Week ending 21st May
UMA protocol is battle tested in Market Turmoil
The past week has been a testing time for everyone involved in crypto., seeing the largest market dip since the UMA protocol went live on mainnet. Our bots worked overtime to make sure that all token sponsor positions were correctly collateralised, and that no-one was incorrectly liquidated. We had a number of disputes from Thursday’s price action, requiring the support of the DVM to resolve, concluding on Saturday.
Overall, UMA stood up well given challenging market conditions with large fluctuations and substantial drops in the market price of many of our collateral currencies, unfortunately some positions were liquidated, however all outstanding synths are now fully backed in excess of their collateral requirement, although we would caution everyone to check their positions in case of further market fluctuations.
Unphased by temporary turmoil, the SuperUMANs go from strength to strengh. This week, they held an AMA call with Hart, as well as an exploratory call with the 88MPH community to explain KPI Options and how they can be used to build their community and protocol.
Our weekly vLog, was also presented by two of our community stars, Ap0ll0517 and Poopster, talking about the SuperUMANs phenomenon and the latest community campaigns.
PreLaunch Contract Upgrades
Three new contracts to extend the functionality of the UMA system have been proposed by PreLaunch Finance, a self-referencing synthetic asset platform which enables the creation of decentralised, fully collateralised markets for assets which have not yet been launched, such as pre-ICO tokens.
These tokens will have a variable expiration date, based on when the underlying asset launches, while price identification is determined by open market participation, settling to the real market price at expiry.
And finally …UMA launches into space
A developer has utilised the new ancillary data structure available in UMA contracts to construct a price identifier, as a first step towards building a synthetic asset which tracks rocket launches by to evaluate the success rate of the rocket launches made by SpaceX.
UMA to da moon!