usdc, $1 dai, $1 @umaprotocol, "Priceless" (contracts)
the ether
Joined May 2015
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has anyone built rDai, but for yield farming?
ie - a way to automatically send yield returns to a separate address from the original farmer
don't trust emails from me. there is no reason for me to ever ask any of you for money, and i am not a free giver of $UMA either lol.
is there a world where the price of $ETH completely tanks (think black thursday), but gas prices remain persistently elevated? why would that happen?
$UMA yield farmers: only a few hours left to roll your yUSD-SEP20 tokens to yUSD-OCT20. If you don't, any yUSD-SEP20 you have converts into a fixed amount of ETH and is locked until the DVM resolves the price. Keep earning and roll! medium.com/uma-project/umas-…
the SEP/OCT roll has officially flippened!
yUSD-SEP20 will only be eligible for liquidity mining rewards until 11p UTC tmr. 🧑🌾 remember to roll to the October contract.
@UMAprotocol is hiring across eng and non-eng! Drop me a DM if you are interested in the following & let's chat:
- people operations lead
- UI engineer
- generalist software engineer
- tech evangelist
- product/strategy lead
oh god, am i an eth boomer already?
The reason ETH boomers are pissed at #DeFi degens is because they've been through all this already and don't want to do it again.
But alas, some people are much better at learning from their own mistakes (smart) than learning from the mistakes of others (wise).
does anyone remember grin? just sayin'... be careful out there
coinmarketcap.com/currencies…
as gas prices continue to increase, feeling pretty grateful that @UMAprotocol's DVM has only had to push 4 prices to the blockchain so far for $20m TVL - 1 for testing, 2 for settlement, and 1 for a real dispute 🥳
anyone out there have experience with or as a "chief of staff" for a crypto project? let's talk. angel.co/company/uma-project…
hint hint: USDETH and USDBTC price identifiers, when combined with our synthetic tokenization mechanism would enable ETH and BTC-collateralized fixed rate loans.
Two UMIP drafts have been added to the repo and are ready for $UMA token holder comments.
github.com/UMAprotocol/UMIPs…
github.com/UMAprotocol/UMIPs…
Together, they will add ETHUSD, USDETH, BTCUSD, and USDBTC as price identifiers. After comments, they will be submitted for a vote.
WDYT of altcoin projects (not snx) creating synthetic markets by collateralizing them with their own altcoin?
you know why cancel culture is important? because congress is a joke. yes, we should vote. but the immediate power we have to affect change is to 1) vote with our consumer dollars, and 2) vote with our social capital. both of these represent our individual sovereignty.
comp mining is going to go on for 4 years. there is 406M Dai supply vs 384M borrows --> only 22M dai in the actual pool.
do ppl realize that if they need liquidity on cDai they might not be able to get it?
if $COMP decided to direct a portion of liquidity mining rewards to something super useful but totally unrelated to Compound itself - say, provably (idk how to prove, but hypothetically) onboarding normies into ETH - what would happen?
DeFi composability: boon & curse.
synthetics w/Dai collateral can see weird things happen if Dai>>$1. ex: each yCOMP token is redeemable for 1 Dai * COMPUSD at expiry. If Dai=$1.2 at expiry, then this really means $1.2*COMPUSD. you could see yCOMP > $COMP pre-expiry as a result
Liquidity mining incentives are powerful.
So powerful that they can cause exogenous shocks to other protocols.
Is @MakerDAO up next?
Props to @cyounessi1 for being ahead of the curve here.
forum.makerdao.com/t/upcomin…
finance 🤓 - time to do some yield math!
Market is currently 1.15 yCOMP-AUG20 for 1 $COMP. This means that you’d earn 15% “yield” by owning yCOMP vs. real $COMP over 37d until expiry. If this were consistently available over a year, this would annualize to a 297% return.
a nerdy basis trade: if you believe FTX funding will remain negative (ie more shorts than longs), you could long comp-perp, short yCOMP, and profit the funding rate diff (currently 0.017%*24*37-15% = 136%). 🚨 this is very risky and capital intensive. not investment advice.