` represents the smallest
    * price step (in dollars) that can be recorded.
+   * 
+   * Deprecated since v7.1.x. This value is now determined from the marketmap.
    */
 
+  /** @deprecated */
+
   exponent: number;
   /**
    * The minimum number of exchanges that should be reporting a live price for
diff --git a/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_price.ts b/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_price.ts
index e8cd1ae596..5320c2c801 100644
--- a/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_price.ts
+++ b/indexer/packages/v4-protos/src/codegen/dydxprotocol/prices/market_price.ts
@@ -8,6 +8,9 @@ export interface MarketPrice {
   /**
    * Static value. The exponent of the price. See the comment on the duplicate
    * MarketParam field for more information.
+   * 
+   * As of v7.1.x, this value is determined from the marketmap instead of
+   * needing to match the MarketParam field.
    */
 
   exponent: number;
@@ -26,6 +29,9 @@ export interface MarketPriceSDKType {
   /**
    * Static value. The exponent of the price. See the comment on the duplicate
    * MarketParam field for more information.
+   * 
+   * As of v7.1.x, this value is determined from the marketmap instead of
+   * needing to match the MarketParam field.
    */
 
   exponent: number;
diff --git a/proto/dydxprotocol/prices/market_param.proto b/proto/dydxprotocol/prices/market_param.proto
index 0ad48809bd..4b90b2877b 100644
--- a/proto/dydxprotocol/prices/market_param.proto
+++ b/proto/dydxprotocol/prices/market_param.proto
@@ -18,7 +18,9 @@ message MarketParam {
   // For example if `Exponent == -5` then a `Value` of `1,000,000,000`
   // represents ``$10,000`. Therefore `10 ^ Exponent` represents the smallest
   // price step (in dollars) that can be recorded.
-  sint32 exponent = 3;
+  //
+  // Deprecated since v7.1.x. This value is now determined from the marketmap.
+  sint32 exponent = 3 [ deprecated = true ];
 
   // The minimum number of exchanges that should be reporting a live price for
   // a price update to be considered valid.
diff --git a/proto/dydxprotocol/prices/market_price.proto b/proto/dydxprotocol/prices/market_price.proto
index acfd996750..a77078bc78 100644
--- a/proto/dydxprotocol/prices/market_price.proto
+++ b/proto/dydxprotocol/prices/market_price.proto
@@ -10,6 +10,9 @@ message MarketPrice {
 
   // Static value. The exponent of the price. See the comment on the duplicate
   // MarketParam field for more information.
+  //
+  // As of v7.1.x, this value is determined from the marketmap instead of
+  // needing to match the MarketParam field.
   sint32 exponent = 2;
 
   // The variable value that is updated by oracle price updates. `0` if it has
diff --git a/protocol/app/ante/market_update_test.go b/protocol/app/ante/market_update_test.go
index f7ca81c160..b1e3dc1460 100644
--- a/protocol/app/ante/market_update_test.go
+++ b/protocol/app/ante/market_update_test.go
@@ -1,10 +1,11 @@
 package ante_test
 
 import (
-	storetypes "cosmossdk.io/store/types"
 	"math/rand"
 	"testing"
 
+	storetypes "cosmossdk.io/store/types"
+
 	sdkmath "cosmossdk.io/math"
 	banktypes "github.com/cosmos/cosmos-sdk/x/bank/types"
 	"github.com/dydxprotocol/v4-chain/protocol/dtypes"
@@ -185,7 +186,7 @@ var (
 				Base:  "TESTING",
 				Quote: "USD",
 			},
-			Decimals:         1,
+			Decimals:         8,
 			MinProviderCount: 1,
 			Enabled:          false,
 			Metadata_JSON:    "",
@@ -199,7 +200,7 @@ var (
 				Base:  "TESTING",
 				Quote: "USD",
 			},
-			Decimals:         1,
+			Decimals:         8,
 			MinProviderCount: 1,
 			Enabled:          false,
 			Metadata_JSON:    "",
@@ -218,7 +219,7 @@ var (
 				Base:  "TESTING",
 				Quote: "USD",
 			},
-			Decimals:         1,
+			Decimals:         8,
 			MinProviderCount: 1,
 			Enabled:          true,
 			Metadata_JSON:    "",
@@ -237,7 +238,7 @@ var (
 				Base:  "TESTING",
 				Quote: "USD",
 			},
-			Decimals:         1,
+			Decimals:         8,
 			MinProviderCount: 1,
 			Enabled:          true,
 			Metadata_JSON:    "",
@@ -763,7 +764,7 @@ func TestValidateMarketUpdateDecorator_AnteHandle(t *testing.T) {
 						ctx,
 						mmtypes.Market{
 							Ticker: mmtypes.Ticker{
-								Decimals:     uint64(pair.market.Exponent),
+								Decimals:     uint64(pair.market.Exponent * -1),
 								Enabled:      false, // will be enabled later
 								CurrencyPair: cp,
 							},
diff --git a/protocol/mocks/PricesKeeper.go b/protocol/mocks/PricesKeeper.go
index f2e053b193..7eecd7edb1 100644
--- a/protocol/mocks/PricesKeeper.go
+++ b/protocol/mocks/PricesKeeper.go
@@ -150,6 +150,34 @@ func (_m *PricesKeeper) GetCurrencyPairFromID(ctx types.Context, id uint64) (pkg
 	return r0, r1
 }
 
