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DeFi financial markets-focused project Universal Market Access (UMA) on November 3 announced the launch of developer mining, a new type of liquidity mining that rewards developers for building on the UMA protocol.
- Set to launch on November 10, developer mining will pay developers a total of 50,000 UMA per week for deploying synthetic asset contracts on UMA
- The specific payouts will be proportional to the value locked in each synthetic asset contract i.e. payouts are proportional to the popularity of the contract
- The team has allocated 35% of the total token supply towards developer mining, which amounts to roughly $250 million
- The goal of the program is to create a sustainable increase of UMA’s total locked-in value by incentivizing direct contribution from developers; the team says that the current TVL of UMA does not reflect the valuation of the protocol
- Individual developers and teams must be whitelisted to be eligible for the rewards; initial recipients include liquidity asset engine PerlinX, Jarvis Network and UMA’s own Yield Dollar
