Build with UMA Synthetic Tokens at ETHBoston
UMA’s been hard at work trying to make synthetic asset creation available to all — whether you’re a native developer familiar with using the command line or a college student tinkering with the newest wave of decentralized finance tools.
To do this, we’re releasing a beta UMA Synthetic Token Builder for ETHBoston hackathoners at tokenbuilder.umaproject.org (note you MUST set Metamask to use Rinkeby testnet). In 5 minutes or less, you can go from just owning DAI to owning tokens that track anything with an on-chain price feed. To help you get started, UMA has curated 10 price feeds available in the Synthetic Token Builder.
For more details on the Synthetic Token Builder, please check out (and feel free to comment on) our public FAQ here. You can also check out the main contract for the synthetic tokens in our Github.
Prize:
We’ll be at ETHBoston and will be awarding $3,000 to the most creative use of custom tokens that are created with UMA’s Synthetic Token Builder. What does this mean?
Think of UMA’s Synthetic Token Builder as a box that creates tokens that can be used for any variety of things. We have a few ideas of how you can use the tokens, but we’re also soliciting ideas from you, the hackers at ETHBoston!
Starter Ideas:
Here are a few ideas we think are cool, but we want to see what kinds of creative projects and applications you can plug a Synthetic Token into:
- Create a token that tracks the price of CNY in DAI and use it to power a China-focused wallet.
- Get levered short exposure to TSLA by creating tokens that track the price of TSLA and then selling them on a DEX! (You just have to find someone willing to go long TSLA… )
- Create a version of PoolTogether that pays the performance of the S&P 500, rather than interest on DAI.
If you want to go one step further, you can modify the parameters of the Synthetic Token Builder’s smart contract to create other kinds of Synthetic Tokens:
- Create a token that tracks the S&P 500 and Compound’s interest on DAI. By making the token’s margin currency cDAI instead of DAI, you can get yield-enhanced exposure to the S&P 500.
- Create tokens that track the borrowing interest rate of DAI on Compound to help borrowers hedge their interest rate risk.
Get started at tokenbuilder.umaproject.org and please remember you MUST set Metamask to use Rinkeby testnet.
Contact Us:
We’ll be at ETHBoston in person (come find us!), and you can also ask us questions on our Slack.
UMA is a decentralized financial contracts platform built to enable Universal Market Access. Use UMA’s self-enforcing contract design patterns and provably honest oracle mechanism to create your own financial products using standards like ERC20.
Read our whitepaper or reach out on Twitter.