+// GetExponent provides a mock function with given fields: ctx, ticker
+func (_m *PricesKeeper) GetExponent(ctx types.Context, ticker string) (int32, error) {
+	ret := _m.Called(ctx, ticker)
+
+	if len(ret) == 0 {
+		panic("no return value specified for GetExponent")
+	}
+
+	var r0 int32
+	var r1 error
+	if rf, ok := ret.Get(0).(func(types.Context, string) (int32, error)); ok {
+		return rf(ctx, ticker)
+	}
+	if rf, ok := ret.Get(0).(func(types.Context, string) int32); ok {
+		r0 = rf(ctx, ticker)
+	} else {
+		r0 = ret.Get(0).(int32)
+	}
+
+	if rf, ok := ret.Get(1).(func(types.Context, string) error); ok {
+		r1 = rf(ctx, ticker)
+	} else {
+		r1 = ret.Error(1)
+	}
+
+	return r0, r1
+}
+
 // GetIDForCurrencyPair provides a mock function with given fields: ctx, cp
 func (_m *PricesKeeper) GetIDForCurrencyPair(ctx types.Context, cp pkgtypes.CurrencyPair) (uint64, bool) {
 	ret := _m.Called(ctx, cp)
diff --git a/protocol/testing/e2e/gov/prices_test.go b/protocol/testing/e2e/gov/prices_test.go
index 89f2b996b8..f73996e6ed 100644
--- a/protocol/testing/e2e/gov/prices_test.go
+++ b/protocol/testing/e2e/gov/prices_test.go
@@ -67,20 +67,6 @@ func TestUpdateMarketParam(t *testing.T) {
 			},
 			expectedProposalStatus: govtypesv1.ProposalStatus_PROPOSAL_STATUS_FAILED,
 		},
-		"Failure: exponent is updated": {
-			msg: &pricestypes.MsgUpdateMarketParam{
-				Authority: lib.GovModuleAddress.String(),
-				MarketParam: pricestypes.MarketParam{
-					Id:                 MODIFIED_MARKET_PARAM.Id,
-					Pair:               MODIFIED_MARKET_PARAM.Pair,
-					Exponent:           MODIFIED_MARKET_PARAM.Exponent + 1, // update to exponent is not permitted.
-					MinExchanges:       MODIFIED_MARKET_PARAM.MinExchanges,
-					MinPriceChangePpm:  MODIFIED_MARKET_PARAM.MinPriceChangePpm,
-					ExchangeConfigJson: MODIFIED_MARKET_PARAM.ExchangeConfigJson,
-				},
-			},
-			expectedProposalStatus: govtypesv1.ProposalStatus_PROPOSAL_STATUS_FAILED,
-		},
 		"Failure: empty pair": {
 			msg: &pricestypes.MsgUpdateMarketParam{
 				Authority: lib.GovModuleAddress.String(),
diff --git a/protocol/testutil/app/order.go b/protocol/testutil/app/order.go
index 69cd7208f1..56a2096f8c 100644
--- a/protocol/testutil/app/order.go
+++ b/protocol/testutil/app/order.go
@@ -40,11 +40,17 @@ func MustMakeOrderFromHumanInput(
 	if !exists {
 		panic(fmt.Sprintf("marketParam does not exist: %v", perp.Params.MarketId))
 	}
-	marketPrice := pricestest.MustHumanPriceToMarketPrice(humanPrice, marketParams.Exponent)
+
+	exponent, err := app.PricesKeeper.GetExponent(ctx, marketParams.Pair)
+	if err != nil {
+		panic(err)
+	}
+
+	marketPrice := pricestest.MustHumanPriceToMarketPrice(humanPrice, exponent)
 	subticks := clobtypes.PriceToSubticks(
 		pricestypes.MarketPrice{
 			Price:    marketPrice,
-			Exponent: marketParams.Exponent,
+			Exponent: exponent,
 		},
 		clobPair,
 		perp.Params.AtomicResolution,
diff --git a/protocol/testutil/constants/genesis.go b/protocol/testutil/constants/genesis.go
index a33db9f187..2c6a3862f6 100644
--- a/protocol/testutil/constants/genesis.go
+++ b/protocol/testutil/constants/genesis.go
@@ -4002,7 +4002,7 @@ const GenesisState = `{
         },
         {
