UMA

A proposal to integrate oSnap with Nexus Mutual is now live on Snapshot. This integration aims to provide gas-free offchain voting for $NXM holders on Snapshot Labs and automatic onchain execution from their DAO's safe treasury.

UMA is taking part in Blast_L2's BIG BANG competition by launching their Sandbox Oracle Environment on Blast Sepolia testnet. Users can deploy their own Optimistic Oracle contracts to build prediction markets, insurance products, and more. The Sandbox Oracle environment is a tool for building with the Optimistic Oracle.

Oval's compatibility with all markets using Chainlink price feeds allows for easy integration. It can be added or removed from any market without the need for changes to core contracts or re-audits, making it ready for deployment.

Liquidations play a crucial role in DeFi lending protocols to maintain their health by quickly liquidating undercollateralized positions. However, the current liquidation mechanisms, such as fixed spread liquidations and auction-based liquidations, have flaws where most of the value from liquidations is lost to the MEV supply chain instead of going back to the protocol. Oval aims to address these issues. Stay tuned for the next part of this series to learn more.

UMA's OO has successfully secured over $5 billion worth of cross-chain transfers for Across v2, with Across v3 on the horizon.

Open Zeppelin, known for their trusted DeFi auditing services, has conducted a comprehensive audit on UMA's Oval smart contract. UMA is also offering a bug bounty of up to $1 million for critical vulnerabilities found in Oval. Read the full audit report by Open Zeppelin for more details.

Almost $64 million of Oracle Economic Value (OEV) has been extracted from Aave V2 and V3. Oval can capture millions of dollars of OEV for Aave each year. A temp check for Oval has been posted in Snapshot with the potential to switch it on quickly, requiring no core contract changes or re-audits. Collaboration with Aave delegates aims to explore Oval integration, with risk analysis by service providers @gauntlet_xyz and @chaos_labs. Initial integration on isolated markets like $SNX and $BAL proposed to minimize risk. UMA is committed to close collaboration with Aave's governance framework throughout the process.

MEV (Miner Extractable Value) capture presents an opportunity for lending protocols to access tens of millions of dollars of free money. This can be utilized for reinvestment in various areas such as building, rewarding DAO contributors, or other initiatives based on the decisions of $AAVE and $COMP holders. More insights available with @therollupco.

The launch of Oval has attracted many newcomers to the UMA ecosystem. Before Oval, UMA's Optimistic Oracle secured DeFi blue-chips. The $UMA token plays a key role in this security.

The OO has secured over 12,500 assertions, with 98.32% undisputed. With a TVL approaching a billion dollars, it continues to show its importance as a DeFi primitive.