What is UMA crypto? Here's what you must know about the digital coin

Highlights 

• UMA is an Ethereum-based blockchain protocol. 
• Users can quickly create any financial product using UMA, and there are no limits on design.
• At 5 AM EST, UMA crypto was trading at US$ 12.95 per token.

The cryptocurrency market was trading in the green on Wednesday, October 19. At the time of writing, Bitcoin had surged by 3.6 per cent in the last 24 hours to reach US$ 64,158.66 per token. Meanwhile, the world's second-largest cryptocurrency, Ether, was trading 2.2 per cent higher at US$ 3,864.15 apiece. 

Amid a good trading day for the cryptocurrency market, UMA crypto's name surfaced on the trending charts in Canada. The alternative cryptocurrency to Bitcoin recorded a 617.4 per cent surge in the one-day volume, and its price was up by 14.7 per cent in the last 24 hours. 

At 5 AM EST, UMA crypto was trading at US$ 12.95 per token, according to CoinMarketCap. That said, let us explore further about the Ethereum-based blockchain protocol: 

What is UMA crypto? 

Universal Market Access or UMA is a protocol based on blockchain technology and enables users to build decentralized financial (DeFi) products.

What you must know about Universal Market Access or UMA?

Established in December 2018 by Hart Lambur and Allison Lu, UMA was started with a vision of building an open-source infrastructure for developers to create financial derivatives.

Also Read: Is Rocket Bunny crypto real and is it a safe investment?

Notably, the co-founders of this protocol were once a part of the Goldman Sachs Group. 

As per the protocol's website, users can quickly create any financial product, and there are no limits on design. UMA also gives economic guarantees to ensure that the contract is not manipulated and reduces costs with minimal on-chain transactions.

Bottom line

UMA crypto seems to be in a bullish zone as its price has surged by about 34 per cent in the last seven days and 17.4 per cent since the past month, according to CoinGecko. 

But like most cryptocurrencies, UMA crypto remains highly volatile. For example, on February 4, 2021, the cryptocurrency had clocked an all-time high of US$ 41.56 per token, and it was trading 68.6 per cent lower in comparison on October 20. 

Also Read: Is Shiba Inu the future altcoin? Know price prediction as it nears ATH

The digital token is in a bullish zone doesn't necessarily mean that you should blindly trust it. It is essential to do your research and technical analysis before making an investment decision.