UMA (UMA)The exchange rate of one UMA at 15:30 UTC is 3.512$
The “UMA” project is an open source framework for deploying and using synthetic resources on Ethereum. The project allows developers to quickly and easily create synthetic tokens that track the price of any asset. The advantage of this solution is the ability to create and own synthetic assets that are closely related to the price of the traditional source asset. Thanks to this, it is possible to transfer values to Blockchain technology, which is more transparent, and to conclude transactions based on smart contracts, which is a much more secure process. The disadvantage is the lack of real values, only their synthetics. These types of tokens can be created from anything that can be tracked by price.
History
UMA is a very young project, so not much can be said about its history. The ICO of the project took place on April 29, 2020. Then 100 million tokens were sold at a price of $0.26. The next important events are the development of the project, the establishment of new cooperation and the withdrawal of tokens to new exchanges. So, on August 31, 2020, UMA debuted on the major OKEX stock exchange, and on September 9, on Binance, one of the largest exchanges in the world. Among other things, the project is constantly expanding its team and closely monitors the entire market, investing where there is the greatest demand and interest in cryptocurrencies.
Operation principle
The project allows you to create synthetic resources using two main components: invaluable financial contact templates and the “Optimistic oracle” service. By combining these two components, UMA was able to create fast, efficient and secure synthetic derivatives on the Ethereum blockchain. Invaluable financial contact templates are financial contracts that do not require on-chain pricing and minimize the use of the Oracle network to reduce the frequency and area of Oracle attacks. In addition, they have a mechanism that encourages counterparties to properly hedge their positions. Among other things, it has a mechanism that compensates for finding an incorrectly fixed position. The “Optimistic oracle” service is the name of the DVM (data validation system) service offered by UMA. This solves a big problem when it comes to uploading data to the blockchain from outside. Until now, the so-called oracle was responsible for the correctness of the data, which created the data chain, but did not guarantee the leverage of damage. The DVM system proposed by the UMA project does not provide prices using the chain, but only serves to resolve disputes regarding the liquidation and settlement of synthetic token contracts after their expiration. The whole ecosystem allows the creation of synthetic tokens both for commodities such as gold, silver, and for stocks traded on various exchanges, but even for tracking, for example, program logins and downloads. This provides great opportunities and opens up a new space for the blockchain market.
Wallet
The UMA cryptocurrency can be stored in most wallets that accept Ethereum tokens. Unfortunately, Trezor and Ledger do not allow UMA to be stored on their devices. However, it is worth considering keeping the tokens in the UMA ecosystem. These are utility tokens that operate within the DVM service. Thanks to this, users can receive rewards, and simply storing a token in the ecosystem gives the right to receive a corresponding part from the pool of all tokens.
Stock quotations
UMA currently ranks 48th in terms of capitalization among all tokens. This is a high rating, given that the project has been running for less than a year. This confirms the interest in the project of the entire cryptocurrency market. The highest UMA price was recorded on February 4, 2021 at $43.72. The daily turnover exceeds 64 million dollars. Cryptocurrency is listed on 17 exchanges. The largest volume of shares is traded on the Coinbase Pro stock exchange and accounts for 35% of the total turnover, while on the Binance stock exchange it is 23% and 17% on OKEX. Other platforms worth looking at are BitMart with 14% turnover and Huobi with 5% turnover. UMA tokens can still be bought on major world exchanges such as Poloniex, Bittrex, but the turnover on these platforms does not exceed 1%.
Conclusion
Binance Exchange has introduced a new DeFi project on its platform: “UMA” (UMA). UMA trading is available in pairs: UMA/BTC and UMA/USDT.
UMA is a protocol belonging to the decentralized finance (DeFi) industry, built on Ethereum. UMA connects any two counterparties to create their own financial contracts and synthetic assets.
DeFi UMA uses an exchange-to-share revenue model, which is a two-way agreement between users who enter into a financial contract. The presence of a UMA token gives the user the right to vote on matters related to the management of the UMA protocol. Each vote increases the UMA proposal by 0.05%, which is then distributed to the winning party.
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