           "exchange_config_json": "{\"exchanges\":[{\"exchangeName\":\"Binance\",\"ticker\":\"\\\"LINKUSDT\\\"\"},{\"exchangeName\":\"BinanceUS\",\"ticker\":\"\\\"LINKUSD\\\"\"},{\"exchangeName\":\"CoinbasePro\",\"ticker\":\"LINK-USD\"},{\"exchangeName\":\"CryptoCom\",\"ticker\":\"LINK_USD\"},{\"exchangeName\":\"Huobi\",\"ticker\":\"linkusdt\"},{\"exchangeName\":\"Kraken\",\"ticker\":\"LINKUSD\"},{\"exchangeName\":\"Kucoin\",\"ticker\":\"LINK-USDT\"},{\"exchangeName\":\"Okx\",\"ticker\":\"LINK-USDT\"}]}",
-          "exponent": -8,
+          "exponent": -9,
           "id": 2,
           "min_exchanges": 1,
           "min_price_change_ppm": 2000,
@@ -4170,7 +4170,7 @@ const GenesisState = `{
         },
         {
           "exchange_config_json": "{\"exchanges\":[{\"exchangeName\":\"Binance\",\"ticker\":\"\\\"MKRUSDT\\\"\"},{\"exchangeName\":\"BinanceUS\",\"ticker\":\"\\\"MKRUSD\\\"\"},{\"exchangeName\":\"Bitfinex\",\"ticker\":\"tMKRUSD\"},{\"exchangeName\":\"CoinbasePro\",\"ticker\":\"MKR-USD\"},{\"exchangeName\":\"Gate\",\"ticker\":\"MKR_USDT\"},{\"exchangeName\":\"Huobi\",\"ticker\":\"mkrusdt\"},{\"exchangeName\":\"Kucoin\",\"ticker\":\"MKR-USDT\"},{\"exchangeName\":\"Okx\",\"ticker\":\"MKR-USDT\"}]}",
-          "exponent": -7,
+          "exponent": -6,
           "id": 23,
           "min_exchanges": 1,
           "min_price_change_ppm": 2000,
@@ -4186,7 +4186,7 @@ const GenesisState = `{
         },
         {
           "exchange_config_json": "{\"exchanges\":[{\"exchangeName\":\"Binance\",\"ticker\":\"\\\"XLMUSDT\\\"\"},{\"exchangeName\":\"BinanceUS\",\"ticker\":\"\\\"XLMUSD\\\"\"},{\"exchangeName\":\"Bitfinex\",\"ticker\":\"tXLMUSD\"},{\"exchangeName\":\"CoinbasePro\",\"ticker\":\"XLM-USD\"},{\"exchangeName\":\"Gate\",\"ticker\":\"XLM_USDT\"},{\"exchangeName\":\"Kraken\",\"ticker\":\"XXLMZUSD\"},{\"exchangeName\":\"Kucoin\",\"ticker\":\"XLM-USDT\"},{\"exchangeName\":\"Okx\",\"ticker\":\"XLM-USDT\"}]}",
-          "exponent": -11,
+          "exponent": -10,
           "id": 25,
           "min_exchanges": 1,
           "min_price_change_ppm": 2000,
@@ -4261,7 +4261,7 @@ const GenesisState = `{
           "price": 1500000000
         },
         {
-          "exponent": -8,
+          "exponent": -9,
           "id": 2,
           "price": 700000000
         },
@@ -4366,7 +4366,7 @@ const GenesisState = `{
           "price": 2200000000
         },
         {
-          "exponent": -7,
+          "exponent": -6,
           "id": 23,
           "price": 7100000000
         },
@@ -4376,7 +4376,7 @@ const GenesisState = `{
           "price": 7000000000
         },
         {
-          "exponent": -11,
+          "exponent": -10,
           "id": 25,
           "price": 10000000000
         },
diff --git a/protocol/x/prices/keeper/market.go b/protocol/x/prices/keeper/market.go
index 8a7fde8dd8..d5c76cc310 100644
--- a/protocol/x/prices/keeper/market.go
+++ b/protocol/x/prices/keeper/market.go
@@ -57,7 +57,7 @@ func (k Keeper) CreateMarket(
 		)
 	}
 	currencyPairStr := currencyPair.String()
-	_, err = k.MarketMapKeeper.GetMarket(ctx, currencyPairStr)
+	marketMapDetails, err := k.MarketMapKeeper.GetMarket(ctx, currencyPairStr)
 	if err != nil {
 		return types.MarketParam{}, errorsmod.Wrapf(
 			types.ErrTickerNotFoundInMarketMap,
@@ -65,6 +65,14 @@ func (k Keeper) CreateMarket(
 		)
 	}
 
