The Optimistic Oracle has surpassed 70,000 assertions.
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JarseedFromMc'Donald
and $UMA be like
Shayne Coplan 🦅
8 months ago, on election night, we were on top of the world after Polymarket called the election.
8 days later, the FBI broke down my door at 6am and took all my computers and phones, looking for anything that could imply foul play.
While traumatic, it etched the story of Polymarket's accuracy, and the ensuing resistance, into the history of American politics.
And today, I'm happy to announce that this chapter of the story is over.
After cooperating and engaging, we've been cleared of any wrongdoing. Justice prevailed.
God Bless America 🇺🇸
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Matt Klein
Now that the DOJ investigation is over, it seems like a really good time for Polymarket to TGE as a token named REP and replace UMA with a new oracle solution:
Upon expiry of any market, the following would commence.
1. Report: A reporter stakes REP on an outcome.
2. Dispute: Any REP holder can challenge by staking a larger bond on a different outcome (each bond ≥ 2× the last).
3. Finalize or Fork: If no one challenges in time, the highest bond wins and losing stakes are forfeited; but if a single bond hits 2.5% of all REP, the market forks.
4. Fork: REP splits into one token per outcome universe; holders migrate to the “true” branch—only that branch’s REP retains value.
Watcher.Guru
JUST IN: 🇺🇸 US Department of Justice ends investigation into crypto prediction platform Polymarket.
The current price of UMA is $1.2470. Over the last 24 hours, UMA has increased by +2.21%. It currently has a circulating supply of 88,279,041 UMA and a maximum supply of 125,437,766 UMA, giving it a fully diluted market cap of $109.73M. At present, UMA holds the 170 position in market cap rankings. The UMA/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
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Universal Market Access (UMA) is an Ethereum-compatible toolbox designed to enable users to create enforceable agreements, including project-specific smart contracts. While UMA excels in facilitating financial agreements, it is also compatible with a wide range of decentralized applications (DApps). UMA is referred to as a "decentralized truth machine" on its official website, emphasizing its role in ensuring transparency and trust within the decentralized ecosystem.
What is UMA?
UMA is a protocol specifically designed for creating programmable digital assets, enabling users to replicate traditional assets in a virtual blockchain-native form. This is achieved through an Optimistic Oracle setup, which handles real-world aspects such as prices by sourcing off-chain data. The integration of these Oracles ensures a trustless and decentralized ecosystem. In addition to its financial applications, UMA offers a wide range of Web3 apps, including prediction markets, insurance bridges, and customizable decentralized autonomous organizations (DAOs), expanding its utility beyond financial markets.
The UMA team
The UMA team, founded in 2017, was envisioned and established by Hart Lambur and Allison Lu, both former Goldman Sachs traders. Lambur also co-founded the Risk Lab Foundation, a blockchain research company that supports the UMA project. The team comprises various experienced individuals, including John Shuttt as a senior engineer, Melissa Quinn as the COO, Clayton Roche as the head of community and development, and other talented professionals. Together, they contribute their expertise and skills to the success and development of the UMA project.
How does UMA work?
The OO system associated with the UMA ecosystem accepts statements and instances projected as truth. These instances come with bonds, transforming them into workable cases. Those who can prove the instances false are rewarded.
If no disputes or challenges arise, the proposed instance (statement) is added to the chain, becoming immutable and a part of the ecosystem. Each instance comprises three aspects: a request for information, proposed information, and a case for dispute.
If a dispute is raised and proven false, the disputer loses their token deposit, while the proposer receives a portion. If proven correct, the proposer loses their deposit, and the disputer gets a part of it.
With UMA, you can easily create financial products through synthetic tokens. These tokens track the value of real-world legacy assets such as gold. Additionally, UMA utilizes a proprietary implementation of its OO setup, the Data Verification Mechanism, to ensure that the synthetic assets always track the correct real-world price.
The process itself requires smart contract support. Finally, you can trade these UMA-based assets across DApps and markets.
Universal Market Access’s native token: UMA
UMA is the ecosystem's native token. UMA tokens are ERC-20 compatible and allow holders to participate in governance-related matters of the protocol. Plus, UMA tokens can also help increase the network's overall security.
UMA tokenomics
Based on ecosystem data, nearly 114 million UMA tokens exist. The maximum supply, accounting for lost tokens, slightly exceeds 100 million. When a proposal becomes active, the participating votes receive 0.05% of UMA's supply, which may contribute to network inflation.
How to stake UMA?
To stake UMA, you should visit UMA's dedicated staking application. Connect your crypto wallet and lock your UMA tokens within a smart contract for a designated period. The staked tokens generate an additional annual percentage rate (APR) as an incentive.
In addition to staking, exercising voting rights within the ecosystem also generates incentives. UMA's direct staking app features a comprehensive dashboard that displays the percentage of staked tokens, claimed and unclaimed rewards, and earnings based on voting participation.
UMA use cases
UMA, the native token of the UMA ecosystem, facilitates DAO governance and ensures network security. These tokens also empower trustless financial innovations, enabling the creation of various synthetic assets. Furthermore, UMA tokens contribute to dispute resolution, similar to the role of a juror. Additionally, these native tokens serve as incentives or rewards for developers who build upon the UMA ecosystem.
UMA token distribution
UMA tokens are allocated as follows:
2 million UMA tokens were released during the ICO sale.
48.5 million tokens are reserved for the founding team.
35 million UMA tokens are designated as developer rewards.
14.5 million tokens are allocated for sales and trading-based activities.
The road ahead for UMA
UMA's oracle-based contracts have undergone thorough audits, ensuring their security and reliability. The ecosystem boasts a transparent governance mechanism, providing decentralized finance (DeFi) exposure through cross-chain bridges. UMA also features a pioneering, Optimistic Oracle setup, making it a forward-looking ecosystem.
UMA's credibility in the DApp and DeFi space is further reinforced by hosting innovative products such as Sherlock, a Risk Management platform, and Polymarket, a market for information. These offerings contribute to UMA's reputation and solidify its position in the industry.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 9.9K new posts about UMA, driven by 2.7K contributors, and total online engagement reached 22M social interactions. The sentiment score for UMA currently stands at 54%. Compared to all cryptocurrencies, post volume for UMA currently ranks at --. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of UMA.
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Posts
9,854
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2,665
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22,303,836
Sentiment
54%
Volume rank
--
X
Posts
1,772
Interactions
1,296,730
Sentiment
80%
UMA FAQ
How much is 1 UMA worth today?
Currently, one UMA is worth $1.2470. For answers and insight into UMA's price action, you're in the right place. Explore the latest UMA charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as UMA, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as UMA have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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