Help to build the DeFi products of tomorrow at HackMoney
Tl;dr: Join UMA and hundreds of hackers May 6–27 at HackMoney. As part of the virtual hackathon, UMA will be awarding $8000 in prizes to those who build the best uses with the optimistic oracle (OO). Review this article for OO seed ideas and join UMA senior engineer John Shutt on Thursday, May 5 for a hands-on virtual workshop focused on building with the OO.
Want to play a role in building the future of finance?
Join UMA and many others May 6th-27th for HackMoney 2022.
The all-virtual event will include more than 800 hackers competing for more than $300,000 in prizes across nine days of hacking and one day of judging.
HackMoney provides a chance to make your mark on the DeFi ecosystem alongside developers and creatives from around the world.
Don’t miss this chance to build and develop your bright idea using UMA’s optimistic oracle at ETHGlobal’s biggest DeFi hackathon. UMA senior engineer John Shutt shares some details about the OO and HackMoney in this video.
What is UMA?
UMA is an optimistic oracle (OO) that can provide and verify any arbitrary data on-chain.
Today, data from UMA secures markets and smart contracts across Web3, expanding the developer design space. The OO tells smart contracts “things about the world” so they can enforce real-world payout conditions.
UMA’s OO provides human-powered data dispute resolution between smart contracts. The OO has been called a “truth machine.”
Anyone can earn a reward by proposing answers to a data request, and that’s the lifeblood of the protocol. Proposed data will not be scrutinized unless it is disputed, and disputes are rare. That’s what makes our oracle optimistic.
Across and Polymarket represent two key use cases for the OO.
Let us teach you how to build using the OO during HackMoney
To get a better understanding of how UMA’s OO works and to unlock its unlimited potential, John Shutt will be presenting an online workshop on Thursday May, 5 at 11:30am PDT, focused on getting started with an OO such as UMA’s. A recording of the workshop will be available to hackers to check out to help them through the competition.
The workshop will provide users a clear, hands-on understanding of how to get started with using UMA’s OO in their applications.
Join the hackathon and earn prizes
As part of the hackathon, UMA will be awarding $8,000 in total prizes to teams that build the most interesting use cases with UMA’s OO.
The best use case for the optimistic oracle will win $5000, and $3000 will be awarded to the runner up. The winners could also be eligible to receive a further grant if you continue building using UMA.
The hackathon project submission deadline is Tuesday, May 24 at 3pm PDT, and judging takes place Wednesday, May 25 with winners announced on Friday, May 27.
The opportunities for the OO are limitless
Here are some idea seeds to inspire creative thinking with the OO ahead of the hackathon:
- Use the OO to build a zero-slippage gas-less optimistic decentralized exchange, in which assets can be swapped within a smart contract based on orders posted publicly by users, but bundled and executed on-chain by relayers.
- Protocol owned liquidity has become the next big area for DeFi to try and solve. Come up with your own POL service that uses UMA’s financial contracts. You can use the standard Success Token or create your own payout ”Olympus Pro”.
- Cross chain validation applied to a lending protocol. Design a system that uses the OO to allow your assets that are deposited on one chain to be used as collateral on another chain. For example, one deposits 10 ETH on Ethereum and uses that to borrow $1000 on Optimism where the OO verifies and secures the transaction.
Tell us more about what you want to build via Twitter or join us on Discord and keep an eye on UMA’s Twitter for more details during the hackathon, and we’ll see you there, virtually.
