UMA (UMA)

UMA is currently trading at $1.7276, after a price change of 1.22% in the last 24 hours.

Ranked as cryptocurrency #167 by capitalization today, UMA market cap is valued at $119,126,983. UMA trading volume reached $9,386,057 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on UMA coin price prediction page.

What is UMA?

Universal Market Access (UMA) is a decentralized blockchain on Ethereum built for synthetic assets. The chain supports self-executing financial contracts through economic incentives. The platform acts as a link connecting two contracting parties in the financial contracts. UMA comprises Priceless financial contract models for synthetic assets and an oracle service, Data Verification Mechanism. The users of the financial contracts must collateralize their positions when launching on the UMA platform. 

UMA has integrated a trustless tokenization function that enables developers to mint ERC20 standardized tokens through UMA contracts for the synthetic assets. UMA benefits from Ethereum’s current proof-of-work consensus model, which is anticipated to transition to the proof-of-stake consensus. 

There are 65,454,416.55 circulating UMA tokens from a total supply of 106,337,068 and a cap of 101,172,570. UMA governance is based on the UMA Improvement Proposal. The token holders decide on the types of contracts that can access the protocol, assets to be added, and the proposed upgrades. UMA token holders are mandated to vote on price requests through Data Verification Mechanism, where valid votes are rewarded with 0.05% of the total token supply as an inflation reward. 

Hart Lambur and Allison Lu are the co-founders of UMA. The project was launched in 2018.