+	// Check that the exponent of market price is the negation of the decimals value in the market map
+	if marketPrice.Exponent != int32(marketMapDetails.Ticker.Decimals)*-1 {
+		return types.MarketParam{}, errorsmod.Wrapf(
+			types.ErrInvalidMarketPriceExponent,
+			currencyPairStr,
+		)
+	}
+
 	paramBytes := k.cdc.MustMarshal(&marketParam)
 	priceBytes := k.cdc.MustMarshal(&marketPrice)
 
@@ -87,7 +95,8 @@ func (k Keeper) CreateMarket(
 				marketParam.Id,
 				marketParam.Pair,
 				marketParam.MinPriceChangePpm,
-				marketParam.Exponent,
+				// The exponent in market price is the source of truth, the exponent of the param is deprecated as of v7.1.x
+				marketPrice.Exponent,
 			),
 		),
 	)
@@ -111,6 +120,24 @@ func (k Keeper) CreateMarket(
 	return marketParam, nil
 }
 
+// Get the exponent for a market as the negation of the decimals value in the market map
+func (k Keeper) GetExponent(ctx sdk.Context, ticker string) (int32, error) {
+	currencyPair, err := slinky.MarketPairToCurrencyPair(ticker)
+	if err != nil {
+		k.Logger(ctx).Error("Could not convert market pair to currency pair", "error", err)
+		return 0, err
+	}
+
+	marketMapDetails, err := k.MarketMapKeeper.GetMarket(ctx, currencyPair.String())
+	if err != nil {
+		return 0, errorsmod.Wrapf(
+			types.ErrTickerNotFoundInMarketMap,
+			ticker,
+		)
+	}
+	return int32(marketMapDetails.Ticker.Decimals) * -1, nil
+}
+
 // GetAllMarketParamPrices returns a slice of MarketParam, MarketPrice tuples for all markets.
 func (k Keeper) GetAllMarketParamPrices(ctx sdk.Context) ([]types.MarketParamPrice, error) {
 	marketParams := k.GetAllMarketParams(ctx)
diff --git a/protocol/x/prices/keeper/market_param.go b/protocol/x/prices/keeper/market_param.go
index f0559bb75a..e62f92fc88 100644
--- a/protocol/x/prices/keeper/market_param.go
+++ b/protocol/x/prices/keeper/market_param.go
@@ -40,10 +40,6 @@ func (k Keeper) ModifyMarketParam(
 	}
 
 	// Validate update is permitted.
-	if updatedMarketParam.Exponent != existingParam.Exponent {
-		return types.MarketParam{},
-			errorsmod.Wrapf(types.ErrMarketExponentCannotBeUpdated, lib.UintToString(updatedMarketParam.Id))
-	}
 	for _, market := range k.GetAllMarketParams(ctx) {
 		if market.Pair == updatedMarketParam.Pair && market.Id != updatedMarketParam.Id {
 			return types.MarketParam{}, errorsmod.Wrapf(types.ErrMarketParamPairAlreadyExists, updatedMarketParam.Pair)
diff --git a/protocol/x/prices/keeper/market_test.go b/protocol/x/prices/keeper/market_test.go
index b5586fabc8..380803db28 100644
--- a/protocol/x/prices/keeper/market_test.go
+++ b/protocol/x/prices/keeper/market_test.go
@@ -110,13 +110,12 @@ func TestCreateMarket_Errors(t *testing.T) {
 	validExchangeConfigJson := `{"exchanges":[{"exchangeName":"Binance","ticker":"BTCUSDT"}]}`
 	tests := map[string]struct {
 		// Setup
-		pair                                              string
-		minExchanges                                      uint32
-		minPriceChangePpm                                 uint32
-		price                                             uint64
-		marketPriceIdDoesntMatchMarketParamId             bool
-		marketPriceExponentDoesntMatchMarketParamExponent bool
-		exchangeConfigJson                                string
+		pair                                  string
+		minExchanges                          uint32
+		minPriceChangePpm                     uint32
+		price                                 uint64
+		marketPriceIdDoesntMatchMarketParamId bool
+		exchangeConfigJson                    string
 		// Expected
 		expectedErr string
 	}{
@@ -163,18 +162,6 @@ func TestCreateMarket_Errors(t *testing.T) {
 				"market param id 1 does not match market price id 2",
 			).Error(),
 		},
-		"Market param and price exponents don't match": {
-			pair:              constants.BtcUsdPair,
-			minExchanges:      uint32(2),
-			minPriceChangePpm: uint32(50),
-			price:             constants.FiveBillion,
-			marketPriceExponentDoesntMatchMarketParamExponent: true,
-			exchangeConfigJson: validExchangeConfigJson,
-			expectedErr: errorsmod.Wrap(
-				types.ErrInvalidInput,
-				"market param 1 exponent -6 does not match market price 1 exponent -5",
-			).Error(),
-		},
 		"Pair already exists": {
 			pair:               "0-0",
 			minExchanges:       uint32(2),
@@ -201,9 +188,6 @@ func TestCreateMarket_Errors(t *testing.T) {
 			}
 
 			marketPriceExponentOffset := int32(0)
-			if tc.marketPriceExponentDoesntMatchMarketParamExponent {
-				marketPriceExponentOffset = int32(1)
-			}
 
 			_, err := keeper.CreateMarket(
 				ctx,
diff --git a/protocol/x/prices/keeper/msg_server_create_oracle_market.go b/protocol/x/prices/keeper/msg_server_create_oracle_market.go
index 837666916c..9c326340f0 100644
--- a/protocol/x/prices/keeper/msg_server_create_oracle_market.go
+++ b/protocol/x/prices/keeper/msg_server_create_oracle_market.go
@@ -44,12 +44,17 @@ func (k msgServer) CreateOracleMarket(
 
 	ctx := lib.UnwrapSDKContext(goCtx, types.ModuleName)
 
