There was a more than 100% increase in the price of UMA when the UMA protocol, which provides an Ethereum-based oracle service, introduced its new product with the theme of maximum extractable value (MEV).
UMA protocol, providing services in the field of decentralized finance (DeFi) lending protocols It attracted attention by introducing its product called Oval, which focuses on protection from maximum extractable value (MEV). Following the announcement on the subject, the native token of the protocol was UMA. Gained 107% value.
Made by the team on social media in sharing, Oval about “Credit protocols lose tens of millions of dollars to MEV each year. It’s time to embrace this value.” UMA co-founder said: Hart Lambur another in post Developments that may occur next week pointed out:
Next week UMA is launching something that will gracefully claw back the more than $100 million in free money lost to MEV each year.
Uma currently focuses on assets on DeFi lending protocols A protocol based on Ethereum (ETH) stands out as. protocol, users through economic incentives allowing it to verify data on the blockchain an oracle service operates.
According to CoinGecko data, with the influence of news flow 107% rising UMA, $1.98 from level for $4.09 reached. UMA at the time of writing from $3.70 is being traded.