{"id":23455,"date":"2023-05-06T11:53:15","date_gmt":"2023-05-06T15:53:15","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23455"},"modified":"2023-05-06T11:53:15","modified_gmt":"2023-05-06T15:53:15","slug":"uma-token-surges-by-28-despite-general-bearish-trend","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/06\/uma-token-surges-by-28-despite-general-bearish-trend\/","title":{"rendered":"UMA Token Surges By 28% Despite General Bearish Trend"},"content":{"rendered":"

UMA (UMA) has registered an impressive 28.7% gain in the last seven days, according to data by CoinMarketCap<\/a>. In a week marked by market losses and little gains, the DeFi token showed much resilience to emerge as one of the biggest weekly gainers.\u00a0<\/p>\n

Although most of the market stands in awe of the stunning bullish performance of the popular meme coin \u2013 PEPE -, UMA\u2019s remarkable price gain has recorded much profit for its investors, drawing significant attention.<\/p>\n

UMA\u2019s Price Action\u00a0<\/h2>\n

Initially, UMA began trading the week around a price region of $1.95. The token showed no significant movement until two days after when it attempted a bullish run but couldn\u2019t break past the resistance level at $2.31.\u00a0<\/p>\n

On May 5, i.e., yesterday, UMA experienced a hike in its market price, gaining by over 43% to move from $2.18 to break above the $3 price mark for the first time since August 2022.\u00a0<\/p>\n

Although UMA\u2019s price has since slipped from such high levels, the DeFi token appeared to have found support and could be gearing for another breakout.<\/p>\n

At the time of writing, UMA is trading around $2.55, with a 0.22% loss in the last 24 hours. In this same period, the token\u2019s trading volume has boosted by a staggering 438.82% to attain a value of $336.70 million.\u00a0<\/p>\n

Interestingly, UMA\u2019s price growth is also reflected by the growing traction on its platform. Based on data from Stelareum, Total Value Locked (TVL) on the UMA protocol has grown from $10.33 million to $11.12 million over the last two days.\u00a0<\/p>\n\n

UMA Protocol Set To Record New Partnerships<\/h2>\n

Amidst the impressive market performance of the UMA token, its underlying network appears to make much progress on the adoption front.<\/p>\n

According to a tweet<\/a> yesterday,\u00a0 the UMA Protocol announced that two new DAOs is set to integrate its latest blockchain product, the oSnap module, a unique governance solution aimed at merging on-chain and offchain governance system.<\/p>\n

The Optimistic Snapshot Execution, or oSnap as it is known, enables the \u201cexecution onchain of transactions performed off-chain immediately but with protections against harmful proposal execution.\u201d<\/p>\n

The last protocol to integrate the oSnap module was the popular decentralized exchange, ShapeShift.<\/p>\n

That said, UMA generally functions as a decentralized platform that allows other DeFi protocols to build \u201cpriceless\u201d financial contracts on Ethereum while providing them with publicly verifiable market data.<\/p>\n

In essence, this project functions as an oracle, granting various DeFi protocols the underlying infrastructure to create fast, efficient, and secure synthetic derivatives on the Ethereum blockchain.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

UMA (UMA) has registered an impressive 28.7% gain in the last seven days, according to data by CoinMarketCap<\/a>. In a week marked by market losses and little gains, the DeFi token showed much resilience to emerge as one of the biggest weekly gainers.\u00a0<\/p>\n

Although most of the market stands in awe of the stunning bullish performance of the popular meme coin \u2013 PEPE -, UMA\u2019s remarkable price gain has recorded much profit for its investors, drawing significant attention.<\/p>\n

UMA\u2019s Price Action\u00a0<\/h2>\n

Initially, UMA began trading the week around a price region of $1.95. The token showed no significant movement until two days after when it attempted a bullish run but couldn\u2019t break past the resistance level at $2.31.\u00a0<\/p>\n

On May 5, i.e., yesterday, UMA experienced a hike in its market price, gaining by over 43% to move from $2.18 to break above the $3 price mark for the first time since August 2022.\u00a0<\/p>\n

Although UMA\u2019s price has since slipped from such high levels, the DeFi token appeared to have found support and could be gearing for another breakout.<\/p>\n

At the time of writing, UMA is trading around $2.55, with a 0.22% loss in the last 24 hours. In this same period, the token\u2019s trading volume has boosted by a staggering 438.82% to attain a value of $336.70 million.\u00a0<\/p>\n

Interestingly, UMA\u2019s price growth is also reflected by the growing traction on its platform. Based on data from Stelareum, Total Value Locked (TVL) on the UMA protocol has grown from $10.33 million to $11.12 million over the last two days.\u00a0<\/p>\n

UMA Protocol Set To Record New Partnerships<\/h2>\n

Amidst the impressive market performance of the UMA token, its underlying network appears to make much progress on the adoption front.<\/p>\n

According to a tweet<\/a> yesterday,\u00a0 the UMA Protocol announced that two new DAOs is set to integrate its latest blockchain product, the oSnap module, a unique governance solution aimed at merging on-chain and offchain governance system.<\/p>\n

The Optimistic Snapshot Execution, or oSnap as it is known, enables the \u201cexecution onchain of transactions performed off-chain immediately but with protections against harmful proposal execution.\u201d<\/p>\n

The last protocol to integrate the oSnap module was the popular decentralized exchange, ShapeShift.<\/p>\n

That said, UMA generally functions as a decentralized platform that allows other DeFi protocols to build \u201cpriceless\u201d financial contracts on Ethereum while providing them with publicly verifiable market data.<\/p>\n

In essence, this project functions as an oracle, granting various DeFi protocols the underlying infrastructure to create fast, efficient, and secure synthetic derivatives on the Ethereum blockchain.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-23455","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=23455"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23455\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23455"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}