uNORMIES Synth

Ideas Bank
1

uNORMIES DegenFi synth which aims to get exposure to the ongoing influx of inexperienced and gas-sensitive users who can’t afford/don’t know about EthFi.

The kind of assets I’d suggest the synth tracks:

  • BSC sub-basket (CAKE, CREAM, AUTO, XVS etc)
  • BNB
  • CEL
  • NFT index (looks like already being discussed as a synth)
  • UNI (L2 launch)

Not wanting to propose how those might be split in %s, just floating the general idea rn.

I had the idea because I’m constructing this basket myself out of underlying assets this morning, and feel it’d just be a huge win to have it as a single synth. Suspect there’d be a decent amount more interest, given that normie inflow is basically the defining feature of this phase of the market cycle.

Thanks, appreciate any feedback!

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This could even make sense as a basket of normie sub-synths, namely:

  • NFT index synths – Punks/Kitties/Axies/Topshot etc median 7d price
  • L2 index – UNI/SNX/LRC/more?
  • BSC index – CAKE/AUTO/XVS/etc

Adding a couple more interesting ideas from @DecentralStation on Twitter:

  • Coinbase legacy - DNT, Mana, CVc, etc
  • PayPal / Robinhood pumps - Doge, LTC, etc
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3

Looks interesting. Index tokens are gaining prominance with Powerpool, degen, IndexFinance etc, so index synths would be an alternative for those who wanted price exposure.

On the BSC one, Cream is also on eth, so its not a “pure” BSC token unlike the rest (although I suppose those protocols could also produce an erc20 version later).

The L2 one, I could see working in the same way as BTCdom/ALTdom, where it tracks the percentage of TVL in L1 vs L2 protocols. Not really your “normies” synth tho, more a bet on the uptake of L2.

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4

Thanks for the feedback!

I think the NFT index is particularly valuable. Things like NFTX are apparently convertable to underlying NFTs, but this feels really clunky. Pure price exposure via UMA seems much more natural.

I hear you wrt to CREAM – I was on the fence about proposing it because it is significant, and is on BSC, but does feel a little less pure in normie terms.

Also interesting thoughts wrt BTC/ALT dom. At the end of the day I guess we’re looking for something that’s almost a bit more binary – more prediction market – than classic price tracker. Like – “if UNI announces L2 before the market peaks” type of thing. Just spitballing but there’s incredible room for expressiveness with UMA.

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I think it’s a great idea! Oaksprout proposed it originally in the YAM Discord so that it is launched under degenerative.finance . The Yammers are thinking about how this could work best but very curious to get UMA community input too!!

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