uPUNKS, CryptoPunks and Punk Fiction
uPUNKS is now live on Yam Synths!
Mint and earn UMA and YAM rewards or hedge your existing CryptoPunk NFT exposure at the top of a button.
Minters and liquidity providers are earning as much as 617% APR at the time of writing.
Yam Synths is an accessible platform allowing anyone to easily benefit from the near infinite possibilities created by synthetic assets.
uPUNKS is the first in a series of NFT-focused synthetic assets providing real value and opportunities to the community, giving exposure to the entire CryptoPunks NFT market.
But what are CryptoPunk NFTs and how can everyone benefit with uPUNKS?
Read on to learn more, plus a special announcement on Punk Fiction, our community’s first NFT drop!
What are NFTs?
NFTs are Non-Fungible Tokens, crypto assets with a unique identity authenticated by the Ethereum blockchain. They have huge implications for a huge range of industries, providing immutable proof of authenticity.
Art and collectables is just the beginning.
What are CryptoPunks?
CryptoPunks are widely recognized as one of the earliest NFT projects with a passionate community of collectors and investors. There are 10,000 unique 24x24 pixel portraits. Each punk has a body type of differing rarities. Aliens are the scarcest, with a population of just nine. Apes are second (twenty-four), and zombies third (eighty-eight). Besides type, punks can also showcase a number of different attributes including beanie hats, hoodies, beards, earrings, vapes, and much more. The varying scarcity, desirability, and combination of multiple attributes can contribute to each individual punk’s price. Currently the floor price (cheapest) punk is $30,000, while the highest sale went for $11.7M.
What is uPUNKS?
uPUNKS is a synthetic asset providing exposure to the median price of all CryptoPunks sales over the set three month period. Anyone can gain exposure to the entire CryptoPunks market regardless of their budget and without needing to take on illiquidity risks.
Here’s what you can do:
- Mint uPUNKS to gain exposure to the CryptoPunks market.
- Provide liquidity in the Yam Synths AMM (automated market maker), to earn UMA and Yam rewards.
- Mint and sell to open a short position. When the median CryptoPunk price falls, you will be able to purchase $uPUNKS and close your position for less, profiting the difference.
CryptoPunk NFT holders can hedge their existing exposure by opening a short $uPUNKS position.
Get started at https://synths.yam.xyz
To celebrate uPUNKS and the CryptoPunks community we’re thrilled to announce the first Museum of Fine Yams NFT drop, Punk Fiction!
Yam DAO is a community of artists, art collectors and NFT lovers exploring not only synthetic assets but also be a powerful creative force.
The Museum Fine Yams showcases the best of the Yam DAO community, while also providing a platform for artists to share their work.
Punk Fiction aims to pay homage to CryptoPunks while moving in a completely new direction.
Punk Fiction will be an exclusive drop, so make sure to join the Discord for the latest information on the drop and metaverse events.
To everyone in the Yam DAO and NFT communities.
Artist or NFT lover? Join the DAO today to get involved in upcoming drops and play an active role in developing synthetic assets!
uPUNKS has been a collaboration between Yam DAO and UMA Protocol, and thanks to our partnership with Crypto.com 10 million people will be able to access synthetic Crypto Punk exposure at the tap of a button!
Don’t forget to try out uPUNKS on Yam Synths, you never know, there may be surprise drops!