SuperUMAns #17 - I claimed a bag of uDAO!

SuperUMAns #17 - I claimed a bag of uDAO!

By PVMihalache | SuperUMAns | 1 Dec 2021


What is uDAO and what growth mechanism used?

The KPI option for  Quarter 3 of 2021 was called uDAO and the value was given by the number of UMA tools integrated in DAOs. The uDAOs were redeemable for $UMA after Q3 ended and the average payout was approximately $5,400 worth of $UMA tokens per SuperUMAn. The KPI Option was powered by the Optimistic Oracle and included set UMA products - KPI options, Call/Put options, Range Bonds, Success Tokens.

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Under Optimistic Oracle supervision, every successful DAO integration boosted the uDAO value with 50 UMA tokens per 1,000 uDAO tokens. Any  integration funded with over $5,000,000 would have add 100  more UMA tokens.  The maximum possible value for uDAO was 3 UMA tokens, for 20 DAO integrations above $5,000,000 completed. More details about uDAO can be found in  SuperUMAns #8 - Understanding uDAO

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I was one of the SuperUMAns  that worked hard for 3 months, up to the 31st of September in the uDAO campaign. We had an amazing party to celebrate the success, with POAPs, music, a charity chain, pixel party and a poker tournament. uINT was also announced at the party, the KPI Option for Q4 of 2021. uINT will follow the same pattern as uDAO, being valued depending on the number of integrations that UMA will achieves by the end of December. Want to earn some uINT? Check SuperUMAns #16 - Who are the SuperUMAns? for more details.

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Boosting and claiming uDAO

In July and August hard work was reflected by four integrations, with Badger Finance, Aragon and Bankless Legal Guild opting for KPI options and Bancor integrating UMA's Call Options. Based on the four integrations, the value of uDAO was 0.3 UMA per uDAO token. The UMA value at the end of August 2021 was close to $10, making every uDAO valued at 3.15 USD.

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The end of the campaign was fast approaching, but the SuperUMAns never stopped working towards more integrations. The hard work was paid off with three more integrations achieved in the last 10 days of September. B.Protocol, Yel Finance and BarnBridge integrated KPI options and boosted the uDAO value at 0.45 UMA per token. The final valuation for uDAO was $4.16 per token, which led to the average payout  of $5,400 worth of $UMA tokens per SuperUMAn.

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The next step was to check with OO, the Optimistic Oracle, and follow straight forward instructions to settle my position. The contract expired and the Optimistic Oracle determined the final settlement price for my 1397.27 uDAO tokens.

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I sentiment of joy and accomplishment hit me once I pressed the "Settle" button. Claiming uDAO was quick and simple ... click click ... accept ... confirm signature... screen loading!

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Ohh ... gas fees ... the buzz killers! The sentiment of joy vanished when I was asked $312 to complete the transaction. Pressed the "Reject Transaction" button and hoped that Vitalik will sort this out ASAP. The night is always a better time as the gwei is lower then the world is sleeping. I was happy to pay $56 worth of ETH for this exchange, a 75% discount from the previous try.  I am now the proud owner of UMA Voting Tokens and I can get involved in UMA Governance. 

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How to join the superUMAns? The SuperUMAns are the community’s ninja troops and the people who bring the community to life. All you have to do to become a superUMAn join the Discord channel and put your talents to good use! There is always room for another superUMAn!

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PVMihalache
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