Week ending 25th June
Voter Dapp upgrade
Tokenholders who voted this week may have noticed a rather stylish upgrade to our Voter Dapp. More human readable information is provided about each vote including links to the relevant sources of information. If you are a tokenholder but have not yet participated in voting, head on over to our Voter Dapp to participate in governance votes and on price requests helping us to secure the assets through our oracle. Discussions take place in the #voting channel on our Discord.
In collaboration with YAM, the uPunks index is now launched and available. The uPUNKS synthetic asset provides exposure to the median price of all CryptoPunks sales over the set three month period. Anyone can gain exposure to the entire CryptoPunks market regardless of their budget and without needing to take on illiquidity risks using this synthetic uPunks is available on the recently redesigned YAM Synths platform together with other YAM/uLabs collaborations such as uGas, which allows users to hedge against and speculate on Ethereum gas prices, and uStonks, a synthetic stock index of the most popular stocks identified by r/wallstreetbets.
UMA’s participation in the Hack Money Hackathon update began in style with 22 teams wanting to build on UMA. A variety of proposals were received including an options liquidity market, mortgages for digital real estate and a Yield Volatility Oracle, with lots more exciting and innovative ideas covering everything from Chess to fractional satellite ownership. The launch of our new Long Short Pair (LSP) contract offers a variety of uses and implementations and we are excited to see what will come out of this hackathon and what developers will come up with.
A collaboration between the UMA and Harvest communities, saw members create fCash, a yield dollar based on the iFarm token. fCASH is a synthetic token created by the UMA and Harvest Finance partnership, making possible for iFARM holders to borrow yield dollars against their staked FARM tokens. The new token is created by leveraging the staked $FARM tokens for $USDC by using the fCASH+USDC incentivised pool created on Uniswap. An article by PVMihalache gives a full rundown of how fCash works, and what strategies it can be utilitised. There is a creativity competition running until 5th July with ten prizes of up to $1000 paid in Harvest and UMA tokens up for grabs.
Liquidity Mining 2.0
Kevin Chan from uLabs put forward an innovative method of liquidity mining that can be used to reward liquidity provision through the use of either call options or KPI options. Call options can be used to reward liquidity providers while reducing sell pressure on a weak market where the token price falls, but also allow farmers to participate in the upside should the price rise. KPI options can be used to incentivise behaviour, for example to collectively drive liquidity to the desired platforms. These methods of reward have the effect of preventing token dumping when the price falls, incentivises learning about the protocol and provides more rewards if the protocol performs well.
DIGG rebase mining Phase II
BadgerDAO has announced Phase II of its rebase mining strategy, build on UMA’s KPI options. The mechanism is essentially the same as in the first phase of the programme, where the volume of rewards are distributed based on the number of positive rebases DIGG experiences in a given 30 day span, with a minimum of 5 positive rebases. Starting on 1st July the rebase mining programme will continue monthly in perpetuity, with unlocked funds rolled over into the following 30 day span and additional incentives for holders. As rebase mining is no longer a 1-time event, users are given an opportunity to accumulate options event to event and increase their DIGG rewards.
UMA is always seeking uniquely qualified candidates. Come join us on our journey to making financial markets universally fair and accessible.
Below are our currently open roles with UMA:
Senior Software Engineer:
An engineer to work on our entire Ethereum-based web 3 stack
Smart Contract Engineer:
An engineer who’s expert in solidity and smart contracts
An engineer who can take internal and external products from ideation to mainnet (supporting external engineering teams to interact with our contracts and technology).