+	exponent, err := k.Keeper.GetExponent(ctx, msg.Params.Pair)
+	if err != nil {
+		return nil, err
+	}
+
 	// Use zero oracle price to create the new market.
 	// Note that valid oracle price updates cannot be zero (checked in MsgUpdateMarketPrices.ValidateBasic),
 	// so a zero oracle price indicates that the oracle price has never been updated.
 	zeroMarketPrice := types.MarketPrice{
 		Id:       msg.Params.Id,
-		Exponent: msg.Params.Exponent,
+		Exponent: exponent,
 		Price:    0,
 	}
 	if _, err = k.Keeper.CreateMarket(ctx, msg.Params, zeroMarketPrice); err != nil {
diff --git a/protocol/x/prices/keeper/msg_server_create_oracle_market_test.go b/protocol/x/prices/keeper/msg_server_create_oracle_market_test.go
index 86075a0efb..016e1c1e98 100644
--- a/protocol/x/prices/keeper/msg_server_create_oracle_market_test.go
+++ b/protocol/x/prices/keeper/msg_server_create_oracle_market_test.go
@@ -54,20 +54,16 @@ func TestCreateOracleMarket(t *testing.T) {
 				).Param,
 			},
 			expectedMarkets: []pricestypes.MarketParamPrice{},
-			expectedErr:     "Pair cannot be empty",
+			expectedErr:     "incorrectly formatted CurrencyPair",
 		},
-		"Failure: typo in exchange config json": {
+		"Failure: market not found in MarketMap": {
 			setup: func(t *testing.T, ctx sdk.Context, pricesKeeper *keeper.Keeper) {},
 			msg: &pricestypes.MsgCreateOracleMarket{
 				Authority: lib.GovModuleAddress.String(),
-				Params: pricestest.GenerateMarketParamPrice(
-					pricestest.WithPair("BTC-USD"),
-					pricestest.WithExponent(-8), // for both Param and Price
-					pricestest.WithExchangeConfigJson(`{"exchanges":[{"exchangeName":"Binance"""}]}`),
-				).Param,
+				Params:    testMarket1.Param,
 			},
+			expectedErr:     "Ticker not found in market map",
 			expectedMarkets: []pricestypes.MarketParamPrice{},
-			expectedErr:     "ExchangeConfigJson string is not valid",
 		},
 		"Failure: oracle market id already exists": {
 			setup: func(t *testing.T, ctx sdk.Context, pricesKeeper *keeper.Keeper) {
@@ -77,6 +73,14 @@ func TestCreateOracleMarket(t *testing.T) {
 					pricesKeeper,
 					[]pricestypes.MarketParamPrice{testMarket1},
 				)
+				keepertest.CreateMarketsInMarketMapFromParams(
+					t,
+					ctx,
+					pricesKeeper.MarketMapKeeper.(*marketmapkeeper.Keeper),
+					[]pricestypes.MarketParam{pricestest.GenerateMarketParamPrice(
+						pricestest.WithId(1), // same id as testMarket1
+					).Param},
+				)
 			},
 			msg: &pricestypes.MsgCreateOracleMarket{
 				Authority: lib.GovModuleAddress.String(),
diff --git a/protocol/x/prices/keeper/msg_server_update_market_param_test.go b/protocol/x/prices/keeper/msg_server_update_market_param_test.go
index b04959a7a6..3d11628cc1 100644
--- a/protocol/x/prices/keeper/msg_server_update_market_param_test.go
+++ b/protocol/x/prices/keeper/msg_server_update_market_param_test.go
@@ -108,20 +108,6 @@ func TestUpdateMarketParam(t *testing.T) {
 			},
 			expectedErr: "Invalid input",
 		},
-		"Failure: update market exponent": {
-			msg: &pricestypes.MsgUpdateMarketParam{
-				Authority: lib.GovModuleAddress.String(),
-				MarketParam: pricestypes.MarketParam{
-					Id:                 testMarketParam.Id,
-					Pair:               testMarketParam.Pair,
-					Exponent:           testMarketParam.Exponent + 1, // cannot be updated
-					MinExchanges:       testMarketParam.MinExchanges,
-					MinPriceChangePpm:  testMarketParam.MinPriceChangePpm,
-					ExchangeConfigJson: "{}",
-				},
-			},
-			expectedErr: "Market exponent cannot be updated",
-		},
 		"Failure: empty authority": {
 			msg: &pricestypes.MsgUpdateMarketParam{
 				Authority: "",
diff --git a/protocol/x/prices/module_test.go b/protocol/x/prices/module_test.go
index b5c8d0dfa4..bc24360462 100644
--- a/protocol/x/prices/module_test.go
+++ b/protocol/x/prices/module_test.go
@@ -142,14 +142,6 @@ func TestAppModuleBasic_ValidateGenesisErr(t *testing.T) {
 				`"exchangeConfigJson":"{}"}]}`,
 			expectedErr: "expected the same number of market prices and market params",
 		},
-		"Bad state: Invalid price": {
-			genesisJson: `{"market_params":[{"pair": "DENT-USD","minExchanges":1,"minPriceChangePpm":1,` +
-				`"exchangeConfigJson":"{}"}],"market_prices": [{"exponent":1,"price": "0"}]}`,
-			expectedErr: errorsmod.Wrap(
-				pricestypes.ErrInvalidInput,
-				"market param 0 exponent 0 does not match market price 0 exponent 1",
-			).Error(),
-		},
 	}
 	for name, tc := range tests {
 		t.Run(name, func(t *testing.T) {
diff --git a/protocol/x/prices/simulation/genesis.go b/protocol/x/prices/simulation/genesis.go
index 8e04899360..b29ea23bd0 100644
--- a/protocol/x/prices/simulation/genesis.go
+++ b/protocol/x/prices/simulation/genesis.go
@@ -5,6 +5,7 @@ package simulation
 import (
 	"fmt"
 	"math/rand"
+	"strings"
 
