Universal Market Access (UMA Coin) is an oracle protocol that verifies real data in blockchain applications. While the protocol works based on Ethereum, it also provides off-chain data in DeFi projects such as inter-chain bridges and insurance protocols. However, the ultimate goal of the protocol is to bridge between off-chain and on-chain data.
The protocol creates models called “Optimistic Oracle” based on smart contract principles and verifies them on-chain using the same model. However, the protocol also offers rewards while performing all these transactions. Prize distribution belongs to the protocol. UMA Token It is done with.
Although UMA Coin has two basic functions, its main purpose is to enable participants to participate in governance. Another function is to ensure that the Optimistic Oracle mechanism continues operations reliably.
Who Founded UMA Coin?
The developers behind UMA Coin are Hart Lambur, who is known as an interest rate trader at Goldman Sachs, and Allison Lu, who is Vice President at the same company. While the protocol was established in 2018, it continues to be actively developed by Risk Labs.
How Much Is UMA Token Supply?
UMA token maximum supply is set at 117,838,795 tokens. The total supply of UMA tokens is also the same number at the time of writing.
UMA ProtocolIt works using the Optimistic Oracle system. Optimistic Oracle also uses smart contracts and participants to collect data to transmit on-chain. Thus, the system continues to deliver its real-world value as a digital token.
Although the whitepaper of the project was published in 2018, a new whitepaper was published in April 2020, which includes a transition in the project’s goals towards the Data Verification Mechanism and oracle service based on economic incentives / security. In this new document, all references to “synthetic assets” have been removed. That same month, UMA conducted its initial DEX offering (IDO), bringing 2 million UMA to market.
Has UMA Coin Price Increased?
While the token was trading at $4,128 at press time, it has increased by over 2% in the last 24 hours. The price increased by 52% in the last week and increased by 55% on a monthly basis. This means that a significant part of the rise occurred in the last week. The price managed to keep up with the market with a 75% increase on an annual basis.
