Build with UMA at ETHNewYork
At UMA, we’ve been heads down building tools that we think could fundamentally change how value is managed and exchanged, but we can’t come up with all the great ideas alone!
We’re at ETHNewYork and will be awarding $3,500 to the project most likely to bring the next 100 ETH into DeFi.
UMA provides smart contract templates (and soon an oracle!) that allow you to create ERC-20 tokens that track the price of any price feed.
The first token on mainnet launched using our protocol was “USStocks”, an ERC20 token representing synthetic ownership of an index of the 500 largest exchange-listed US stocks. This means that anybody with access to the internet and digital money can participate in the US stock market.
Our smart contract template can be used to create tokens that track anything — from the price of gold to the number of tickets sold during the opening weekend of Avengers Endgame!
Here are some ideas to get you started:
Financial dashboards:
📈 Financial dashboards, both in crypto and traditional finance, can be overwhelming. How can we provide a better experience going forward?
New (testnet/locally only!) products:
🎟 We’d love to see some creative financial products (testnet/locally only, please!):
- Build a token that tracks other real-world assets, like roundtrip airplane ticket prices for SFO → JFK
- Build a token that tracks the BTC hash rate — or any other sort of on-chain metadata
- Build a token that tracks the overcollateralization ratios of Maker CDPs
- Our UMA smart contract templates currently support ETH and ERC-20 tokens. What if someone could use BTC instead?
- Anything else you can imagine!
Better onboarding:
💵 The current onboarding process for someone to begin trading tokens created with UMA smart contracts (“Tokens”) is typically:
- Fiat → BTC or ETH
- BTC or ETH → DAI
- DAI → Token
What if someone could go straight from Fiat → Token?
These are just a few ideas to get you started, and we’re excited to see what gets built. Feel free to come chat with us at the event. We’re more than happy to answer any questions!
