The UMA community has released the first synthetic token, ETHBTC, which can be minted by any user

律动BlockBeats 消息，UMA 社区在本周二批准了其首个合成代币 ETHBTC 合约的创建。 ETHBTC 的价值来自跟踪 ETH 与 BTC 的相对价值，比如 ETH 现在价值 200 美元，BTC 价格是 10,000 美元，那么 ETHBTC 值就是 0.02 美元。

The token code and contract code are currently validated on Etherscan, but the team reminds users that this is an experimental alpha version. Although OpenZeppelin has conducted a detailed audit of the code, it is a decentralized product that no one -- including the core development team -- can control. The mechanism behind this design has not yet been proven in the market. Users should be aware of the risks.

What does this ETHBTC token do?

This token tracks the price ratio of ETH and BTC. If ETH is better than BTC, the token value goes up; If ETH does not perform well, the value of the tokens will be reduced. This model will expire on August 1, 2020.

Currently an ETHBTC token is worth about 0.02 DAI on Uniswap. The token is secured by DAI and will settle to the ETHBTC value reported by UMA DVM when it matures on 1 August 2020. For example, if the ETHBTC price ratio is 0.03 at maturity, each token can be exchanged for 0.03 DAI.

Who can post ETHBTC?

ETHBTC does not require a license, and anyone can access the contract on the ethereum blockchain. This means that anyone can act as a token sponsor and mint a new ETHBTC token by using DAI as collateral. Token sponsors can use UMA's open source command-line tools to interact with the contract, or they can write their own tools.

It is the responsibility of the token originator to maintain sufficient collateral in the ETHBTC contract to avoid liquidation. A token guarantor minting and selling an ETHBTC token is shorting ETHBTC(as an ETHBTC token holder, they have the opposite economic risk). So the contract requires a 120% collateral ratio.

How do I get ETHBTC?

There is already a liquidity pool on Uniswap v2 that has created ETHBTC tokens.

This ETHBTC token is the first DeFi product to use the priceless design on the main network. This is an experiment to see if you can really reduce the use of oracle, and to what extent. For example, no oracle calls may be required during the lifetime of this token.

The original address: https://medium.com/uma-project/ethbtc-synthetic-token-is-live-e3fe2242c2fe 

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