Information about UMA

Modified on Fri, 8 Dec, 2023 at 3:37 PM

                            Data collected from Coinmarketcap on 18 September 2023.

There is a supply of 150 million UMA tokens with 73 million in circulation. The current market cap is $100,625,332 placed #183 in the Coinmarketcap chart (as of 18 September 2023).

Interesting data about UMA

For UMA protocol not only acts as a smart contract it also can convert any asset that exists in the real world by tokenization. It also can be used to predict many things such as sports bets, and digital asset prices. Furthermore, UMA can be used with Ethereum Layer 2 Solution to verify data for them.

Oracle explained

In simple terms, blockchain oracles are tools or services that connect blockchains to external systems and feed data to smart contracts which can be divided into many categories.

For UMA it is categorized as Optimistic Oracle which uses real-world data and runs it in blockchain resulting in highly accurate true data because any error that occurs during the verification time period will be deducted and won’t count that data as true. Make it better than other oracles.


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