What is UMA (uma)? Detailed review of Uma coin project

Uma coin is a prominent cryptocurrency project with an Ethereum-based operating platform, providing advanced solutions for creating and trading DeFi products. 

Therefore, the following article by AZCoin will provide an in-depth look at the Uma coin project, its purpose, products, advantages, as well as other important information to help you better understand the potential of Uma coin in the cryptocurrency market.

What is UMA (uma)?

UMA, short for Universal Market Access, is an open-source protocol that allows developers to create and design financial contracts and synthetic assets. The protocol was developed to decentralize and democratize financial markets through blockchain. UMA provides users with access to advanced financial products without the need for traditional financial intermediaries.

Purpose of the UMA project

UMA aims to bring derivatives products to the blockchain platform to create synthetic tokens for collateralized assets. The project encourages users to participate in the verification of collateral value instead of relying on external oracle services. UMA believes that oracle services can be problematic when there is a large price drop from investors, so the project develops its own oracle service to resolve disputes related to asset liquidation.

UMA Project Team, Investors and Partners

Project Team

UMA was founded by Hart Lambur and Allison Lu, both of whom have extensive experience in finance and technology. Hart Lambur previously worked at Goldman Sachs, while Allison Lu was Vice President of Risk Analytics at Tala.

Investors

UMA has received investments from many large organizations such as IOSG, Blockchain Capital and Amber Group. On July 10, 2021, UMA raised $2.6 million for its Range Token product with the participation of major investors such as Amber Group, BitDAO, Blockchain Capital, Robert Leshner (founder of Compound) and Wintermute Trading.

Partners

UMA currently has more than 70 partners using its product, showing wide acceptance in the DeFi community.

Products of UMA 

UMA provides a rich set of tools that help users and developers create diverse financial products:

• Optimistic: This is an oracle that works by verifying data to ensure that financial transactions on the network are secure and accurate.
• Long short: Allows users to create tokens that represent long or short positions without worrying about asset liquidation.
• Call/Put options: Provide users with the ability to minimize risk when participating in financial transactions.
• Range token: Allows DAOs to raise capital without selling existing assets.
• KPI options: A performance-based reward model that allows projects to issue rewards only when specific KPI milestones are achieved.
• Success tokens: Allows projects to raise capital without discounting their tokens, thereby protecting the value of their assets for investors.

Outstanding advantages of UMA

UMA offers many advantages over traditional financial solutions and other blockchain platforms:

• Fast product launch time: UMA allows users to issue financial contracts quickly and easily.
• Unlimited creativity: The UMA protocol allows users to freely design financial products that suit their specific needs.
• Maximum security: With its strong security mechanism, UMA protects users from risks related to liquidation and attacks.
• Reduced Oracle usage: UMA reduces the number of On-Chain transactions, saving costs for projects while ensuring safety and accuracy.

Overview of Uma coin

What is Uma coin?

Uma coin is the governance token of the UMA protocol, allowing holders to participate in important decisions regarding the governance and development of the ecosystem. Through voting, UMA users can influence changes to the protocol as well as determine future developments.

Specifications of Uma coin

• Token Name: UMA
• Trade Code: Uma
• Blockchain Platform: Ethereum, Avalanche
• Token Standard: ARC-20, ERC-20
• Contract:

ERC-20: 0x04fa0d235c4abf4bcf4787af4cf447de572ef828

ARC-20: 0x3bd2b1c7ed8d396dbb98ded3aebb41350a5b2339

• Token Type: Governance Token
• Total Supply: 65,368,369 UMA
• Circulating Supply: 106,251,021 UMA

Allocation Uma coin

The total supply of UMA tokens is 100 million, distributed as follows:

• Initial listing on Uniswap: 2,000,000 (2.0%)
• Future token sale: 14,500,000 (14.5%)
• Developers and users: 35,000,000 (35.0%)
• Founders, early contributors and investors: 48,500,000 (48.5%)

Release schedule of Uma coin

In early 2021, the project team and investors agreed to extend the token issuance period by two years, with an expected completion in early 2023.

Where to buy an Uma coin?

Uma coin can be traded on many major exchanges, including Binance, Coinbase and Uniswap. These platforms, known as some of the best cryptocurrency exchanges, provide good liquidity and support easy Uma coin trading for users worldwide.

Which wallet should I store Uma coins in?

To store UMA coins safely, users can use popular wallets such as MetaMask, Trust Wallet or hardware wallets such as Ledger and Trezor. These wallets all support ERC-20 tokens and ensure absolute safety for users’ assets.

Detailed review of Uma coin project

In the near future, UMA plans to expand into areas such as insurance and economic forecasting, with the Sherlock platform using the UMA network for insurance risk management.

Furthermore, the integration of the decentralized governance tool DAO and cross-chain support will enhance interoperability and governance, opening up new growth opportunities for UMA. Experts predict that with these improvements, UMA can continue to make a strong mark in the decentralized finance market, although the project’s development still needs to be closely monitored.

Conclusion

Above is an AZCoin article about the Uma coin project, one of the most promising DeFi projects today. With its operating mechanism based on the Ethereum blockchain and innovative financial products, Uma coin has attracted great attention from the crypto community. If you are looking for a project with strong potential for future development, Uma coin is definitely an option not to be missed.