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UMA is going up by the daily limit! The legendary rise of a coin that increased 100 times overnight, the truth behind the miracle from heaven is revealed, is it manipulated by a mysterious force or an invincible miracle? !
UMA Coin is a governance token that is mainly used for system governance and resolving Oracle disputes. In terms of governance, UMA token holders have voting rights and can participate in decisions on financial contracts, asset types, key system parameters and upgrades, and vote on the distribution of UMA tokens.
Additionally, UMA token holders can also resolve non-coin and contract disputes through data verification (DVM) voting.
UMA is unique from other DeFi protocols in that it does not rely on constant price feedback, but on the operation of the protocol itself. UMA introduces the Data Verification Mechanism (DVM), an economically secured decentralized Oracle system. This mechanism allows UMA to operate without continuous price feedback. Through the DVM system, UMA is able to effectively verify data related to financial contracts and ensure the normal operation of the protocol. This innovative design allows UMA to adapt to market changes more flexibly, without having to rely on continuous price information.
Project Mechanism
Alice holds a bearish view and expects the price of Apple to fall; on the contrary, Bob holds a bullish view and expects the price of Apple to rise. By creating a template through UMA smart contract, the two can personalize the financial contract of Apple's price. In tracking this contract, both parties need to pay a corresponding 10% deposit, and the contract period is 6 months. If both parties breach the contract, they will lose the deposit.
Automatic Execution (Automatic Margin Call) Over the next 6 months, as Apple's stock price fluctuates, the main trend is down. As Bob provides Apple price data and guarantees the trust of the UMA predictor, he needs to keep adding margin, and the taxpayer is forced to close his position when the price of Apple continues to fall. This is to ensure that he can fulfill the contract when the contract is agreed upon, without losing the deposit previously deposited.
Six months after signing the contract, if the price of Apple drops by 30%, Alice will die. The smart contract will automatically settle, and Alice will not only be able to recover her margin, but also receive the death outcome of the bet. At the same time, since Bob has been replenishing his margin during the contract period, he will recover the remaining funds after closing the position.
Token Allocation
Token Economy
The current status of the UMA token is: maximum supply of 115,679,854 UMA, circulation of 74,365,172 UMA, and circulation of 64%. The current price is $1.52. The UMA project was released in early 2020, with a peak price of $43. Considering the current price level, it can be observed that the price has fallen by more than 95% from the peak, so it can be considered to have entered the value investment range. In terms of token distribution, the founders hold 33.5% of the tokens, while future token sales account for 14.5%. This distribution may be considered relatively high and worthy of attention.
Summarize
Overall, the UMA project brings significant innovation to the industry, targeting the huge derivatives market, which is estimated to be worth between $500 trillion and more than $100 trillion. The emergence of UMA breaks the pattern that only accredited investors can enter, making it possible for anyone to participate in the world's largest financial market.
UMA has the ability to synthesize any asset, has a strong team, and has been supported by Coinbase, becoming a key project of Coinbase. As the industry leader, SNX has advantages such as high market value and an earlier development history.
UMA followed Ethereum and was pulled up hard this time, which further proves that the bull is coming. When one person succeeds, everyone will prosper, and when everything blossoms, it is time to forge ahead bravely. However, if you follow the trend, the probability of being trapped at the top of the mountain will greatly increase. Therefore, the uncertainty of the second level is very large. At present, I prefer the first level. Stability, space, and low chips are self-evident.
This bull market will be a bull market for L2. From the TVL of major L2 chains, we can see that it is the fastest growing and has the largest amount. The reason is simple: where the money is (where the investment institutions put their money), there will be an explosion (more opportunities). In the OP series of L2, OP and ARB have already occupied it. The subsequent struggle will focus on the ZK series of L2.
The primary market is currently experiencing unprecedented heat. Ethereum is rising, and Starknet, as the leading center of L2, is naturally attracting much attention. The zk (zero-knowledge proof) series, zks, linea, and stark all belong to this series. The current valuation of starknet has reached tens of billions, and it will definitely be a dazzling star when it goes online!
V God Ethereum Foundation has strongly supported it and is currently actively participating. What kind of surprises will Binance OKX bring in March? Please see below!
@Starknet from the ZK-Rollup camp is about to launch the $STRK token. The launch time is expected to be March 2024, when the STRK token will be used as TX fee in the mainnet operation process. Look forward to it.
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Project Introduction and Vision
StarkWare is a solution developed based on STARK's zero-knowledge proof technology and focused on the blockchain industry. It is committed to promoting the development of secure, trustless and scalable blockchain applications to ensure a safe, fast and seamless user experience on Ethereum.
