This post was originally published on UMA

Mhairi McAlpine

Jul 8 · 3 min read

Week ending 2nd July

UMA’s KPI Options are ready to be redeemed

When UMA launched its novel “KPI option” contract back in April, where an airdrop was given for uTVL tokens which were exchangable for UMA on 30th June at a rate determined by the total value locked in the protocol at that time, it was designed as a method of incentivising and mobilising our community to help us achieve our goals. Despite market turmoil, the options expired above the minimum at 0.11 UMA and the SuperUMAn community goes from strength to strength. The options are now redeemable through the Claims Dapp and a retrospective of this novel experiment is well worth a read, especially for teams that may wish to introduce their own KPI options.

Defi safety report

The evaluation team Defi Safety have now produced their report on UMA, awarding a pretty impressive 100% to the code and team — a testimony to the high quality of work that our engineers undertake. Security (90%), Testing (85%) and Documentation (81%) also scored highly, however we welcome the team highlighting that the documentation on our access controls (59%) requires some improvement. If you’d like to help us improve our documentation, we have an open position for a technical writer and if you know someone who would be perfect for the role, but just needs a little push, why not recommend them to us through our talent referral programme.

Cross Chain Transfers and Swaps


There has been some chat in our discord about how the optimistic oracle can be used to speed up atomic swaps between chains. On a related note, one of our engineers has also been looking at how we can facilitate quicker swaps between mainnet, L2 and sidechains and has written an brief overview of how UMA can be used to power secure, non-custodial, and superfast cross-chain transactions, including token transfers and swaps,

And finally…lots and lots of expiring contracts

Many of UMA’s tokens run on a quarterly basis, so the end of June saw a flurry of optimistic settlement proposals sent to our oracle. As well as our own uTVL KPI option, UMA, UNI, BAL and xSushi call options, uStonks, uGas, BTCDOM and the yield dollars for BTC and ETH also expired. All settlements were proposed optimistically, and no disputes were received, indicating the robustness and efficiency of our oracle.

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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
Launch Engineer:
An engineer who can take internal and external products from ideation to mainnet (supporting external engineering teams to interact with our contracts and technology).

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