What is Universal Market Access (UMA)?
Based on Ethereum, the open-source protocol going by the name UMA enables its users to generate financial contracts for themselves along with synthetic assets. The primary goal underlying the UMA project has been to aid in the facilitation of a decentralized architecture granting universal market access for DeFi markets.
Historical Genesis of UMA
UMA, or Universal Market Access, saw its official launch in 2018. Allison Lu and Hart Lambur were responsible for its formation. Lambur has a background in computer science, whereas Lu has one in management and economics, which she got from MIT.
Since 2021, Coin-Labs.com has partnered with Bybit and is few of the highest-ranking of affiliate program contracts.
Therefore, if you sign up for Bybit through the button above, you will get the most discounted fee benefit and participation in a bonus event offering up to $500.
The Core Concept of UMA
To allow for the user-friendly and easy generation of synthetic assets along with smoothing smart contract design, Universal Market Access (UMA) depends on an intricate architecture model. It is based on two underlying concepts, which include decentralized Oracle services and priceless financial contract designs, both of which we’ll be looking at below.
Priceless Financial Contract Designs
These represent the templates that financial smart contracts are made from or are based on, on the UMA, essentially enabling users to develop or design synthetic assets.
The Optimistic Oracle
UMA’s Optimistic Oracle enables contracts to swiftly request and receive information.
The Oracle acts as this generalized escalation game held between the contracts initiating data requests and the dispute resolution, referred to as the DVM (Data Verification Mechanism). The prices that the Optimistic Oracle will propose will only be distributed to the DVM if they’re disputed.
How Universal Market Access (UMA)Works
Outlined below are the stages in which the Optimistic Oracle validates the data.
Statement
This stage represents how natural-language statements can be submitted along with bonds. These bonds serve as bounties for individuals looking to dispute them if they’ve got evidence pointing towards the contrary.
Challenge Period
Anyone may propose answers to data requests, and these are accepted as being true unless they are disputed during those challenge periods, which, as implied by the name, represent periods specifically dedicated to challenging disputes.
Dispute
Every statement that has been submitted for verification represents an opportunity where anyone can earn rewards by successfully disputing it. Normally, disputes have been considered rare, practically speaking, as the incentives always tend to be honest, according to the theory underlying the entire process, or rather “game,” hence the “optimism.”
Voting
The native token of Universal Market Access (UMA) offers the Optimistic Oracle (OO) some economic guarantees. The community holding the token provides that human element, as voters, which represents the final resolution of the OO on queries or disputes. Following that, those who vote alongside the majority receive rewards.
Real-world Use Cases of UMA Protocol
Let’s now look at some of the real-world applicability of the UMA Protocol.
Governance
The OO may be utilized to allow for more trustless types of DAO governance. In addition, the first application to utilize this would be oSnap, which would be a trustless way of executing the results of Snapshot votes on chain. As for Snapshot, it is a service that allows votes to be recorded off-chain.
Prediction Markets
The OO may even be used to verify natural-language statements and then answer queries concerning real-world events. These would include arbitrary questions regarding the weather, elections, sports, markets, or anything that’s universally verifiable.
Tokenization of Real-world Assets
The OO of UMA may also be utilized to bring on chain any part of verifiable real-world data.
This will likely include data containing real-world assets, enabling the generation of numerous things, such as synthetic assets, for instance, which are essentially tokenized representations of certain assets, both within the digital and real worlds.
Cross-chain Bridges
The OO can be used to validate all kinds of statements, even statements regarding data on various other networks.
In this way, the OO may be utilized for cross-chain messaging. Moreover, it’s already being utilized by the bridge known as Across Protocol these days to allow for cross-chain asset bridging.
How to Get Involved
Here, we will be discussing how one can get involved with this platform and contribute to its ecosystem.
Ways to Contribute to The UMA Ecosystem
There are various ways in which one can contribute to Universal Market Access. The most obvious way would be to simply invest in the various services it provides, or by just buying its native token.
Other than that, you can take on the various roles on its Oracle service, such as those of disputers, requesters, and proposers.
Steps to Start Creating Synthetic Assets on UMA
Generating new synthetic tokens needs both some collateral and a price identifier, the latter of which is a price determination procedure that is agreed on by those holding the UMA token.
If there isn’t any price identifier, then there won’t be a way for Universal Market Access (UMA) to validate the price of these synthetic tokens. But if there is already a price identifier available, then there will be a couple of steps involved in finally creating those synthetic tokens, such as supplying collateral, setting expiration dates, minting, depositing gold tokens, and during the token’s life, keeping the collateral value above that minimum requirement.
The UMA Token
Here, we will be shifting our attention towards its native token, briefly discussing some stats and the roles it has within its ecosystem.
Role and Utility
The utility that the token provides is integral to the functionality of the UMA ecosystem.
It serves as a form of payment for the services to be found here and also plays a vital role in the governance of the protocol, which we will discuss below.
Stake and Earn
The token can also be staked to secure its Oracle service, and rewards can be earned for such contributions as a result.
Vote
As alluded to earlier, the token can also be used to vote, and if token holders vote accurately and consistently, the APY rate at which they would earn would increase and be higher than that of inactive or unsuccessful voters.
