ICYMI #23
Week ending 16th July
UMA’s Range Tokens cause a stir
UMA launched its range token product last month, as a solution to the issue of treasury management. The range token is a new financial primitive which allows DAOs to raise funds by borrowing against their treasury without risk of liquidation while giving investors both a guaranteed yield and the opportunity of upside.
UMA has now proved the concept by minting the first Range Token collateralised in UMA, to raise $2.6m, increased from a proposed $1m due to investor interest, demonstrating not only the robustness of the product, but the investor confidence and demand for these products. Ears pricked up across the defi community with both Open Defi and the Defiant offering their thoughts on this new financial primitive.
Sushi considers Range Tokens
The Range Token proposal could not have come at a better time for Sushi, who were exploring how to attract strategic investors and diversify their treasury. An initial proposal for the Sushi team, led to a fascinating and wide ranging discussion over the relationship between defi communities and venture capital.
The potential that UMA’s range token offered to raise funds in a defi native manner was quickly grasped by the community, leading to an invite to present the Range Token on the Sushi community call.
UMA Launches Success Tokens
Following on from feedback received from Defi investors and their desire to have a stake in Defi protocol rather than merely yield from investing in them, UMA presented the Success Token — a synthetic asset which bundles a token together with an embedded call option.
This design enables investors to have both enhanced exposure, while allowing the protocol to only sell its tokens at a later date if the price rallies above a certain point, aligning the interests of the investor in the growth of the protocol with the protcol’s need for strategic investment at a time when they believe their token is under-valued.
UMAverse Goes Live
To allow more visibility of the range of products built on UMA, our front end team have created UMAverse, which lists products built on the UMA protocol financial contract infrastructure together with their key metrics.
Each product has its own page with detailed information and allows users to mint tokens, manage their positions and trade the tokens directly from the interface.
and finally …preparations for the uDAO launch are underway
uDAO is a KPI options token that is designed to incentivise our community of SuperUMAns to inform DAOs about our treasury management solutions and explain how they work, the advantages of raising finance in a defi native manner and working with their community to inform the DAO of what solutions may best assist them achieve their aims.
If you would like to join the SuperUMAns and participate in the uDAO incentive programme, sign up on our Discord.
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UMA is always seeking uniquely qualified candidates. Come join us on our journey to making financial markets universally fair and accessible.
Below are our currently open roles with UMA:
Senior Software Engineer:
An engineer to work on our entire Ethereum-based web 3 stack
Smart Contract Engineer:
An engineer who’s expert in solidity and smart contracts
Launch Engineer:
An engineer who can take internal and external products from ideation to mainnet (supporting external engineering teams to interact with our contracts and technology).
