UMA is a decentralized platform that enables DeFi protocols to build synthetic derivatives on the Ethereum blockchain, with its token having surged 28.7% in the last seven days. This remarkable price gain has recorded much profit for its investors in a week marked by market losses, as evidenced by its move from an initial price region of around $1.95 to break the $3 price mark for the first time since August 2022. Despite a slight slip from such high levels, the DeFi token appears to have found support and could be gearing for another breakout. Interestingly, UMA’s price growth is parallelled by the growing traction on its platform, with its Total Value Locked climbing from $10.33 million to $11.12 million over the last two days. Furthermore, the project's blockchain product, the oSnap module, has been integrated by two new DAOs to merge on-chain and off-chain governance systems. This product enables the execution on chain of transactions performed off-chain immediately, but provides protections against any harmful proposal execution. UMA is built to bridge the gap between on-chain and off-chain and grants DeFi protocols with the underlying infrastructure to create fast, efficient, and secure synthetic derivatives.
Naomi Gonzales
- 2023-05-06
UMA Records 28.7% Price Gain in a Week Marked by Market Losses
UMA, the decentralized platform that enables DeFi protocols to build synthetic derivatives on the Ethereum blockchain, has seen a remarkable 28.7% price gain over the last seven days. The project's Total Value Locked has increased from $10.33 million to $11.12 million over the last two days.
