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Week ending 20th March 2021
UMA tokens can now be used to purchase call options and as loan collateral in a yield dollar product. Forex trading is expanded with the addition of an expiring Chinese Yuan synthetic. Reflexer Labs announces the winner of its bounty competition for a testnet RAI redemption rate, and the winner of the Defi Socks competition is announced.
Call Options Now Available on SushiSwap
After initially setting out how Call Options can be used on UMA in Part 1, uLabs have now published the second part which explains in more detail the mechanism behind the options and announced that 1 million UMA call option tokens have been minted with a $35 strike price and April 30th, 2021 expiry. These call option tokens are all pooled with UMA tokens on SushiSwap and anybody is free to buy them if they want leveraged, limited downside exposure on UMA. UMA token holders can also mint and sell these call option tokens to earn income.
RAI Bounty Awarded
The RAI Bounty from Reflexer Labs, to build a synthetic asset tracking the Kovan RAI redemption rate movements using UMA has now been awarded. There were thirteen entrants, and three final submissions. The bounty was awarded to ashutoshvarma. Full details are available on github and the Kovan testnet implementation is now available, with a mainnet implementation to follow.
Defi Socks winner
We have a worthy winner of our latest competition, where we asked twitter users to describe UMA in a single tweet. Congratulations to Macauley Peterson, who is now the proud owner of the Defi Socks
A new platform for foreign currency exchange, uForex, was launched this week, initially offering trading in USD/EUR and USD/CNY pairs. This expands the range of forex trading available on UMA, following the launch of jarvis.exchange a few weeks ago which offered USD, EUR, CHF and GBP stablecoin pairs.
And finally….UMAnji
The Yield Dollar, backed by eth or btc, has long been a staple of UMA, however now a yield dollar can be minted using UMA tokens themselves as collateral. UMAnji, from Machina Labs, facilitates users to leverage their UMA tokens to mint a synthetic token which expires to exactly $1 at the end of the year. A full user guide is available and Machina Labs are offering liquidity incentives in UMA, for providing liquidity on Uniswap.
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In Case You Missed It #6 was originally published in UMA Project on Medium, where people are continuing the conversation by highlighting and responding to this story.
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