UMA (UMA) has registered an impressive 28.7% gain in the last
seven days, according to data by CoinMarketCap. 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.
Although most of the market stands in awe of the stunning
bullish performance of the popular meme coin PEPE -, UMAs
remarkable price gain has recorded much profit for its investors,
drawing significant attention.
UMAs Price Action
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 couldnt break past the
resistance level at $2.31.
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.
Although UMAs price has since slipped from such high levels, the
DeFi token appeared to have found support and could be gearing for
another breakout.
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 tokens
trading volume has boosted by a staggering 438.82% to attain a
value of $336.70 million.
Interestingly, UMAs 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.
UMA Protocol Set To Record New Partnerships
Amidst the impressive market performance of the UMA token, its
underlying network appears to make much progress on the adoption
front.
According to a tweet yesterday,
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.
The Optimistic Snapshot Execution, or oSnap as it is known,
enables the execution onchain of transactions performed off-chain
immediately but with protections against harmful proposal
execution.
The last protocol to integrate the oSnap module was the popular
decentralized exchange, ShapeShift.
That said, UMA generally functions as a decentralized platform
that allows other DeFi protocols to build priceless financial
contracts on Ethereum while providing them with publicly verifiable
market data.
In essence, this project functions as an oracle, granting...