StarkWare has developed two products, StarkEx and StarkNet. StarkEx is an independent licensed Validity-Rollup (also known as "ZK-Rollup"); StarkNet is a permissionless decentralized ZK-Rollup.
Starknet runs as an L2 network on Ethereum, enabling any dApp to achieve unlimited computational scale - without compromising Ethereum's composability and security, first of all due to Starknet's reliance on STARK, the most secure and scalable cryptographic proof system;
Secondly, Starknet contracts and Starknet operating system are written in Cairo language, which can support deployment and expansion of any use case.
02
Features and advantages
When asked about the features and advantages of the project in a media interview, Eli Ben-Sasson, co-founder of StarkWare, replied: StarkWare has a first-mover advantage in terms of the huge transaction volume and carrying capacity among all L2 solutions. In addition, the ZK-STARK system and the Turing-complete Cairo programming language are regarded by the team as the advantages of the StarkWare project that distinguish it from other Layer2 public chain projects.
Huge transaction volume and carrying capacity
According to StarkWare’s official website, as of May 4, 2023, the current cumulative transaction volume of the StarkWare project is US$947 billion, and the total locked value (TVL) is 552 million.
Compared with the Polygon project, which is known for its rich ecological scale, according to its official website, Polygon's current cumulative transaction volume is US$2.44 billion.
In January 2018, StarkWare raised $6 million in seed round financing, with investors including Ethereum founder Vitalik Buterin (V God), Paradigm, Pantera Capital PolyChain;
In July 2018, the Ethereum Foundation invested $12 million in StarkWare;
In October 2018, the company raised USD 30 million in Series A financing, with Sequoia, Paradigm, Scalar Capital, Multichain Capital, Intel Capital, Semantic Ventures, Pantera and others participating in the investment;
On March 24, 2021, the B round of financing was US$75 million, with Sequoia, Wing Venture Capital, Paradigm, and Pantera Capital continuing to participate in the investment, including Three Arrows Capital, DCVC, etc.;
In November 2021, it raised US$50 million in Series C funding with a valuation of US$2 billion, led by Sequoia Capital, with participation from well-known crypto venture capital firms such as Paradigm, Three Arrows Capital, and Alameda Research.
On May 25, 2022, StarkWare completed a $100 million Series D financing round with a valuation of $8 billion. This round of financing was led by Greenoaks Capital, Tiger Global and other institutions, and the funds raised will be used for product and business development and ecosystem development.
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Foundation and Tokens
StarkWare believes that although StarkNet is mature and secure in terms of technology, it still needs to be more decentralized so that it can achieve the status of a public good like Ethereum. The StarkNet Foundation will grant StarkNet a one-time token grant to maintain public goods as a non-profit organization.
The StarkNet token is used to operate, maintain and protect this ecosystem. It will be used in governance, transaction payments and participation in consensus mechanisms.
StarkNet Token Distribution
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Starknet Funding
Currently, Starknet's company Starkware has disclosed a total of 7 rounds of financing, with a total financing amount of US$273 million, and a valuation of US$7.9 billion in the D round of financing.
Among them are many venture capital funds that we are familiar with, such as Sequoia Capital, Tiger, Paradigm, Coinbase, etc. In the seed round, Vitalik Buterin and the Ethereum Foundation also participated in the financing. The financing lineup is very luxurious.
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Team Information
According to the official website, there are currently 78 employees, 7 technical consultants, and 5 traditional consultants. The two founders, Ben, have in-depth research in cryptography and zero-knowledge proof. He is also the co-inventor of Stark and Zerocash protocols and the founding scientist of Zcash. The other founder is a serial entrepreneur who has founded many technology companies and has rich entrepreneurial and corporate management experience. The team has comprehensive capabilities.
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Summarize
StarkNet Advantages
Unlike other ZK rollups like zkSync, StarkNet is not a “zkEVM” — meaning smart contracts (which power your favorite Dapps on Ethereum like Uniswap and OpenSea) must be written in StarkNet’s own programming language, Cairo.
Cairo is a very powerful language that is optimized for ZK rollups. It allows you to do everything you can do on the EVM, and more, because the computational cost is much lower.
This creates entirely new possibilities that were not possible on the blockchain before, such as true blockchain gaming!
StarkNet quota is extremely scarce. There are only two factions on Ethereum Layer 2, one is the OP series: OP and ARB belong to the OP series! The other faction is the ZK (zero-knowledge proof) series, ZKS, Linea, Stark all belong to this series. At present, the valuation of StarkNet has reached 10 billion, and it will definitely be a dazzling star when it goes online!#Manta #uma #starknet
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