UMA Price Today
UMA price today is $2.30 with a 24-hour trading volume of $4,558,772. UMA price is down -2.0% in the last 24 hours. It has a circulating supply of 69 Million UMA coins and a total supply of 109 Million. If you are looking to buy or sell UMA, Bitrue is currently the most active exchange.
What was the highest price for UMA?
UMA hit an all time high of $41.56 on Feb 04, 2021 (over 1 year).
What was the lowest price for UMA?
UMA had an all time low of $0.303625 on Apr 29, 2020 (over 2 years).
What was the 24 hour trading volume of UMA?
The 24 hour trading volume of UMA is $4,558,772.
Where can UMA be traded?
What is UMA?
UMA is an optimistic oracle (OO) that can record any knowable truth onto a blockchain. It tells smart contracts “things about the world” so contracts and markets asking for that data can be settled. The OO has been called “a human-powered truth machine” because it is flexible enough to handle ambiguity and expands the design space possible in web3. UMA’s OO secures a diverse ecosystem of web3 applications, including cross-chain bridges, insurance protocols, prediction markets, and customizable DAO tooling products.
The Across bridge, Polymarket prediction markets, and Outcome.Finance DAO tools are some of the use cases for the OO.
Why are oracles important?
Oracles are a key part of blockchain infrastructure. They enable communication between the external world and on-chain environments in a trustless manner. Oracles are vital for many parts of the blockchain industry including decentralized finance (DeFi) and web3 applications.
UMA’s optimistic oracle
An optimistic oracle like UMA's uses a “true unless disputed” pattern. Anyone can propose an answer to a data request, and it is accepted as true if it is not disputed during a verification period. The “optimistic” design differs from a price-feed oracle, where prices are streamed on-chain and are instantly final.
This optimistic oracle design concept has been in development since 2014, when Vitalik first published on the matter. There have been several iterations over the years since then, including UMA’s. The optimistic design pattern introduces the opportunity for human intelligence to weigh in. This is important for web3 projects as they require arbitrary data that is not always possible to turn into code.
Today, the OO provides flexible, unique dispute resolution involving any kind of question or data with human input, as compared to price feed oracles, which can only push regular price updates onto chains. The OO can be plugged into any type of DeFi protocol.
A brief history of UMA
UMA was founded in 2018 by Allison Lu and Hart Lambur, two ex Goldman Sachs traders, with the goal of making global markets universally fair, accessible, secure and decentralized. The team drew inspiration from traditional finance derivatives to define an open-source protocol to allow anyone, anywhere, to design and build trustless financial contracts.
How does the UMA platform work?
There are three actors in UMA’s Optimistic Oracle system: the contract requesting the data, the participant offering the data, and a potential disputant, who can dispute data if they disagree.
If a dispute arises, UMA token holders resolve the dispute within 48 hours. If the disputer is right, they get a portion of the proposer's deposit as a reward; if the disputer is wrong, they lose their deposit as a penalty, a portion of which goes to the proposer. Voting in the oracle has three phases: open voting; voting confirmation/reveal; and rewards claim period.
Rewards will compound as they are claimed. Claiming the rewards places the tokens in users’ wallets, making them active voting tokens that will increase the user’s voting power with each successful vote.
UMA’s smart contracts are designed primarily for developers building decentralized applications. However, all UMA token owners can participate in UMA’s optimistic oracle. UMA’s token is built on Ethereum that can be held in wallets like Metamask, Trezor, or Ledger, which must be connected to the UMA DApp to enable voting.
What can you do with a UMA token?
The UMA token has traded on top exchanges for years. The token provides economic guarantees to protocols using UMA’s OO. UMA’s community of token holders provide the human component, as voters, for the OO's final resolution on disputes or queries. Tokens are also used to vote on protocol upgrades and UMA DAO funds allocations. The strength of the token will track with the strength and adoption of the UMA ecosystem as a whole. Active and accurate voters earn a healthy yield for their participation.
How can I get involved?
The UMA community is on Discord. There, you can learn how to vote with your tokens and discuss with other community members how you should vote. You can also contribute as a developer or researcher.
Has UMA been audited?
Yes, all of UMA's oracle contracts have been audited by OpenZeppelin, in addition to the contracts for Across Protocol and Outcome's Optimistic Governor, Optimistic Distributor, and more. All of our audit reports can be found here.