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Sep 27 • 9 tweets • 4 min read
1/9 We had an outstanding cohort of @UMAprotocol projects at #ETHOnline2022.

Creative, thoughtful, and useful products that really stretched the limits of the optimistic oracle—and opened up whole new DeFi categories. Let's take a look at the submissions! 👇
2/9 Mirror IP uses the optimistic oracle to create NFT IP rights derivatives, and to ensure that the holder of the IP derivative is following terms of use set by the NFT's owner.

It is an impressive way to enforce IP rights & responsibilities on-chain.

ethglobal.com/showcase/mirro…
3/9 Park 3 Hyperstructure brings the state of the real world on-chain by letting users make claims (with evidence) that can be disputed with the OO.

By inverting the pattern from asking questions to making statements they opened a new oracle design space!
ethglobal.com/showcase/park-…
4/9 Bounty Granter uses the optimistic oracle to evaluate feature completion and settle disputes for DAO grants.

By putting a neutral third party in charge of payouts, DAOs and their contributors can interact with less risk of getting rugged for both.

ethglobal.com/showcase/bount…
5/9 Proof-of-Loyalty uses the optimistic oracle to check that social media profiles are not bot accounts built just to farm airdrops.

We'd love to see more research in this area, where the OO is used to evaluate publicly verifiable user characteristics.

ethglobal.com/showcase/proof…
6/9 OnRamp Quest takes users on an educational Ethereum journey and their final mission is to use the optimistic oracle to verify that they tweeted about their experience, upgrading their NFT!

(Bonus: They wrote a custom contract for oracle assertions.)

ethglobal.com/showcase/onram…
7/9 aidDAO uses the optimistic oracle to evaluate aid opportunities during global crises and emergencies.

We would love to see the ideas here cross-pollinate with the grant evaluation and payout concepts shown in Bounty Granter.

ethglobal.com/showcase/aidda…
8/9 And our top prize winner is 🥁

decentraList, which uses the optimistic oracle to build verified, customizable, on-chain lists of addresses based on behavior.

This is an incredibly flexible, powerful, and composable tool for the next wave of web3.
ethglobal.com/showcase/decen…
9/9 Congratulations to everyone who created something new with UMA! The design space of an optimistic oracle is still being plotted, and we look forward to uncovering more of it with you at the next hackathon in Bogota.

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More from @UMAprotocol

UMA Profile picture
Sep 26
1/4 Join UMA in Bogota Oct 7–9 as part of @ETHGlobal's ETHBogota conference and hackathon.

medium.com/uma-project/cr…
2/4 As part of the hackathon, we'll be awarding USD$8K in prizes to hackers who come up with the best use cases with UMA's optimistic oracle (OO).
3/4 In this Medium post you'll find:

✅ Docs to get started with UMA’s OO
✅ A few specific ideas that could be built at ETHBogota and beyond
✅ A video introductory workshop by UMAn @jdshutt focused on building with the OO.
Read 4 tweets
UMA Profile picture
Mar 15
1/ Retweet this to plant a tree.

🌳

This is actually real. Read this thread to understand how it works 👇
2/ This works because Risk Labs created an ERC20 token calibrated to pay out $1 each to @TheGivingBlock on behalf of @onetreeplanted for each retweet this tweet thread gets.

It’s not just “a promise to pay.”

It’s a trustless and unstoppable contract that WILL pay.
3/ $10,000 have been locked by the Risk Labs foundation in a smart contract on @0xPolygon.

Who can unlock those funds depends on the number of RTs on the first tweet.

If we reach 10,000 RTs, then @TheGivingBlock can unlock them all and @onetreeplanted will receive them.
Read 15 tweets
UMA Profile picture
Mar 15
1/ At the start of the year, Risk Labs transferred 35mm $UMA to the UMA DAO, putting these funds directly under the control of UMA tokenholders.

Details of how to access these funds are now available on Medium: medium.com/uma-project/um…
2/ These $UMA are in the governor contract of the UMA DAO. They can only be sent elsewhere by a vote.

Anyone can make an on-chain UMIP proposal to access funding. It requires a proposer bond of 5K $UMA, which is returned in the event of a successful proposal.
3/ This bond is a significant investment and potential risk.

Risk Labs is therefore prepared to front the bond, taking on the risk for proposals, but only after proposals have passed a soft consensus process.
Read 11 tweets
UMA Profile picture
Mar 16, 2021
1/ A new use case for UMA went live today today: call options.

There is now a call option pool for $UMA with $1.25M in liquidity.

This first thread will focus on traders. A subsequent thread will cover how this impacts the wider DeFi industry.

medium.com/uma-project/um…
2/ This call option token for $UMA expires on April 30th, 2021 for $35.

A call option gives the buyer the right, but not the obligation, to buy an asset at a specified price (strike) and a specific time period (expiry).
3/ At this time, you can buy 780 call options for $1000.

If at expiry on April 30th the $UMA token is worth $40, then your profit will be ($40-$35) * 780 - $1000 = $2900.

This allows for leveraged speculation.
Read 6 tweets
UMA Profile picture
Feb 11, 2021
1/ UMA has created a novel community incentivization mechanism for protocols and DeFi platforms called “KPI Options.”

UMA will be the first to use this mechanism to grow our own community with an airdrop of up to 2M $UMA (current market value of ~$60M.)

medium.com/uma-project/um…
2/ KPI options are synthetic tokens that will pay out more rewards if the KPI grows to predetermined targets before a given expiry date.

Every KPI option holder has an incentive to grow that KPI because their option will be worth more.
3/ This aligns individual token holder interests with the collective interests of the protocol.

UMA would like to increase TVL. To do this we are airdropping options that could be worth up to 20 $UMA if the TVL target of $2 billion is hit by June 30th, 2021.
Read 7 tweets
UMA Profile picture
Nov 30, 2020
1/ uLABS has launched uGAS, a synthetic gas derivative. It can be used as a hedge for natural users of Ethereum gas or as a speculative instrument.

medium.com/uma-project/ul…
2/ This product differs from others on the market, such as the Gas Token and the Chi Gas Token. It is similar to futures in traditional finance, such as crude oil, gold, or Fed Funds.
3/ The token is called uGAS-JAN21. It will expire on February 1st, 2021, and at expiry will settle to the 30-day median Ethereum gas price for the month of January.
Read 5 tweets

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