Tanya Abrosimova
Independent Analyst
- OKEx adds UMA token to the list of tradable assets.
- UMA doubles its value in the recent seven days.
UMA is a child of a DeFi industry and the latest darling of the cryptocurrency universe. The token jumped from nowhere to the 27th place with the current market capitalization of $971 million, according to the data provided by CoinMarketCap. At the time of writing, UMA is changing hands at $17.83. The price of the token has increased by over 40% in the recent 24 hours and more than doubled in recent seven days.
The latest bullish catalyst came from the cryptocurrency exchange OKEx that announced UMA listing. The deposits and trading functionality are available starting from August 31, while the withdrawals are unlocked as of September 2. The token will be available for trading against USDT and ETH at this stage.
What is UMA
UMA is a blockchain-based platform designed to provide Universal Market Access. Basically, the users of the open-source UMA platform can create their own financial contracts, which are self-enforced and universally accessible. UMA has a total supply of 100,684,611 tokens, while the total number of tokens in circulation is 54,469,837.
UMA is designed to power the financial innovations made possible by permissionless, public blockchains, like Ethereum. Using concepts borrowed from fiat financial derivatives, UMA defines an open-source protocol that allows any two counterparties to design and create their own financial contracts. But unlike traditional derivatives, UMA contracts are secured with economic incentives alone, making them self-enforcing and universally accessible.
Also, UMA token is now available on DeFi protocols UniswapProtocol V2 and BalancerLabs actively used by yield farmers for liquidity mining. Read also the latest developments in DeFi space.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.