OKEx sets UMA token on fire by adding it to the list of tradable assets

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.