ICYMI #15

Week ending 21st May

UMA protocol is battle tested in Market TurmoilThe 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.

SuperUMAN UpdateUnphased 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 UpgradesThree 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 spaceA 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!

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As we continue to build and innovate, our need for talented people grows as well. Come join us on our journey to making financial markets universally fair and accessible. Below are our currently open roles:

Talent Acquisition Specialist:Growing our talented teamSenior Software Engineer:An engineer to work on our entire Ethereum-based web 3 stackSmart Contract Engineer:An engineer who’s expert in solidity and smart contractsLaunch Engineer:An engineer to take products from ideation to mainnetCommunications LeadA communications professional to tell our story and present our vision

Know someone who would be perfect for one of those roles?Why not refer them to us.

ICYMI #15 was originally published in UMA Project on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
05/24/2021 - 10:55
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.