Title of your idea
uCOIN : Synthetic Token of the Coinbase $COIN stock
Coinbase IPO just happened, and it exploded onto the scene, and is now ranked as the number 1 most valuable exchange in the world. Traditional stocks are very inaccessible to people all over the world, so creating a synthetic of this stock would allow much more accessibility and exposure for those that would like to participate.
Coinbase is a crypto exchange after all, so why not have a crypto synthetic stock, as most of its actual userbase have crypto to leverage instead of FIAT.
Which metric will your synth track?
The $USD price of $COIN
How will you get data for your metric
I’d imagine that UMA already knows which sources are most reliable for traditional stock prices, as there are other synthetic tokens that already track stocks (e.g. uSTONKS). But, stock prices are very reliable at the major stock exchanges, so either or an average of them would do, or a free open-source python API like “yfinance” (Yahoo Finance).
What collateral would you use for this synthetic
Describe how you would create this synthetic
Describe in detail how you would create this synthetic. You might want to consider
Similar to the way uSTONKS tracks $TESLA, etc. The mechanism isn’t anything new, just the representation of the synthetic is, and one which I think many would like to participate in.
how you were tracking the most accurate measurement of the metric possible and how you would account for any discrepancies
Don’t envision any discrepancies. yfinance is the best free stock API, and is very reliable (reproducable). Stocks are incredibly reliable, however due to trading windows for stocks, and crypto being 24/7, then you’d have to be careful there, but uSTONKS have a good method for that already.
What issues might you encounter in the development of the synthetic
Not many. Synthetic tokens of stocks is already a thing. This is just a new stock to be synthesized.
How you would make sure that people who would find the synthetic useful could access it.
It’s available for anyone who would like to invest in Coinbase on price speculation only (no actual shares). No restrictions.