On Ethereum, UMA creates open-source infrastructure for “priceless” financial contracts. To be more exact, it consists of two elements. The first is the invaluable financial contract templates that were utilized to construct synthetic coins. The decentralized oracle service, which is used to govern and enforce contracts on UMA, is the second.
The priceless decentralized finance (DeFi) contracts are made up of APIs that provide pricing data on-chain on a regular basis in order to handle Defi contracts. These contracts, on the other hand, are vulnerable to bribery, manipulation, flash loan attacks, and ad-hoc market occurrences. In the event of a dispute, however, priceless financial contracts are contracts that just demand the writing of a price on-chain (which is designed to be rare). Contracts on UMA with priceless contracts reduce dependency on oracles, making them less subject to attacks.
The optimistic oracle, as well as the data verification process, are the foundations of the oracle (DVM). The upbeat Oracle enables contacts to seek and get price information rapidly. It functions as a generic escalation game between contracts that want to make a price request and the DVM, UMA’s dispute resolution mechanism. Unless it is disputed, the price established by the optimistic oracle will not be conveyed to the DVM. The method enables contracts to obtain price information in a predetermined amount of time without the necessity for an asset’s price to be posted on-chain.
Price Movement
Before the crash in July, the coin was being traded at the price of $43.998. It later fell down to the price of $7.457. At the time of writing this article, The Uma (UMA) is being traded at a price of $9.904. The price has almost decreased by 8% today. On the monthly time frame, we have seen a decrease of almost 15%. It is still very far away from its ATH.
The Total volume at the moment is $31,151,244 with a decrease of 32.73% in the past 24 hours. The coin is listed on coinmarketcap on the 124th spot and has a market dominance of about 0.03%.
Long Term Price Prediction – Uma (UMA)
Wallet Investor thinks that UMA is a highly bullish coin and it would continue to rise in value. According to their prediction, in one year UMA will reach a value of $13.693. In a five-year plan, the price is expected to reach a value of $29.461. Traders think that it would soon reach the expected values in much less time.
