Yam Finance is Launching uSTONKS to Track r/WallStreetBets
- uSTONKS will be launched as a monthly token, with the basket of WSB tickers rotating quarterly.
- The bullishness will be measured by the number of positive comments on the WallStreetBets subreddit.
Wallstreetbets Reddit community web page seen on the tablet screen surrounded by US dollars. Shutterstock
According to the company’s announcement, the synthetic will track the sentiment of the WallStreetBets subreddit, measuring bullishness by the number of positive comments in the community.
uSTONKS will be a monthly token, with the uSTONKS basket being updated regularly so the index can remain in line with the WSB community’s top picks. The 10 chosen tickers in the uSTONKS Index launch will be GME, AMC, NOK, BB, SLV, TSLA, PLTR, SNDL, AAPL, and SPCE, with each stock representing 10 points on the index. The uSTONKS token will base its index off of the 31 December 2020 exchange closes.
The synthetic will launch with a monthly token, uSTONKS-APR21, and its basket of WSB tickers will rotate every quarter. The token will launch at the end of March and run until 4:00 PM EST on 30 April. Yam Finance said the final settlement of the uSTONKS index will be calculated according to the exact closing prices for each stock on the NYSE, NYSE Arca, and NASDAQ exchanges.
A liquidity mining rewards program will also be launched to encourage users to mint and provide liquidity for uSTONKS. UMA and YAM rewards will be airdropped each month to users who both mint and provide liquidity, proportionally to their share of the pool.
- “Prominent figures” in the WSB community have been working with blockchain experts to create new decentralized exchange traded portfolios.
- The portfolios will be governed under a decentralized autonomous organization consensus, with members voting on important issues using the WSB token.
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- Although YAM has crashed again, the issue at hand doesn’t seem as problematic as the bug discovered in August was.
- A proposal with a temporary fix has been submitted, which, if passed, will be active until a solution is implemented.
- Starting 18 September, users will finally be able to swap their YAMv2 to YAMv3 on a 1:1 basis, with no deadline.
- This time the protocol will be released after it underwent a full audit, conducted by blockchain security and data analytics company PeckShield.