UMA Token Surges By 28% Despite General Bearish Trend

Semilore Faleti

2 years ago

3 mins read

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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 -, UMA’s remarkable price gain has recorded much profit for its investors, drawing significant attention.

UMA’s 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 couldn’t 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 UMA’s 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 token’s trading volume has boosted by a staggering 438.82% to attain a value of $336.70 million.

Interestingly, UMA’s 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 trading at $2.523 | Source: UMAUSD Chart on Tradingview.com

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 various DeFi protocols the underlying infrastructure to create fast, efficient, and secure synthetic derivatives on the Ethereum blockchain.

Featured Image: Binance Research, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

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He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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