Week ending 26th Feb
Another busy month for the UMA team is nearly at the end, with several exciting launches and more in the works.
Contract Upgrade and Expansion
Upgrades to our new Expiring Multiparty Contracts (EMP), Data Verification Mechanism(DVM) and Optimistic Oracle are now approved by UMA governance and live on mainnet. The much awaited perpetual contract is now also live, meaning that UMA can now support synthetic assets that do not expire and are executed pricelessly.
Teams interested in using our perpetual can reach out to us for more information about what is required to launch a perp. In the coming weeks, UMA will be conducting some experiments to validate the perpetual mechanism on mainnet. Until those experiments are complete, this contract should be considered experimental.
Badger Shows off its $CLAWS
Over at Badger, our little furry friends are turning humble yield farming into industrial agriculture with their new $CLAWS product, a stablecoin with the potential to harvest UMA, xSushi, bDIGG, and bBadger from minting $CLAWS, as well as collecting trading fees from providing liquidity. In total, CLAWS Sett vaults have nearly 10 sources of income — making it a diversified basket of passive incomes unto itself!
KPI Option Expansion
UMA caused quite a stir with its announcement of KPI options a few weeks ago, since then we’ve had a number of approaches from teams wanting to use our model to build KPI options of their own. UMA’s mission is to make financial markets universally accessible, and we are happy to work with any teams who would like to introduce these for their own project. More info is available on YouTube. If this is something that your project would like to participate in, reach out to us on our discord.
An Outsider’s View of our UMIP process
UMA improvement proposals (UMIPs) are how UMA governs its infrastructure, allowing new collateral types and price identifiers to be used on our protocol. OpenDAO has been working overtime to improve and extend our capabilities and have published a review of their experiences. UMIPs can be a bit daunting to start, but we are always happy to help new developers through the process. Reach out to us on our Discord and follow UMIPS as they progress through our governance process on Discourse.
Compound APR Synth
One of our community developers who has already been through the UMIP process to develop price identifiers, has created a synth which allows you to speculate on interest rates on the Compound platform, resolving to the average borrowing rate for March. The platform is still in its Alpha phase, but there are hints of NFTs for early birds. You heard it here first!
One of the first products that UMA built to demonstrate the power of our protocol was the Yield Dollar, a stablecoin backed by either Eth or wBTC. With UMABills, its had quite the makeover with a sleek design, making it easier mint, redeem and track your exposure, as well as provide liquidity on Balancer.
Reflexer’s “RAI” is a non pegged stable asset that is minted against ETH. RAI’s redemption rate that changes according to market forces. They are offering a $2k bounty (paid in Eth) to a developer who can create an UMA synth to track the redemption rate.
There are some vacancies available within the UMA team for a Tech Evangelist and a Solidity Developer. RabbitHole are also looking for a developer who has a familiarity with UMA products. If you have some experience with UMA and are looking for opportunities (…..or if you want the opportunities to find you!), post up on the talent board over on our Discourse.
and finally ….Decentralised Structured Products
If you thought our KPI options were cool, this is just going to blow your mind. Over in our uLab, our financial scientists have been experimenting with Dual Currency Products and Principal Protected Products as a way to gain passive yield or gain conservative upside exposure. Want to help us make this happen? Join the UMA Discord or reach out to us directly. We welcome everybody to the UMA community and would love to hear your thoughts!
Whew….that was long.
Good thing that ICYM will be moving to weekly from next week!
Join us in Discord and start building!
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