SuperUMAns #61 - UMA, UMfluencers and oSnap

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Written by

#Club1BCH

6 months ago

In community: Club1BCH(4ac4)

Topics: UmA, UMfluencer, UMA protocol, OSnap, Ethereum, ...

The UMfluencers Program is open for threadoors with knowledge about UMA tools and products, or crypto savvy people with a good reputation in the social media space.

Research, write, share and earn $UMA tokens. This is a brand new SocialFi idea that I created, implementing a point system that is Sybil resistant and both centralized and decentralized.

You want to become an UMfluencers? Join the UMA Discord, sign up for the “UMfluencer” role from Channels & Events and write tweets and/or threads about any other UMA product. Read the full rules and points system in The UMazing Threadooor University of Engagement article!

You can write about the Optimistic Oracle, how UMA offers Universal Market Access, how DeFi protocols and DAOs can use the UMA tools to implement financial solutions and enhance their products, or explain how oSnap implements gasless snapshot voting with on-chain execution.

Have you used Snapshot for DAO votes or governance? The tool is used by the majority of protocols to achieve token-based consensus and implement changes or updates.

oSnap was created by UMA and Snapshot, and aims to add execution functionality by pushing results on-chain. Safe (ex-Gnosis) will be a prime beneficial, as holders are able to propose and execute on proposals from start-to-finish, without any specific person’s signature required. This new synergy and partnership between Snapshot, Safe and UMA brings an innovative solution for executing on-chain governance decisions.

Anyone can submit the transactions to implement the proposal after the vote is complete, and the transaction will go through if there is no dispute about the proposal’s accuracy.

The implementation of the Optimistic governance model gives power to tokenholders to complete snapshots without any reliance on team multi-sigs to execute code. oSnap will make on-chain transactions based on off-chain voting decisions.

How oSnap delivers trustless execution? oSnap combines the classic Snapshot off-chain voting mechanism with the Safe industry-leading multi-sig wallet infrastructure. Users are incentivized to submit the correct transactions for execution, and also have an incentive to dispute if there is an error. In the case of a dispute, the transaction is not executed and will have to be re-submitted.

The Optimistic governance will transform the way DAOs operate in the future. While still a relatively new concept, a model that enables trustless coordination will help the DAO ecosystem thrive while still keeping the things that make snapshot so beloved in governance: free, fast, and programmable.

September was the month when the UMfluencer Program started, and the feedback and participation exuded the expectations. All entries were judged based on quality and three threads received extra points from the UMbasadors. Kurapika, Heruvim and TheRealTune were awarded 2 points as bonus.

Points for the best memes were awarded and the number of impressions was used for bonuses. The top 10 entries after the emoji community votes were awarded points, with Kurapika adding three more points for receiving the most votes. All hail Kurapika.... the first UMfluencer of the Month! Looking forward to see you more participants for October, as the $UMA prizes are getting bigger!

September was a spoiler, and all the participants were rewarded for their efforts. October got more interesting, with five prizes of up to 50 $UMA for the top UMfluencers!

What's different? There are two prizes of 50 UMA for the best threads, and three more prizes of 45 UMA for the next three UMfluencers in the leaderboard.

There are two honorable mentions of 5 UMA each for good entries, and even one 5 UMA prize at the Lucky Wheel. The UMfluencers that didn't got any of the seven prizes will have their name on the wheel and the random factor will chose one of them.

YOU ARE NOT LATE! Write your oSnap content and join the UMfluencer Program! We grow together!

During peak bull market UMAprotocol's all-time high TVS was $220 million. Today, at the bottom of the bear, the Optimistic Oracle secures $171 million. So yes I do think $UMA is underpriced!

Meanwhile CoWSwap DAO has their first oSnap proposal live. The proposal is to make cow.eth the sole user able to change their snapshot space. This takes the DAO a step further to decentralization, so no individual can mess with the Space.

If you are interested to add oSnap to an existing Snapshot and Safe multi-sig reach out to integrations@umaproject.org!

oSnap has been audited by Open Zepelin and is free to integrate!