The Universal Market Access (UMA) protocol’s native token, UMA, has experienced a significant rally, surging over 80% in the last 12 hours, reaching a price of $3.79 and a market cap of $283.5 million. The sudden price spike led to the liquidation of $3 million in short positions and a staggering 2000% increase in trading volume, hitting $284 million.
UMA stands at the forefront of the blockchain ecosystem, focusing on oracle solutions. It’s defined as a decentralized truth machine that records and verifies data on the blockchain, according to the UMA development team.
Despite being ranked 9th globally as the largest Oracle network by DeFi Llama, UMA trails behind major projects such as Chainlink and Binance Oracle. However, the network’s Total Value Secured (TVS) has seen significant growth, surpassing $774 million, as reported by DuneAnalytics, indicating a robust expansion of the UMA network and its associated platform, oSnaps.
The increase in TVS coincides with several companies joining the UMA network, including Index Coop, which focuses on decentralized structured products, and B Protocol, a DeFi economic relief center.
As anticipation builds for an upcoming launch by the Universal Market Access protocol, a notable crypto price rally is also underway. Developers expect the new service, starting next week, to play a crucial role in reducing risks in the DeFi industry and addressing the challenge of maximum extractable value (MEV). UMA’s total futures volume has also hit an impressive record, exceeding $47 million, signaling strong demand for the altcoin.
