Degenerative Finance is launching a stocks index that “tracks the sentiment of the r/WSB community.”
Degenerative Finance Eyes WallStreetBets
Degenerative Finance, the partnership project of UMA and Yam Finance, is launching synthetic stocks.
uSTONKS are designed to track the price of the “ten most bullish stocks according to WallStreetBets.” It will initially launch with an April expiry and features synthetic assets like Apple, Tesla, GameStop, Silver, and Nokia. It’s available from today.
Yam Finance posted a tweetstorm detailing how uSTONKS will work.
Get pumped for $uSTONKS, our new product in collaboration with @UMAprotocol launching tomorrow on #DegenerativeFinance!
Read below for:– important uSTONKS details– drool-worthy extra $UMA $YAM bonus rewards for Minting and LPing $uSTONKS – limited release NFT airdrop
— Yam Finance (@YamFinance) March 8, 2021
UMA said that the product “represents UMA’s dedication to DeFi and our mission to achieve Universal Market Access.”
As it “tracks the sentiment, or excitement, of the r/WSB community,” Yam said, users will have the “freedom and opportunity to express their opinion” from the WallStreetBets point of view. In other words, they could long or short the index.
UMA and Yam are also offering bonus liquidity mining rewards. There’ll be 5,000 YAM and 5,000 UMA available in week one, and rewards then double to 10,000 tokens of each project in weeks two and three.
Users will be able to mint and provide liquidity to uSTONKS to earn the rewards. First, they need to deposit USDC as collateral to mint uSTONKS, …
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