Earlier today Oval conducted the first OEV capture on Ethereum mainnet. 🥚

The liquidations were triggered by a wstETH price update on a @MorphoLabs market.

Oval auctioned the OEV using Flashbots’ MEV-Share, within the same block as the update. OEV capture with no block delay is a symbolic milestone in the Oval pilot program.

This is the first time OEV has been captured on a live protocol on Ethereum.

It is a step towards capturing the hundreds of millions of dollars lost annually by lending protocols to OEV.

1/ Another drama is unfolding in the DAO ecosystem, this time involving @apecoin.

Here’s the lowdown on recent events surrounding the Bored Ape Yacht Club-linked DAO, and how oSnap could help. 🧵 2/ The ApeCoin DAO is a group made up of $APE tokenholders.

It launched off the back of Bored Ape Yacht Club’s roaring success in March 2022. Every Bored Ape holder received $APE in one of the most memorable airdrops of recent years.

1/ Calling all builders 📣

@ETHGlobal Waterloo is approaching, and we’re inviting hackers to join us at the event 🇨🇦 2/ ETHGlobal Waterloo is happening from June 23–25, and UMA is contributing a $10,000 prize to a pool worth $225,000.

After a great run of ETHGlobal events this season, we’ll once again be awarding prizes for the best projects built using UMA or @AcrossProtocol.

1/ oSnap has welcomed another DAO into the world of optimistic governance 🎉

Read on to learn how the UMA-powered solution is helping #PlusConnect’s +DAO embrace decentralization in Web3 🧵 2/ #PlusConnect is a Web3 initiative designed to help @PlusCompany_ network creatives enter the crypto space.

It launched with a @TheWebbyAwards-winning NFT project and is now starting +DAO alongside @0xPolygonLabs to fund innovative ideas and projects. Learn more below.

1/ When NFTs exploded into the mainstream in 2021, they onboarded millions of first-time crypto users.

While avatar JPEGs were all the rage deep in the reeds of crypto, plenty of other innovative use cases emerged. Read on to learn about a cool example we love 🧵 2/ As NFTs boomed, artists, brands, and sports teams rushed to find ways to leverage the technology to engage with their audiences.

Even creative agencies started launching their own NFT projects.

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…

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).

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.

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.

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).

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.

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.

1/ The Yield Dollar is live. 2/ A yield dollar is the result of a particular composition of UMA building blocks and results in fixed rate financing for lenders and borrowers.

There are many possible styles of yield dollar, and the first to launch is called yUSD-SEP20.

ETHBTC Synthetic Token is LIVE on Mainnet‼️ This is the first "priceless" synthetic token created using UMA's infrastructure.

You can now bet on ETH outperforming BTC—tokens are on Uniswap v2🦄.

Read on for details + why this is important for #DeFi ...
medium.com/uma-project/et… First, a warning: this is an experimental release. The code has been audited by @OpenZeppelin but this is a decentralized product that no one—including the core dev team—can control.

**Users should proceed with extreme caution**. This one is for the nerds (for now).

1/ Today we’re sharing a new DeFi financial contract designed to *minimize* oracle usage. This design allows for:

1. Priceless (no on-chain price feed!) ❌🔮
2. Multi-sponsor (pooled risk!) 🏊‍♂️🏊‍♀️
3. Synthetic tokens

More in thread 👇

medium.com/uma-project/pr… 2/ We believe that oracles are the single biggest problem facing DeFi today, as made clearly visible by recent events. We believe DeFi can be made safer by *minimizing oracle usage*.

We call this “priceless” contract design.

1/ Today we’re publishing a DRAFT research paper “BitDEX: Building a Decentralized BitMEX with Priceless Financial Contracts”

- No centralized operator
- Ensures solvency without an on-chain price feed (!!)
- Introduces “priceless financial contracts”

github.com/UMAprotocol/wh… … 2/ Priceless financial contracts—where no on-chain price feed is used—are the core innovation enabling BitDEX. This approach makes position data publicly available so anyone can audit—and dispute—positions that are undercollaterized.

Whoa @ETHBoston, what a weekend! So many amazing teams built killer #DeFi projects using UMA synthetics.

Want to hedge DAI breaking the peg? 🦢SwanDAI did that with a token.

Want to hedge your @compoundfinance rate risk? SUMA did that with a token.

More dets + highlights: The 🦢SwanDAI team won our $3k DAI bounty for most creative use of an UMA synthetic token. The project combined financial engineering + data science to create a token that pays off if DAI breaks its peg, providing DAI uses a useful form of insurance.

devpost.com/software/swand…