Yam Finance and UMA protocol are launching uStonks on Degenerative Finance (DegenFi). uStonks is a synthetic token that tracks an index of the ten most bullish stocks on the WallStreetBets (WSB) Reddit forum. UMA price could see a spike in buying pressure as the rewards for mining the new token is paid out in UMA and YAM. UMA protocol and Yam Finance’s launch of a new synthetic token on Degenerative Finance could push UMA price higher. DeFi embraces WallStreetBets Yam Finance announced the launch of uStonks on the DegenFi platform built on the UMA blockchain. Unlike other synthetic tokens or derivatives that track the price of another asset or bunch of assets, uStonks can not only be minted directly but used as liquidity on popular decentralized exchanges’ pools. According to the launch details, the uStonk synthetic token will track an index for the top ten stocks deemed bullish on WSB. These stocks include GME, AMC, TSLA, NOK, BB, SLV, AAPL, SPCE, PLTR, and SNDL, Yam Finance stated, $uSTONKS is a synthetic tracking an index of the ten most bullish stocks according to WallStreetBets. Put another way, this synthetic tracks the sentiment, or excitement level, of the r/WSB community. Investors can deposit USDC stablecoin on DegenFi to mint uStonks token, which can be provided as liquidity to the pools on Uniswap to earn UMA or YAM as rewards. Interestingly, Yam Finance and UMA protocol announced bonus incentives to celebrate the uSTONKS launch. The 5,000 YAM and 5,000 UMA bonus rewards will be distributed every week to participants spread across three weeks. With DeFi hitting the mainstream media, projects like UMA, Uniswap, and Chainlink are getting investors’ attention, making the project’s fundamentals stronger. Even before the news of the uStonks announcement, UMA price soared by 25%. Therefore, the new synthetic token’s performance could significantly affect the UMA token’s market value. UMA price eyes to flip a crucial supply barrier UMA price has been on a downtrend since hitting an all-time high at $43.99 on February 4. The correction from this local top saw a reversal on February 23, followed by a 64% upswing to $26.58, where UMA is currently trading. Now, UMA price seems ready for the next impulse wave, primarily due to the overall bullish nature surrounding the uStonks launch. Adding credibility to this bullish outlook is the buy signal flashed by the SuperTrend indicator on the 12-hour chart due to a sudden spike in buying pressure witnessed on March 8. Now, UMA could surge 15% towards the 61.8% Fibonacci retracement level at $30.19. UMA/USDT 12-hour chart Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, $29.33 could deter UMA price’s ascent. Here, roughly 660 addresses that hold 8.56 million UMA are “Out of the Money” and might absorb any short-term buying pressure. UMA IOMAP Chart Investors should note that rejection at $29.33 could undo UMA’s gains up to $25.01. IOMAP cohorts reveal little to no demand barriers below this level. Therefore, increased selling pressure at $25.01 could lead to a steep 16% correction to $21.67 or the 38.2% Fibonacci retracement level. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/USD rebounds from YTD lows, back above 1.1900 FX Street 1 year Yam Finance and UMA protocol are launching uStonks on Degenerative Finance (DegenFi). uStonks is a synthetic token that tracks an index of the ten most bullish stocks on the WallStreetBets (WSB) Reddit forum. UMA price could see a spike in buying pressure as the rewards for mining the new token is paid out in UMA and YAM. UMA protocol and Yam Finance's launch of a new synthetic token on Degenerative Finance could push UMA price higher. DeFi embraces WallStreetBets Yam Finance announced the launch of uStonks on the DegenFi platform built on the UMA blockchain. 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