Rank No. 245
Market Cap $166.48M
Fully Diluted Market Cap. $244.46M
Market Dominance. 0.0079%
Circulation Supply. 81.8M UMA
Total Supply. 120.11M UMA
Issue Date 2020-04-29
Issue Price. $0.26
All Time High. $43.3693 (2021-02-04)
All Time Low $1.1625 (2020-05-25)$
Introduction
UMA's optimistic oracle is a decentralized truth machine. The oracle can verify any statement proposed on the blockchain. It provides real world data so smart contracts and markets asking for that data can be settled.
The project consists of the following major components working in conjunction:
Optimistic Oracle (OO): UMA's Optimistic Oracle allows contracts to quickly request and receive information. The OO provides that "real-world" data optimistically, which means that data is accepted as true unless anyone disputes the information.
Data Verification Mechanism (DVM): If a dispute is raised, a request is sent to the Data Verification Mechanism (DVM). Disputes sent to the DVM will be resolved after 48 hours after UMA token holders have voted to validate the off-chain data.
specialty
UMA (Universal Market Access) is a decentralized financial contracts platform built on Ethereum. Its specialty lies in enabling the creation of synthetic assets that track the value of real-world assets, such as commodities or fiat currencies, without requiring the assets themselves to be held in custody. UMA uses a unique approach called "priceless financial contracts," which allows counterparties to design and create their own financial contracts using economic guarantees rather than relying on an external price feed. This design aims to provide a more flexible, decentralized, and cost-effective way to create and manage synthetic assets and financial derivatives on the blockchain.
