Build with UMA at HackMoney
UMA is proud to stay connected to the crypto and DeFi communities by sponsoring ETHGlobal’s HackMoney. Despite not being able to be physically present at a hackathon, the UMA team is excited to see the cool ideas that hackers come up with and help make them a reality.
To that end, we’re sponsoring two bounties that ask hackers to build on “priceless synthetic tokens”, a design for synthetic tokens that we released a few weeks ago.
Priceless synthetic tokens are synthetic tokens that don’t require an on-chain price feed. Rather, they have liquidation and dispute mechanisms to incentivize counterparties to properly collateralize their positions. Unless a position is liquidated, it is assumed to be solvent (properly collateralized). Oracles are only used when a liquidation is disputed — which is designed to be rare. Check out this blog post to learn more and read more documentation here.
Now that we’ve laid out a design for these synthetic tokens, we’re excited to see what kinds of projects you can build on top of them.
Prizes
We’re sponsoring ETHGlobal’s HackMoney and will be offering the following prizes:
$1,000 to the most interesting interface for priceless synthetic tokens. Here are a few examples to get you started:
- Build a dApp that allows token sponsors to easily create synthetic tokens.
- Build a monitoring dashboard for anyone to monitor the health of a priceless synthetic token.
$1,000 to the best way of incentivizing or providing liquidity for priceless synthetic tokens. Here are a few examples to get you started:
- Build a liquidator or dispute bot to ensure that priceless synthetic tokens remain solvent.
- Build an arb bot that trades synthetic tokens against real-world hedges.
- Use rDAI as a collateral currency to incentivize liquidity for synthetic token sponsors and holders by allocating interest to different counterparties.
Technical Resources
To get started, make sure you understand how priceless synthetic tokens work. Here are a few resources to get you started:
- Documentation: Explaining the concepts behind priceless synthetic tokens
- Tutorial: How to create your own priceless synthetic tokens on testnet
- UMA Github
- Deployed Contracts: A list of deployed contracts on Kovan representing different testnet priceless synthetic tokens.
If you need help deploying contracts to support your project, please contact us via our Slack or the HackMoney Discord.