 	"github.com/cosmos/cosmos-sdk/types/module"
 	simtypes "github.com/cosmos/cosmos-sdk/types/simulation"
@@ -47,8 +48,10 @@ func genMarketExponent(r *rand.Rand, isReasonableGenesis bool) int {
 // genMarketName return randomized market name.
 func genMarketName(r *rand.Rand, existingMarketNames map[string]bool) string {
 	marketName := simtypes.RandStringOfLength(r, simtypes.RandIntBetween(r, 3, 6)) + "-USD"
+	marketName = strings.ToUpper(marketName)
 	for existingMarketNames[marketName] {
 		marketName = simtypes.RandStringOfLength(r, simtypes.RandIntBetween(r, 3, 6)) + "-USD"
+		marketName = strings.ToUpper(marketName)
 	}
 	return marketName
 }
diff --git a/protocol/x/prices/types/errors.go b/protocol/x/prices/types/errors.go
index a549fef86e..a1235e7f65 100644
--- a/protocol/x/prices/types/errors.go
+++ b/protocol/x/prices/types/errors.go
@@ -30,9 +30,14 @@ var (
 		206,
 		"Market pair conversion to currency pair failed",
 	)
-	ErrTickerNotFoundInMarketMap = errorsmod.Register(ModuleName, 207, "Ticker not found in market map")
-	ErrMarketCouldNotBeDisabled  = errorsmod.Register(ModuleName, 208, "Market could not be disabled")
-	ErrMarketCouldNotBeEnabled   = errorsmod.Register(ModuleName, 209, "Market could not be enabled")
+	ErrTickerNotFoundInMarketMap  = errorsmod.Register(ModuleName, 207, "Ticker not found in market map")
+	ErrMarketCouldNotBeDisabled   = errorsmod.Register(ModuleName, 208, "Market could not be disabled")
+	ErrMarketCouldNotBeEnabled    = errorsmod.Register(ModuleName, 209, "Market could not be enabled")
+	ErrInvalidMarketPriceExponent = errorsmod.Register(
+		ModuleName,
+		210,
+		"Market price exponent does not match the negation of the Decimals value in the market map",
+	)
 
 	// 300 - 399: Price related errors.
 	ErrIndexPriceNotAvailable = errorsmod.Register(ModuleName, 300, "Index price is not available")
diff --git a/protocol/x/prices/types/market_param.pb.go b/protocol/x/prices/types/market_param.pb.go
index 3be2180d28..4dbfd10c4f 100644
--- a/protocol/x/prices/types/market_param.pb.go
+++ b/protocol/x/prices/types/market_param.pb.go
@@ -35,7 +35,9 @@ type MarketParam struct {
 	// For example if `Exponent == -5` then a `Value` of `1,000,000,000`
 	// represents “$10,000`. Therefore `10 ^ Exponent` represents the smallest
 	// price step (in dollars) that can be recorded.
-	Exponent int32 `protobuf:"zigzag32,3,opt,name=exponent,proto3" json:"exponent,omitempty"`
+	//
+	// Deprecated since v7.1.x. This value is now determined from the marketmap.
+	Exponent int32 `protobuf:"zigzag32,3,opt,name=exponent,proto3" json:"exponent,omitempty"` // Deprecated: Do not use.
 	// The minimum number of exchanges that should be reporting a live price for
 	// a price update to be considered valid.
 	MinExchanges uint32 `protobuf:"varint,4,opt,name=min_exchanges,json=minExchanges,proto3" json:"min_exchanges,omitempty"`
@@ -94,6 +96,7 @@ func (m *MarketParam) GetPair() string {
 	return ""
 }
 
+// Deprecated: Do not use.
 func (m *MarketParam) GetExponent() int32 {
 	if m != nil {
 		return m.Exponent
@@ -131,25 +134,25 @@ func init() {
 }
 
