UMA

What is UMA?

The UMA token is a governance token built into Universal Market Access (UMA) platform. The latter is a completely decentralized financial contract platform.

UMA is based on ERK-20 token standard and deployed on the Ethereum blockchain.

This governance token allows owners to vote on proposals related to price requests or system upgrades.

The UMA token incentivizes holders to vote by providing inflation bonus. This bonus is distributed among active OMA voters. This is equal to 0.05% of the current supply of tokens.

The total supply of UMA tokens is 105,000,000. During the ICO, 2,000,000 tokens were distributed as follows:

• 48,500,000 – Co-founders;
• 35,000,000 – Developers;
• 14,500,000 – Future sales.

Since UMA is a cryptocurrency, its price tends to fluctuate. To make an informed buying decision, you can take a closer look at UMA’s price history or the current UMA price in the chart above.

In addition to the governance token, the UMA crypto project was also launched. synthetic ETHBTC token and yield token.

What are the main features of UMA?

As mentioned in What is UMA In the section, UMA stands for Universal Market Success. In fact, this allows for the creation of synthetic collateralized assets. based on the Ethereum network.

Quick Reminder: Synthetic Assets or Synths tokenized derivatives which reflect the value of another asset based on a reference token index.

This is where UMA comes in – it allows users to create tokenized derivatives based on Self-executing financial contracts. These contracts come in the form of financial smart contract templates, also known as Expiring Multi-Party-EMP.

Moreover, traditional financial derivatives can be easily digitized on UMA. Synthetic assets issued by UMA have an expiration date and run on the Ethereum blockchain.

To create a new synthetic asset, users must meet certain requirements and confirm that these steps have been completed:

• Determine the price of the asset;
• Creation of smart contract conditions;
• Set the expiration date;
• Please pay the required deposit amount.

Once a synthesizer is created, its position will be secured through financial incentives.

The UMA crypto project also includes an integrated optimistic oracle called Data verification mechanismor DVM. This means that UMA smart contracts can quickly obtain price information. However, its oracle is not used on a daily basis for provisioning. The reason for this is that oracles can be easily disabled, manipulated or hacked. Instead, DVM assists in the resolution of liquidation disputes as well as the settlement of synthesis contracts.

Additionally, reducing the use of oracles results in lower fees.

There are 3 participants in the UMA ecosystem: sponsors, liquidators and disputants.

One of the main goals of the project is to democratize the derivatives market without compromising decentralization. This is reflected in the name of the project – Universal Market Success.

To achieve this goal, the project co-founders chose the Ethereum network due to its accessibility. In other words, it makes it possible to create tokenized derivatives on a global scale. This is protected via Proof of Work (PoW) consensus mechanism.

UMA has undergone an in-depth audit by Open Zeppelin.

Some of the projects carried out by UMA include Polymarket, ShapeShift, Boba Network and Bankless DAO to name a few.

Be sure to do proper research before making any purchasing decisions. You can do this by viewing UMA price history and other statistics in the section above.

Who developed UMA?

The UMA crypto project was launched at the end of 2018 by its co-founders. Allison Lu and Hart Lambur.

Allison Lu successfully completed her studies at the Massachusetts Institute of Technology and received a B.S. in Economics and Management. Before founding UMA, Allison worked in the financial industry as a consultant and later took a position as a vice president at Goldman Sachs, where she met Hart Lambur. She later served as vice president of credit and risk analytics at Tala. In addition to UMA, Allison Lu was also a member of Pledger’s co-founding team.

Hart Lambur received his B.S. Bachelor’s degree in Computer Science from Columbia University in New York. During his studies, he also worked as a teaching assistant and research fellow at the same university. After graduating from university, Hart began working at Goldman Sachs. In addition to the UMA crypto project, he played a role in the founding of Openfolio and Pledger.

Chriss Burnisk, Christopher Tognetti, Jill Carlson and Noah Jessop take on the role of advisors and mentors.

UMA’s investors include Fintech Collective, Coinbase Ventures and Blockchain Capital, among many others.