(DEPRECATED) Proposal to Whitelist UMA and 250k BNT Co-Invest

UMA Whitelist

This proposal is due to appear on Snapshot on 3rd May, 12:00 pm UTC. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

TL;DR

  • Proposal to Whitelist UMA.
  • Proposed Co-Investment of 250k BNT
  • There are no apparent security concerns that would prohibit whitelisting.
  • UMA has collaborated with the Bancor before and with recent eyes from their community on Bancor with call options now is a great time to introduce UMA into the Bancor roster.

Token Address : 0x04fa0d235c4abf4bcf4787af4cf447de572ef828

Website : umaproject.org

Token Security

In getting this proposal together the UMA community member and team helped to answer all the Technical Questions required under the whitelisting requirements.

The UMA V1 Token is the only UMA token at the moment and the team has stated they have no plans or need to upgrade the token. Only the token holders can burn their tokens and it is not possible for any other account including the owners and admins to burn tokens. The UMA Token is not an Elastic/Rebase tokens nor does it apply transfer fees. Token transfers are permission-less.

UMA’s Issuance is 0.05% of the total supply per vote, more details can be found here :Mainnet Deployment Information | UMA Docs

Supply is 60,211,351 of 102,222,442 with the biggest individual wallet (besides protocol contracts) only holding around 6% and a whopping 13,000 Holders.

Project

UMA is open-source infrastructure for deploying and enforcing synthetic assets on Ethereum. UMA enables developers to quickly and easily build synthetic tokens that track the price of anything.

UMA enables developers to create synthetic assets via two core components:

UMA offers a wide range of synths swell as call options and oracle solutions.

Community and Communication

Twitter : https://twitter.com/UMAprotocol
Github : UMA · GitHub
LinkedInn : https://www.linkedin.com/company/umaproject
Discord : UMA

The Guys from UMA can also be found in the bancor call-options chat in discord and or their own discord server. They are really eager to work together and are really good about answering any questions should anyone have any extra concerns. We also have a few members here in the forums swell so any other questions can be dropped here swell.

Available Audits

OpenZeppelin Audited UMA’s contracts, more details can be found here : UMA Audit – Phase 1 – OpenZeppelin blog

UMA Has great amounts of liquidity on other DEXs and judging by the stats given on SUSHI, IL is a big problem for LPs. This gives us a great value proposition for long term holders and i believe the 250k BNT should get filled rather quickly.

UMA Price $25.75
Market Cap $1,539,165,185
Market Cap Dominance 0.07%
Trading Volume $61,618,811
Volume / Market Cap 0.0401
3 Likes

UMA is already whitelisted. However, it only has a 20k BNT limit.
Still, let’s see if their community wants to bootstrap the pool first. If it gets up an running, it will be a lot easier to convince the DAO to increase the single-sided exposure.

2 Likes