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SuperUMAns #45- UMA 2.0 Staking and Voting Sneak Peek!

By PVM | SuperUMAns | 14 Feb 2023


UMA 2.0 is fast approaching and $UMA token holders will be able to stake, vote and earn continuous rewards (est. 30% APY). The UMA 2.0 mechanics will overhaul the token rewards system as the users will earn regardless of the number of votes. The staking rewards will be streamed continuously and will begin immediately after staking the UMA tokens. It will get even better, as the voters will experience reward reallocation depending on whether they vote consistently and accurately or not as part of UMA's optimistic oracle DVM.

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I attended one of the Devs meeting to have a sneak peek of how the UMA 2.0 dashboard will look, and I am sharing this hot UI with you. Everything is simple and straight forward, with a clear display for voting power and rewards.

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UMA holders can easily see the staked tokens, and the voting power given by the stash. The APR is located in the vote tab, including a vote history. The unclaimed rewards will accumulate until claimed. Earning up to 55% APR is above and beyond anything else on the market, and being part of the voting mechanism will create a new dynamic for UMA token holders.

The scenario below requires a simple YES or NO vote, similar to OO disputes. There are 7 minutes left to commit the votes and the reveal phase will start immediately after.

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Users can see their recent past votes, the correct vote and what they voted with a single click. The staking includes a 7 days unlock period for tokens, to protect from bad actors. The timer will start when the tokens are unstaked, and voting during the unstake period is disabled. This will ensure a fair voting system.

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Prediction Markets

The prediction markets are another strong sector that is powered by UMA's optimistic oracle, and it is clear that the tool revolutionized the landscape. Polymarket used UMA's support to decentralize prediction markets and solve problems associated with traditional venues.

Online bookies are bullies, charging high fees and even blocking successful players from betting. Online betting companies will enforce low maximum limits to customers and play any card in their sleeves to make profit. The synergy created by the Optimistic Oracle and Polymarket  created an open and trustless alternative. Any user with a web3 wallet can bet on events and receive fair rewards if the bet is correct. 

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The Polymarket design and UI is simple and efficient, with the option of buying and selling shares then redeem their winning ones for $1. If I predict that Donald Trump will win and use $100 for this market, I will get approximately 189 shares and a potential return of $189 in 2024. However, going against Trump brings a higher profit! Using $100 for "NO" will give me 208 shares and a potential return of $208 when the prediction will settle.

The Optimistic Oracle helped prediction markets because it can determine any truth. The OO will verify any smart contract data, offering versatility to power markets predicting absolutely everything ... from the next US President, the SuperBowl winner, Oscar awards to and any other outcome.

The Optimistic Oracle differs from Chainlink and other traditional oracles because it has the ability to find the truth for ANY outcome, easily solving  "gray area" disputes when there is no categorical right or wrong case. 

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Crypto Education in UMA Discord Server

The SuperUMAns are providing the best blockchain and DeFi education programs, and everyone can join the UMA server and enhance their knowledge. The education sessions are topped up with UMA/Optimistic Oracle quizzes, where the participants can win $UMA tokens.  You make have the chance to go head-to-head with me and the other SuperUMAns, in a battle of big brains.

If you are a trivia person, you can join every Friday for some Kahoot brain activity. I played catch-up in the last one, as I joined half-way through the game, but still manage to finish second. 

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Join UMA and 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 our brand new Discord channel and put your talents to good use! There is always room for another superUMAn! Also join the UMA Discord to be up to date with the news and announcements 

 

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PVM
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The superUMAns are crypto enthusiasts that recognized the colossal potential of UMA and a group of people that are ready to share their knowledge so the Cryptoverse will understand UMA's amazing features! ** Not an UMA official blog **

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