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09 July 2020

UMA Project Creates Its First Synthetic Coin, Matching ETH Against BTC - CoinDesk

UMA Project Creates Its First Synthetic Coin, Matching ETH Against BTC - CoinDesk


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On Tuesday night, the UMA Project community approved contracts that allowed creating its first token: ETHBTC.

This is a synthetic token whose value tracks the relative value of ETH to BTC, so if ETH is worth $200 and BTC is worth $10,000, an ETHBTC should be worth $0.02. .

"ETHBTC was selected as the first test for UMA's priceless synthetic design because it's DeFi-centric but not too serious," Hart Lambur, UMA's co-founder, told CoinDesk in an email.

Below is an explanation of how ETHBTC is created, and it should basically describe how any other synthetic tokens might be created on UMA, though some of the variables will likely change.

They can then sell the new ETHBTC on the open market or they can use it to add liquidity to the ETHBTC pool that will be created on Uniswap (most interested buyers will probably choose to just acquire it directly on Uniswap).

At that moment, the staked DAI will be split between token holders and stakers.

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