Inspiration

The NFT space is exploding and there are lots of projects helping people buy/trade/hold NFTs, but there are currently very few tools for short exposure on the market.

What it does

We built a super simple way for people to get long/short exposure to the CryptoPunks price floor --- a binary option based on UMA Protocol with a long expiry (the next anniversary of the CryptoPunks contract deployment).

When a user goes short or long through the web UI, their collateral is deposited into a vault and two synthetic tokens, one longPunks (sPUNKl) and one shortPunks token (sPUNKs), are minted. If the user chose to go long (thinking the price will be higher than the initial floor price) their short tokens are sold and the long tokens kept, and if they chose to go the other way the opposite happens.

How we built it

Leveraged UMA Protocol's Long Short Position in order to create our binary option on Polygon.

Challenges we ran into

Accomplishments that we're proud of

It works!

What we learned

What's next for spunk.finance

Other NFTs!

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