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UMA UMA Price

$1.72

-2.22%

$1.59

24h Range

$1.72

Market Cap

$145,410,873.1

Fully Diluted Valuation

$211,588,495.0

24 Hour Trading Vol

$27,769,463.6

Circulating Supply

84,676,251.1

Total Supply

123,213,073.0

Max Supply

Info

UMA Price Statistics

UMA Price

$1.72

24h Range

$1.59 - $1.72

Percent Change 1h

0.61%

Percent Change 24h

-2.22%

Percent Change 7d

0.24%

All-time high

$41.56

All-time low

$0.304

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About UMA

What is UMA (UMA)?

UMA, which stands for Universal Market Access, is a decentralized financial contract platform that enables users to create and trade synthetic assets. Built on the Ethereum blockchain, UMA leverages smart contracts to allow the creation of derivatives that can track the value of real-world assets or indexes. This protocol aims to provide anyone with access to financial markets, promoting inclusivity and transparency in the DeFi landscape. As of 2024, UMA has seen significant growth in its user base and adoption, with a total value locked (TVL) exceeding $300 million.

Who are the Founders of UMA?

UMA was co-founded by Hart Lambur and Allison Lu in 2018. Hart Lambur has a background in finance and quantitative trading, having previously worked at Goldman Sachs and as a co-founder of the risk management platform, Risk Labs. Allison Lu has an extensive experience in software engineering and product management, having worked at companies like Google and Uber. Together, they aimed to democratize access to financial derivatives and bring innovative solutions to the blockchain space.

How does UMA Work?

UMA operates by allowing users to create synthetic assets through a system of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Here’s a simplified overview of how UMA functions:

  • Data Verification Mechanism: UMA employs a decentralized oracle system for price verification, allowing users to rely on data from multiple sources to determine the value of synthetic assets.
  • Collateralization: Users must provide collateral in the form of UMA tokens (UMA) or other cryptocurrencies to create synthetic assets. This ensures that the system remains solvent and reduces the risk of default.
  • Dispute Resolution: In case of disputes regarding price feeds, UMA's decentralized governance mechanism allows token holders to vote on the resolution, thus ensuring a fair process.
  • Tokenomics: The UMA token is used for governance and staking, allowing holders to influence the protocol's future and earn rewards.

Top Use Cases of UMA

UMA has several compelling use cases, including:

  • Synthetic Assets: Users can create synthetic versions of cryptocurrencies, stocks, or commodities, providing exposure to these assets without holding them directly.
  • Decentralized Insurance: UMA can be utilized to create insurance products that pay out based on specific triggers, such as price movements or events.
  • Derivatives Trading: Traders can leverage UMA to create and trade derivatives, allowing for speculation on asset prices with reduced capital requirements.
  • Custom Financial Products: Developers can utilize UMA’s framework to build bespoke financial instruments tailored to specific needs or market conditions.
  • Liquidity Provisioning: Users can provide liquidity to decentralized exchanges and earn fees through trading synthetic assets.

How to Keep your UMA Safe?

Ensuring the safety of your UMA tokens and assets on the platform requires a few best practices:

  • Use Hardware Wallets: Store your UMA tokens in hardware wallets like Ledger or Trezor for enhanced security against hacks and malware.
  • Enable Two-Factor Authentication: If using centralized exchanges or services, always enable 2FA to add an extra layer of security to your accounts.
  • Be Cautious of Phishing Attacks: Always verify the authenticity of websites and links before entering sensitive information or connecting wallets.
  • Keep Software Updated: Regularly update your wallets and any software used to interact with UMA to protect against vulnerabilities.
  • Participate in Governance: Stay engaged with the UMA community and participate in governance to help shape the future of the platform, as community awareness can enhance overall security.

How to Invest in UMA (UMA)?

Investing in UMA (UMA) or any other cryptocurrency involves several steps:

1Choose a Reliable Exchange: Select a reputable cryptocurrency exchange platform like Coinbase, Binance, or Okx. These platforms allow you to buy, sell, and trade cryptocurrencies.

2Create an Account: Sign up for an account on your chosen exchange by providing the necessary personal information and completing the verification process.

3Fund Your Account: Deposit funds into your exchange account using various methods like bank transfers, credit/debit cards, or wire transfers.

4Buy UMA: Once your account is funded, you can purchase UMA directly from the exchange. Choose the desired amount and complete the transaction.

Investing in UMA (UMA) Using Botsfolio:

Botsfolio is a platform that automates cryptocurrency investments using trading bots. To invest in UMA using Botsfolio, follow these steps:

  • Create a Botsfolio Account: Sign up for a free account on the Botsfolio platform.
  • Create Portfolio: Select an investment type from available options such as Premade crypto portfolios OR Custom crypto portfolio.
  • Connect Your Exchange: Link your chosen cryptocurrency exchange account to Botsfolio through fast connect or API key to enable seamless investing.

Botsfolio allows you to automate your cryptocurrency investments, potentially saving time and effort while optimizing your trading strategies.

What is the Price Prediction for UMA (UMA) in the Long Term?

UMA (UMA) is currently trading at $1.72 and exhibits good potential for future growth. Check the latest UMA (UMA) price prediction.

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