 var fileDescriptor_39174a2dba54f799 = []byte{
-	// 284 bytes of a gzipped FileDescriptorProto
-	0x1f, 0x8b, 0x08, 0x00, 0x00, 0x00, 0x00, 0x00, 0x02, 0xff, 0x54, 0x90, 0x3f, 0x4b, 0xc4, 0x30,
-	0x1c, 0x86, 0x2f, 0xf5, 0x3c, 0x34, 0x7a, 0xc2, 0xc5, 0x1b, 0x82, 0x43, 0x28, 0x0a, 0xd2, 0xc5,
-	0x56, 0xd0, 0xc1, 0xd9, 0xc3, 0x45, 0x10, 0x4a, 0x47, 0x97, 0x90, 0x4b, 0x63, 0x1b, 0x35, 0x7f,
-	0x68, 0xa3, 0xf4, 0xbe, 0x85, 0x1f, 0xcb, 0xf1, 0x16, 0xc1, 0x51, 0xda, 0x2f, 0x22, 0xcd, 0xd1,
-	0x43, 0xb7, 0xe4, 0x7d, 0x1e, 0x7e, 0xbc, 0xbc, 0xf0, 0x3c, 0x5f, 0xe5, 0x8d, 0xad, 0x8c, 0x33,
-	0xdc, 0xbc, 0x26, 0xb6, 0x92, 0x5c, 0xd4, 0x89, 0x62, 0xd5, 0x8b, 0x70, 0xd4, 0xb2, 0x8a, 0xa9,
-	0xd8, 0x43, 0x74, 0xfc, 0xd7, 0x8b, 0x37, 0xde, 0xe9, 0x17, 0x80, 0x07, 0x0f, 0xde, 0x4d, 0x7b,
-	0x15, 0x1d, 0xc1, 0x40, 0xe6, 0x18, 0x84, 0x20, 0x9a, 0x66, 0x81, 0xcc, 0x11, 0x82, 0x63, 0xcb,
-	0x64, 0x85, 0x83, 0x10, 0x44, 0xfb, 0x99, 0x7f, 0xa3, 0x13, 0xb8, 0x27, 0x1a, 0x6b, 0xb4, 0xd0,
-	0x0e, 0xef, 0x84, 0x20, 0x9a, 0x65, 0xdb, 0x3f, 0x3a, 0x83, 0x53, 0x25, 0x35, 0x15, 0x0d, 0x2f,
-	0x99, 0x2e, 0x44, 0x8d, 0xc7, 0xfe, 0xd4, 0xa1, 0x92, 0xfa, 0x6e, 0xc8, 0x50, 0x02, 0xe7, 0xbd,
-	0xe4, 0x2b, 0xd0, 0x4d, 0x48, 0xad, 0x55, 0x78, 0xd7, 0xbb, 0x33, 0x25, 0x75, 0xda, 0xa3, 0x85,
-	0x27, 0xa9, 0x55, 0xe8, 0x12, 0xce, 0x87, 0x8b, 0x94, 0x1b, 0xfd, 0x24, 0x0b, 0xfa, 0x5c, 0x1b,
-	0x8d, 0x27, 0xbe, 0x15, 0x1a, 0xd8, 0xc2, 0xa3, 0xfb, 0xda, 0xe8, 0xdb, 0xec, 0xb3, 0x25, 0x60,
-	0xdd, 0x12, 0xf0, 0xd3, 0x12, 0xf0, 0xd1, 0x91, 0xd1, 0xba, 0x23, 0xa3, 0xef, 0x8e, 0x8c, 0x1e,
-	0x6f, 0x0a, 0xe9, 0xca, 0xb7, 0x65, 0xcc, 0x8d, 0x4a, 0xfe, 0x2d, 0xf7, 0x7e, 0x7d, 0xc1, 0x4b,
-	0x26, 0x75, 0xb2, 0x4d, 0x9a, 0x61, 0x4d, 0xb7, 0xb2, 0xa2, 0x5e, 0x4e, 0x3c, 0xb8, 0xfa, 0x0d,
-	0x00, 0x00, 0xff, 0xff, 0x98, 0x21, 0x4b, 0x29, 0x71, 0x01, 0x00, 0x00,
+	// 285 bytes of a gzipped FileDescriptorProto
+	0x1f, 0x8b, 0x08, 0x00, 0x00, 0x00, 0x00, 0x00, 0x02, 0xff, 0x54, 0x90, 0x4f, 0x4b, 0xc3, 0x30,
+	0x14, 0xc0, 0x97, 0x3a, 0x87, 0x46, 0x27, 0x2c, 0xee, 0x90, 0x53, 0x28, 0x0a, 0xd2, 0x8b, 0xad,
+	0xa0, 0x07, 0xcf, 0x1b, 0x5e, 0x04, 0xa1, 0xf4, 0xe8, 0x25, 0x64, 0x69, 0x6c, 0xa3, 0xe6, 0x0f,
+	0x6d, 0x94, 0xee, 0x5b, 0xf8, 0xb1, 0x3c, 0xee, 0xa8, 0x37, 0x69, 0xbf, 0x88, 0x34, 0xa3, 0x43,
+	0x6f, 0x8f, 0xdf, 0xef, 0xc7, 0xe3, 0xf1, 0xe0, 0x45, 0xbe, 0xce, 0x1b, 0x5b, 0x19, 0x67, 0xb8,
+	0x79, 0x4d, 0x6c, 0x25, 0xb9, 0xa8, 0x13, 0xc5, 0xaa, 0x17, 0xe1, 0xa8, 0x65, 0x15, 0x53, 0xb1,
+	0x97, 0xe8, 0xf4, 0x6f, 0x17, 0x6f, 0xbb, 0xb3, 0x6f, 0x00, 0x8f, 0x1e, 0x7c, 0x9b, 0xf6, 0x29,
+	0x3a, 0x81, 0x81, 0xcc, 0x31, 0x08, 0x41, 0x34, 0xcd, 0x02, 0x99, 0x23, 0x04, 0xc7, 0x96, 0xc9,
+	0x0a, 0x07, 0x21, 0x88, 0x0e, 0x33, 0x3f, 0x23, 0x02, 0x0f, 0x44, 0x63, 0x8d, 0x16, 0xda, 0xe1,
+	0xbd, 0x10, 0x44, 0xb3, 0x45, 0x80, 0x41, 0xb6, 0x63, 0xe8, 0x1c, 0x4e, 0x95, 0xd4, 0x54, 0x34,
+	0xbc, 0x64, 0xba, 0x10, 0x35, 0x1e, 0xfb, 0x75, 0xc7, 0x4a, 0xea, 0xbb, 0x81, 0xa1, 0x04, 0xce,
+	0xfb, 0xc8, 0x9f, 0x41, 0xb7, 0x90, 0x5a, 0xab, 0xf0, 0xbe, 0x6f, 0x67, 0x4a, 0xea, 0xb4, 0x57,
+	0x4b, 0x6f, 0x52, 0xab, 0xd0, 0x15, 0x9c, 0x0f, 0x1b, 0x29, 0x37, 0xfa, 0x49, 0x16, 0xf4, 0xb9,
+	0x36, 0x1a, 0x4f, 0xfc, 0x65, 0x68, 0x70, 0x4b, 0xaf, 0xee, 0x6b, 0xa3, 0x17, 0xd9, 0x67, 0x4b,
+	0xc0, 0xa6, 0x25, 0xe0, 0xa7, 0x25, 0xe0, 0xa3, 0x23, 0xa3, 0x4d, 0x47, 0x46, 0x5f, 0x1d, 0x19,
+	0x3d, 0xde, 0x16, 0xd2, 0x95, 0x6f, 0xab, 0x98, 0x1b, 0x95, 0xfc, 0xfb, 0xde, 0xfb, 0xcd, 0x25,
+	0x2f, 0x99, 0xd4, 0xc9, 0x8e, 0x34, 0xc3, 0x47, 0xdd, 0xda, 0x8a, 0x7a, 0x35, 0xf1, 0xe2, 0xfa,
+	0x37, 0x00, 0x00, 0xff, 0xff, 0x7c, 0xfb, 0xf1, 0xbc, 0x75, 0x01, 0x00, 0x00,
 }
 
