RATE Group | You can now bet on Bitcoin or Ethereum with this new “priceless” token
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You can now bet on Bitcoin or Ethereum with this new “priceless” token

21 May You can now bet on Bitcoin or Ethereum with this new “priceless” token

Posted at 22:19h in Cryptocurrency News by

In brief

  • UMA has launched the first priceless synthetic token, ETHBTC, via Uniswap V2.
  • ETHBTC tracks the price ratio between Ethereum and Bitcoin.
  • The new token is experimental, but opens the door for even more DeFi derivative products.

DeFi is unlocking never-before-seen ways to do derivatives.

The Universal Market Access (UMA) Project announced Wednesday the launch of the ETHBTC synthetic token on the Ethereum mainnet, initially available via Uniswap V2. This “Ethereum-Bitcoin” token is the first real-world test of UMA’s “priceless” synthetic token smart-contract design and marks the beginning of a new era of derivative products made possible by blockchain technology.

The ETHBTC token tracks the price ratio between Ethereum and Bitcoin. If ETH rises faster (or falls slower) than BTC, the token value will increase, and vice versa if Bitcoin leads. The tokens are considered “priceless” because they don’t rely on data from oracles to price swaps, relying instead on a…

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