Tokenomics
Moving onto tokenomics, its price is currently around $1.50, with a market capitalization of over $110 million and a fully diluted valuation of more than $171 million. Its maximum supply is about 115.7 million tokens, with a circulating supply of over 74 million tokens.
Buying UMA Tokens on Binance
If you’re interested in what this platform has to offer and are looking to invest, then we’ll show you how that can be done on the world’s largest cryptocurrency exchange, Binance.
Setting up a Binance account
To create your Binance account, click on the link below, which will take you to the Binance registration page using a special Coin-Labs referral code. Over there, fill in whatever’s required of you and get done with registration.
Verifying your identity
Getting your identity verified is a must if you don’t wish to experience any trading limits. So, you can start the KYC process by going over to Binance’s verification page. Once there, you will need to provide a few details regarding your identity along with some documentational proof later on to back that up.
Funding Your Binance Account
To make that initial deposit so that you can buy some UMA tokens, head over to its deposit page. On there, select a token and any network supporting it. Once that deposit address has been generated, simply copy and paste it into the withdrawal field of an external platform to complete the transfer from there.
Making Your First UMA Purchase
Once your account has been properly funded, you can finally buy some UMA tokens. Currently, there are a plethora of ways in which you can carry that out on Binance. These include, but are not limited to, spot, futures, copy trading, and more. The simplest to execute would be just swapping or converting your deposits for the UMA token.
Storing Your UMA Tokens
Once your order has been fully processed, you can transfer those newly acquired UMA tokens to your wallet through Binance’s withdrawal page. Over there, choose the UMA token, a network supporting it, specify the amount, and finally add your wallet’s address within the withdrawal field. Confirm your withdrawal, then, and wait for this transaction to be fully confirmed.
Future Trajectory of UMA
Risk Labs Foundation, the firm behind UMA, is in the UMA 2.0 phase right now, where a multi-phase update for the ecosystem has been planned.
The update will feature a better voting system, more participation, further research geared towards the DVM, and lastly, more simple ways for decentralized applications to plug into its Oracle.
Conclusion
UMA is based on the Ethereum blockchain and is among its leading projects due to its robust utility and relevant applicability. With the growing popularity of synthetic assets, UMA might just climb up the ranks, and that may even impact its price within the market later on, but then again, it may not as well. So, whether or not this platform has what you’re asking for is all up to you to decide and see whether it’s worth any risks associated with engaging with it.
We Coin-Labs.com provides only objective information about Universal Market Access.
Therefore, we are not responsible for the investment decision in Universal Market Access and the resulting loss.
Universal Market Access Basics
Here are some factors that investors should consider before investing in Universal Market Access.
| Cryptocurrency Features | Universal Market Access (UMA) |
|---|---|
| Publisher or Developers | Allison Lu, Hart Lambur |
| Headquarters (Registration Number) | New York, New York |
| Symbol | UMA |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of Universal Market Access in 2024
These are indexes mesuring the investment reliability of Universal Market Access conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 9 Exchanges |
| Number of Available Pairs Worldwide | 262 Pairs |
| Market Cap of the Cryptocurrency | 325,661,173 USD (Rank #141) |
The table above shows the result of investment suitability evaluation for Universal Market Access.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Universal Market Access Price
Here are the price and recent trading volume of Universal Market Access. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Universal Market Access |
|---|---|
| Universal Market Access Price | 2.485 USD |
| Price Change 24h | -2.91% |
| Price Change 7d | -12.12% |
| Trading Volume 24h | 14,828,089 USD |
| Trading Volume Change 24h | -1.82% |
Cryptocurrency Metadata
You can check the development status and social media information of Universal Market Access through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | https://umaproject.org/ |
| π White Paper | https://github.com/UMAprotocol/whitepaper |
| π°οΈ Source Code (GitHub) | https://github.com/UMAprotocol |
| π¦ Twitter | https://twitter.com/UMAprotocol |
| π€ Reddit | |
| πΊ Message Board | https://medium.com/uma-project |
Where to Buy Universal Market Access
Here are the top ten world crypto exchanges where traders can buy Universal Market Access in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/UMA_BTC |
| Coinbase | Listed | https://pro.coinbase.com/trade/UMA-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/uma-usd |
| KuCoin | Listed | https://www.kucoin.com/trade/UMA-USDT |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/uma-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/uma_usdt?type=spot |
| Bitstamp | Listed | https://www.bitstamp.net/markets/uma/usd/ |
| Bybit | Listed | https://www.bybit.com/en-US/trade/spot/UMA/USDT |
| Gate.io | Listed | https://www.gate.io/trade/UMA_USDT |
Frequently Asked Questions
What is the current price of Universal Market Access?
Universal Market Access price today is 2.485 USD. Furthermore, the price of Universal Market Access has fluctuated by -2.91% from 24 hours ago, and by -12.12% from a week ago.
Where is Universal Market Access listed?
Currently, it is listed on a total of 9 among the world top 10 exchanges.
What is the market cap of Universal Market Access now?
Currently, Universal Market Access has a market cap of 325,661,173 USD, which is ranking 141 among cryptocurrencies worldwide.
How much is the trade volume of Universal Market Access?
Currently, 85,867,877 UMA coins are circulating through 262 market pairs. As a result, in the last 24 hours, 14,828,089 USD of UMA coins were traded in the market.
