UMA and REN jointly launch liquidity mining, a simplified tutorial on one mine and three mining

Original source: Xiongxionghui

This article does not constitute any investment advice and is only for readers to communicate with. The crypto market is full of risks, please operate with caution to prevent asset losses.

The market fluctuated violently, and the APYs of various liquidity mining methods generally fell.

UMA, which was just listed on Coinbase two days ago , started joint mining with the well-known project REN. The APY reached 1000% in a short period of time, but this APY does not represent the actual return for the whole year. Investors should pay attention to the risks.

Contents of this article

1. Activity Content

(1) UMA and REN

(2) Activity content

2. Mining Details

3. Notes

4. Minimalist Tutorial

1. Activity Content

(1) UMA and REN

UMA, a synthetic asset protocol, is similar to Synthetix. Moreover, UMA's public offering is the starting point of this round of Defi-IDO.

Different from Synthetix, which relies almost entirely on oracles, UMA has distinct characteristics:

First, there is no need to “feed prices”; users automatically assume the function of an oracle.

Second, the synthetic asset collateral of Synthetix is ​​shared globally, that is, the market maker bears the risk; while UMA is mainly collateralized by the minter.

REN, an open protocol, previously focused on dark pools. After the release of RenVM in May this year, cross-chain Defi operations can be realized through dark nodes, just like Lego blocks. RenBTC, which is familiar to everyone, comes from it.

(2) Activity content

Like yU introduced in the previous article, UMA and REN jointly issued the October futures of uUSD, but the previous yUSD was generated with ETH as collateral, while this time it was generated with RenBTC.

At the same time, in order to promote the circulation of uUSD and better enable the value discovery of yUSD, UMA and REN launched liquidity mining on Balancer.

2. Mining Details

As shown in the table,

First, Balancer has passed the uUSD whitelist and can obtain transaction fees + BAL + UMA + REN, three mining in one mine;

Second, based on the current USD 900,000 liquidity and the current prices of UMA, REN, and BAL, the APY is approximately 1000%;

Third, there are two ways to obtain uUSD. One is to purchase it on Balancer or directly add liquidity, and the other is to mint it with RenBTC.

3. Notes

First, uUSD is not a general stablecoin, but a futures token, which has relatively large fluctuations and may suffer a small loss in liquidity in the short term;

Second, APY is closely related to the size of the pool, as well as the prices of UMA, REN, and BAL;

Third, if a market similar to 312 occurs, uUSD will be liquidated;

Fourth, if uUSD is minted, it will not only occupy BTC, but also need to prevent insufficient collateral;

Fifth, if you add it directly through Balancer, the slippage is high.

4. Minimalist Tutorial

Considering that there are relatively few people who do casting, I will not provide a casting tutorial for now.

Each of the following operations requires wallet confirmation. Due to limited space, the confirmation process is omitted below.

Take adding liquidity using USD alone as an example.

The first step is to log in and select

Step 2: Add