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Highlights:
- Launched in 2018, Universal Market Access (UMA) was founded by Allison Lu and Hart Lambur.
- UMA protocol mentions on its website that it has total value locked worth US$ 49 million in contracts.
- The UMA crypto acts as a governance token of the UMA protocol, and it gives the right to holders to vote on changes to the UMA protocol's system upgrades and parameters.
The price of UMA crypto has been rallying since the past week, and it was up 7.4 per cent in the last 24 hours at the time of writing. UMA crypto was trading at US$ 9.41 per token, and its one-day volume had skyrocketed over 200 per cent to US$ 1.2 billion, as per data provided by CoinMarketCap.
The cryptocurrency market was trading in a positive territory and the global market cap increased by 2.4 per cent in the last 24 hours to reach US$ 1.95 trillion.
Almost all the major cryptocurrencies are witnessing a price surge as the crypto market appears to be recovering from the recent crash. While drafting this article, Bitcoin and ETH was up 2.04 and 2.7 per cent, respectively.
What is UMA crypto?
Launched in 2018, Universal Market Access (UMA) was founded by Allison Lu and Hart Lambur. It is a protocol for creating synthetic assets on the Ethereum blockchain.
As per the project's website, anyone can use the UMA protocol to build decentralized financial (DeFi) products. Notably, users can create their financial contracts within no time by using a set of priceless contract templates.
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As there are no limits on design in the UMA protocol, users can create novel financial products compatible with any use case.
The protocol claims to give economic guarantees to its users as it ensures that contracts are not manipulated. In addition, the UMA protocol reduces costs with minimal on-chain transactions.
UMA protocol mentions on its website that it has total value locked worth US$ 49 million in contracts. Meanwhile, 72 projects were built on the protocol.
Also Read: Why is KNC crypto grabbing attention?
The UMA crypto acts as a governance token of the UMA protocol, and it gives the right to holders to vote on changes to the UMA protocol's system upgrades and parameters.
Bottom line
UMA crypto has been rallying since the past week, and according to CoinGecko data, the crypto recorded a surge of 83 per cent in the last seven days.
The price surge of UMA crypto on March 2 could be due to the announcement that UMA protocol has partnered with DappBack to create a Web3 task page. This partnership could offer rewards to users for completing web3 micro-tasks like joining the community and providing content, among others.
Also Read: What is GoCryptoMe coin?
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