Superumans #53 - Analyzing 6 Months Of Voting On Optimistic Oracle Disputes

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Written by

#Club1BCH

7 months ago

Topics: Cryptocurrency, UmA, Ethereum, Defi, Optimistic Oracle, ...

Time flies when you're having fun, and rewards keep stacking when you're voting on disputes. The UMA 2.0 went live in March 2023, allowing token holders to stake and earn a base reward regardless the participation, and bonuses based on the number of votes.

The time to analyze my staking rewards has come, and see how efficient this innovative system was in his first six months of existence. Let's also keep in mind that the UMA holders are also part of something bigger, solving those "gray area" disputes when there is no categorical right or wrong case.

The smart contracts and DeFi applications can now solve grey area disputes and validated information about the world. The OOv3 introduced a new logic pattern for UMA’s optimistic oracle, that of an “assertion pattern". The new system replaced the “question-and-answer" dispute mechanics.

I loved the bonus based on participation, until I had to skip another set of votes due to high gwei. Not voting six times was bad, losing 1.81 UMA each time, and getting a bigger penalty on my farming rewards.

Got slashed badly when the gas fees where insane, and my farming penalty turned into -0.77% after that six times I couldn't vote. My $ETH balance couldn't afford the voting, and the recurring reveal of the votes.

I must say I hated the notification that announced a new dispute, knowing that my earnings based on participation will go from negative ... to worst. I was on -14.18 UMA tokens after a horrible May, but still earning at 26.61% APY.

I voted on 23 disputes, all correct, from 34 and maintained the farming at top level. My unclaimed UMA rewards at the start of the summer was 133 tokens, and I considered the -14 UMA lost on participation as collateral damage.

One of the most interesting votes was the case of the missing submarine. The issue behind the Polymarket dispute was the terminology and everyone's understanding of the terms.

Was the missing submarine found by the 23rd of June? A single sentence in the proposal said that this should settle as NO if the cabin isn't found, but the issue is that a submarine is not a plane. There was no cabin in the "tube-like" device that went missing.

June and July turned the tide in my favor, with more affordable votes. I voted Yes on both submarine disputes, as this was the correct logical outcome. The Coast Guard found most of the pieces, which was remarkable considering the submarine imploded.

I was correct and reduced my negative earnings from participation by a small amount. However, this was just the beginning of a series of disputes... and the beginning of a shift in rewards.

Happy June, with six disputes regarding the U.S. inflation. Some were early requests, while others shared the Yes and No solution. Reading well the dispute helps voting the correct outcome, and got a 100% rate on the subject.

The Twitter dispute was a though one as well, as the debate was if unverified users are able to see more than one thousand posts per day by the 10th of July. Good arguments for both answers, and I was thinking this dispute will go as a 50%-50%.

However, I decided to vote YES because there was no mention of the restriction in the Terms & Condition. Twitter silently removed the 1000 posts/day rule for unverified users, and I personally went through a Thread that had 2000 tweets. I voted Yes because I could see them all, and maintained my 100% streak.

Will Macron remain President of France through the 10th of July? This was an easy one, as no drama happened in Paris. Reduced both my negative earnings and my farming penalty with the recent votes, farming UMA at 26.38% APY.

Voted on 30 disputes out of 41, missing only 11 when the transaction fees where above 100 dollars. Nice to see all in green, but still thinking if it's better to have no disputes for a while!

Finishing the sixth month of voting in style, with 169 UMA ready to be claimed. I will probably claim and restake soon, just to reach a round number of staked tokens. Are you ready to dive into the most transparent voting system?

UMA is expanding and growing, with presence on Ethereum, Polygon, Optimism, Boba, Arbitrum, Gnosis and Avalanche. The tokens can be easly bridged with Across!

Across is the bridge that Ethereum deserves, being fast and financially efficient. Across connects Layer 2 and rollups to L1 Ethereum, being secured by the UMA’s optimistic oracle. It has a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model.

Token bridging will remain essential for any permutation of the cross-chain future, and Across will keep focusing on building the best possible technology to transfer value across blockchains.

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