Yam Synths and uPUNKS are LIVE
The all-new Yam Synths platform is live!
Yam Synths unlocks the limitless capabilities of synthetic assets built on the UMA protocol.
Previously known as degenerative.finance (v1), Yam Synths (v2) enables a seamless and beautiful user experience allowing anyone to benefit from synthetic assets.
But that’s not all!
To celebrate the launch we’re thrilled to introduce uPUNKS, the first in a series of NFT-focused products giving exposure to the entire Crypto Punks market.
Rewards are live 23:00 UTC today!
From beanies to aliens, uPUNKS tracks every CryptoPunk sale, generating it’s value from the median price of all sales and settling at that price after three months.
As uPUNKS is a collaboration with both UMA protocol and MyCrypto.com it will be accessible by over 10M users! Even better, both the Yam and UMA communities are incentivizing liquidity providers!
10,000 UMA and 10,000 YAM will be up for grabs over the first month!
Alongside uPUNKS, Yam Synths will see the return of community favorites uGAS and uSTONKS. Stay tuned for even more innovative synthetic assets in the very near future.
So what can you do with uPUNKS on Yam Synths?
Mint
Mint uPUNKS using WETH at the tap of a button. The GCR (Global Collateral Ratio) is selected by default, giving a healthy limit. Feel free to mint a larger amount, but make sure to avoid the liquidation threshold of 1.25.
Earn
uPUNKS / ETH liquidity providers will be able to earn a share of X UMA and X YAM over the coming weeks!
Punk Exposure
Buy uPUNKS on the open market to gain complete exposure to the Crypto Punks market!
Mint and sell to hedge your existing Crypto Punk NFT exposure. If the price drops you will be able to repurchase and close your position for a profit!
UMA and YAM
uPUNKS has been a collaborative effort, and we can’t thank UMA enough for their full support as we continue to grow together!
We’re working hard to become the leading front-end for the powerful world of UMA synthetics, and Yam Synths aims to provide the ultimate user-friendly experience.
If you run into issues with the site or have any feedback or thoughts on anything that could be improved don’t hesitate to get in touch in the community Discord.
Stay tuned for the next exciting synthetic on Yam Synths, expected in the next few weeks.
Get started with Yam Synths today!
