I started the SuperUMAns series less than a month ago and UMA feels like an endless pool of topics. The protocol evolves so quickly and the superUMAns are amazing. They are working hard to create new campaigns and to implement the UMA's unique features to other chains or DeFi projects.
UMA builds open-source infrastructure for synthetic tokens using decentralized oracles. The KPI (Key Performance Indicators) options are also easy to implement for DeFi projects as a way to reward the holders or investors. The newest UMA partnership is with Harvest Finance and was announced on Twitter.
In the multiverse ... each Chad is unique. CyberPunk Chad is having fun in 2077, BSC Chad travelled to Venus and eats only $CAKE while Old McChad has a farm but no DOGE to guard the horses. In a galaxy far far away ... fChad works hard on his farm during the day and keeps his village safe at night. Whenever he is off duty ... fChad will relax in the tavern, drinking a shot of UMA juice!
fCASH is a synthetic token created by the UMA and Harvest Finance partnership, making possible for iFARM holders to borrow yield dollars against their staked FARM tokens. The new token is created by leveraging the staked $FARM tokens for $USDC by using the fCASH+USDC incentivized pool created on Uniswap.
A man must provide for his family .... and iFarm to make fCASH! - Chad 2021
The fCASH dashboard was added on the top right side of the Harvest.Finance website and humble farmers can join the V3 Uniswap Pool.
The General Info page will show all the fCASH information and how much iFARM was supplied as collateral. At the moment, 12,669 iFARM were supplied and 256866 fCASH is still outstanding. The minimum amount of fCASH required to participate is 100 tokens and up to date only 29 unique sponsors joined the campaign. The fCASH token will expire on 30th of September 2021
The current list of sponsors can be checked in the "All Positions" tab, where the address, amount of collateral in iFARM and amount of fCASH is listed. The collateral ratio and liquidation price info is also added in the table.
The farmer can manage his positions directly through the website. The "Manage Position" tab will display the current Balance and positions. I have 1.63 iFARM but the Ethereum fees are high again, therefore I will wait for cheaper fees before I will commit my iFARM and create fCASH.
Technology evolves every day, and fCASH is the newest top project, something that has the potential to become viral. The UMA and Harvest Finance collaboration upgraded Chad to the Harvesgers status, a team of sumerUMAns that will protect the Cryptoverse from FUD and scams.
How to get fCASH?
Humble farmers must deposit iFARM as collateral to mint fCASH. Choosing a safe collateral ratio is important as this will reduce the loses in case the market dips again. Get fCASH and hold it or sell it for USDC but don't forget that paying your debt with fCASH will free the locked iFARM.
okay but here is a question I have been pondering with these types of collateral things.
Why?
Why would I want to take my iFARM and make it into fCASH? Like what can I do with fCASH that I can't do with iFARM?