UMIP 183: Streamlining Web3 Prediction Markets
TLDR
UMIP 183 introduces the MULTIPLE_VALUES price identifier, enabling UMA’s optimistic oracle to handle up to seven data points in a single request. This upgrade simplifies processes for prediction markets and other dApps by bundling data—like sports scores—into one response, reducing gas fees and complexity. Developers and users benefit from a smoother, more efficient experience, unlocking broader applications for multi-value data handling.
Introduction
At UMA, we’re always looking for ways to push the boundaries of what’s possible with the optimistic oracle (OO). The recently passed UMIP 183 upgrade introduces the MULTIPLE_VALUES price identifier, which unlocks a new level of flexibility and efficiency for prediction markets and beyond.
Let’s take a closer look at what this upgrade includes, how it works, and why it’s a game-changer for developers and users of web3 prediction markets.
What is UMIP 183?
The UMA community has approved UMIP 183, introducing a powerful new feature: the MULTIPLE_VALUES price identifier. This upgrade allows the OO to handle up to seven values from a single event in one encoded response.
What does that mean? Simply put, it’s a smarter, more efficient way to bundle multiple data points—like the final scores of a sports game—into one request. By simplifying the process, this upgrade cuts costs and complexity, especially for prediction markets and sports betting platforms that rely on the OO.
Why MULTIPLE_VALUES Matters
Today, many prediction markets and sports betting platforms submit separate binary requests for each market tied to the same event—like predicting the winner of a game or total points scored. This process is both costly and inefficient.
With MULTIPLE_VALUES, all the necessary data can be reported in a single encoded response. For example, imagine a prediction market for a game between the Boston Celtics and the Los Angeles Lakers. Instead of making one request for the Lakers’ score and another for the Celtics’, the MULTIPLE_VALUES price identifier allows the OO to return both scores in a single response. This not only reduces gas fees but also simplifies the process for integrators and enhances the overall user experience.
And it’s not just limited to sports. This functionality is designed to handle any scenario requiring multiple integer values from a single event, making it a powerful tool for prediction markets and other use cases.
How It Works
The MULTIPLE_VALUES price identifier makes handling multiple data points from a single event straightforward. When a request is made, it includes details about the event, the data needed, and labels for each value (up to seven).
For instance, imagine a request for the final scores of an NBA game between the Los Angeles Lakers and the Boston Celtics. The request might look like this:
Title: "Los Angeles Lakers vs Boston Celtics"
Description: "Final scores for the game scheduled on Jan 7, 2025."
Labels: ["Lakers", "Celtics"]
The optimistic oracle takes these details, encodes the scores into a single response, and delivers it back. Developers can then decode this single response to settle multiple markets—like predicting the game winner or total points scored—quickly and efficiently.
Key Features
UMIP 183 addresses real-world pain points for prediction market developers and users while laying the groundwork for broader applications.
Here are the key features of this upgrade:
User-Friendly Interface: The Oracle UI makes the process easy for users by showing human-readable labels and handling the technical encoding and decoding behind the scenes.
Flexible and Accurate: Developers can validate their requests with tools like TypeScript, ensuring the data is formatted correctly and integrates seamlessly.
Lower Costs: By bundling multiple data points into a single request, this upgrade significantly reduces gas fees, saving both time and money.
By making it easier to handle multiple values in a single transaction, we’re empowering developers to innovate with confidence.
Why UMIP 183 Is a Game-Changer
UMIP 183 is a game-changer for both developers and users across web3 prediction markets, sports betting platforms, and beyond.
Instead of submitting multiple oracle requests, developers can now bundle up to seven data points into one. This means lower gas fees, less complexity, and a smoother integration process overall. The oracle UI handles encoding and decoding automatically, so you can focus on building without worrying about the technical nitty-gritty. Plus, it’s flexible enough to support all kinds of use cases, from sports scores to other multi-value events.
For users, this upgrade brings a smoother and cheaper experience. Lower fees, quicker settlements, and a cleaner interface make everything feel seamless. With clear, human-readable labels in the oracle UI, understanding data is simple. And since this upgrade can handle high-volume events like sports games without breaking a sweat, users get a faster, more efficient experience every time. It’s a practical improvement that makes interacting with the system much more straightforward—a win-win for everyone.
Looking Forward
UMIP 183 isn’t just about efficiency—it’s about expanding what’s possible for OO builders and providing better experiences for end-users. Whether you’re building a prediction market, sports betting platform, or other dApp that relies on multi-value data, the MULTIPLE_VALUES price identifier unlocks your ability to handle data requests more efficiently and affordably than ever before.
Learn More
Ready to explore how UMIP 183 can transform your project? Dive deeper into the technical details to learn more.
