Yam Synths
  • Welcome to Yam Synths!
  • Overview
    • What can I do with Synths?
    • How Do I Use Synths?
      • How to Mint Synths
      • How to Earn Rewards
      • Where Can I Buy Synths?
      • How Do I Short Synths?
      • How Do I Manage Synths?
      • How Do I Settle Synths?
      • How Do I Redeem Synths?
    • How Do Synths Work?
      • How do Liquidations Work?
      • What are Priceless Synthetic Tokens?
      • What is the Data Verification Mechanism (DVM)?
      • What are the different Collateralization Ratios? (GCR vs CR)
    • How Do Rewards Work?
      • UMA Rewards Overview
      • Where are my Rewards?
      • How Much am I Earning?
    • FAQ
  • Synthetic Tokens
    • uPUNKS
      • Use Cases
      • Current Contracts
        • uPUNK-1221
      • Expired Contracts
        • uPUNK-0921
    • uGAS
      • Current Contracts
        • uGAS-1221
      • General uGAS Info
        • Getting started with uGAS
        • Use Cases
      • Expired Contracts
        • uGAS-JUN21
        • uGAS-MAR21
        • uGAS-FEB21
        • uGAS-JAN21
        • uGAS-0921
    • Deprecated Synths
      • uSTONKS
        • Current Contracts
          • uSTONKS-0921
        • General uSTONKS Info
          • Getting started with uSTONKS
        • Expired Contracts
          • uSTONKS-JUN21
          • uSTONKS-APR21
  • Additional Information
    • Yam Team
    • Glossary
    • Audits
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  • Go Long
  • Hedge against Price fluctuations
  • Go Short

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  1. Synthetic Tokens
  2. uPUNKS

Use Cases

What do I do with uPUNKS?

Here are some initial use cases for the uPUNKS token:

Go Long

For users who want long exposure to CryptoPunks, but don’t have enough funds to buy one (over $40k each) or don’t know how to choose one, they can simply buy uPUNK on a decentralized exchange to gain exposure to the NFT collection in the form of an ERC20 token. They can buy more or sell it back whenever they choose.

Hedge against Price fluctuations

For users who already own a CryptoPunks NFT and would like to reduce exposure to price fluctuations, they can sell uPUNK to effectively hedge their risk. In this way they can also keep their favourite NFTs without needing to deposit it into an index fund like NFTX and likely risk losing ownership of it.

Go Short

And finally, for users who just think CryptoPunks are overvalued pixelated .jpegs and don’t get the excitement, they can mint uPUNKS with their ETH and sell it into a decentralized exchange to gain short exposure. uPUNK provides the crypto community an idea for a new tool to achieve exposure that was previously not possible in the NFT space.

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Last updated 3 years ago

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