 func (m *MarketParam) Marshal() (dAtA []byte, err error) {
diff --git a/protocol/x/prices/types/market_price.go b/protocol/x/prices/types/market_price.go
index c88e7192f4..e90a9a0cc7 100644
--- a/protocol/x/prices/types/market_price.go
+++ b/protocol/x/prices/types/market_price.go
@@ -14,15 +14,5 @@ func (mp *MarketPrice) ValidateFromParam(marketParam MarketParam) error {
 			mp.Id,
 		)
 	}
-	if marketParam.Exponent != mp.Exponent {
-		return errorsmod.Wrapf(
-			ErrInvalidInput,
-			"market param %d exponent %d does not match market price %d exponent %d",
-			marketParam.Id,
-			marketParam.Exponent,
-			mp.Id,
-			mp.Exponent,
-		)
-	}
 	return nil
 }
diff --git a/protocol/x/prices/types/market_price.pb.go b/protocol/x/prices/types/market_price.pb.go
index 9da0bdef89..a86b2f60ed 100644
--- a/protocol/x/prices/types/market_price.pb.go
+++ b/protocol/x/prices/types/market_price.pb.go
@@ -28,6 +28,9 @@ type MarketPrice struct {
 	Id uint32 `protobuf:"varint,1,opt,name=id,proto3" json:"id,omitempty"`
 	// Static value. The exponent of the price. See the comment on the duplicate
 	// MarketParam field for more information.
+	//
+	// As of v7.1.x, this value is determined from the marketmap instead of
+	// needing to match the MarketParam field.
 	Exponent int32 `protobuf:"zigzag32,2,opt,name=exponent,proto3" json:"exponent,omitempty"`
 	// The variable value that is updated by oracle price updates. `0` if it has
 	// never been updated, `>0` otherwise.
diff --git a/protocol/x/prices/types/types.go b/protocol/x/prices/types/types.go
index ba32185e93..1940a39ae6 100644
--- a/protocol/x/prices/types/types.go
+++ b/protocol/x/prices/types/types.go
@@ -31,6 +31,7 @@ type PricesKeeper interface {
 	GetAllMarketParams(ctx sdk.Context) (marketParams []MarketParam)
 	GetMarketPrice(ctx sdk.Context, id uint32) (marketPrice MarketPrice, err error)
 	GetAllMarketPrices(ctx sdk.Context) (marketPrices []MarketPrice)
+	GetExponent(ctx sdk.Context, ticker string) (exponent int32, err error)
 	HasAuthority(authority string) bool
 
 	// Validation related.