This post was originally published on UMA

Mhairi McAlpine

Jul 14 · 3 min read

Week ending 9th July

UMA Raises $2.6 mm from Range Token Pilot

Risk Labs (the foundation supporting UMA) has minted the first ever Range Token backed by $UMA collateral. This inaugural range token was created to prove the concept and showcase the power of the primitive. $2.6mm worth of this token was sold to a small group of DeFi enthusiasts, this was increased from the intended sale of $1mm due to the level of interest received.

The range token financial primitive can be used by DAOs to borrow against and thereby diversify their treasuries. If you are a member of a DAO and would like to talk treasury diversification, please email [email protected], start a conversation in Discord, or DM us on twitter.

uDAO Minting and Distribution

Following on from the expiry of the June KPI options, UMA has announced its follow up programme, uDAO, which will be in effect from July 1st to September 30th and will pay out based on the number of DAO integrations (KPI Options; Call/Put Options, or Range Bonds) that UMA achieves in that time period in line with the strategic focus of the protocol. These tokens will pay out 50 $UMA tokens per integration, per 1,000 uDAO. For any integration that is funded with more than $5M USD worth of tokens, uDAO will pay out an additional 100 $UMA tokens.


uDAO tokens are available to be claimed by eligible SuperUMAns (list available on the #uDAO channel on our Discord) and can be claimed until 21st July.

UMA whitelisted on Bancor

UMA has now been whitelisted on Bancor. This whitelisting allows Bancor users to supply single sided liquidity for UMA tokens and enjoy protection from the impermanent loss usually suffered by liquidity providers through Bancor’s impermanent loss protection. There is currently 6.5K UMA space available in the Bancor pool.

And finally ….BanklessDAO collaborative community call

UMA hosted a collaborative call between members of the UMA and BanklessDAO communities to discuss the new financial contract templates that have been developed and how the two communities can work together in future followed by a short quiz for Bankless Members on our KPI Options Tokens and our SuperUMAn initiative.

The call was wide ranging, but there was significant interest in followups with particular interest in the potential for range tokens to diversify DAO treasuries and excitement about the power and possibilities of KPI options.

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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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