• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
UMA

UMA Token Surges By 28% Despite General Bearish Trend

Semilore Faleti by Semilore Faleti
3 weeks ago
in DeFi
Reading Time: 3 mins read

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.

Related Reading: PEPE Market Cap Crosses $1 Billion As Gemini Listing Rumors Spread

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

UMA trading at $2.523 | Source: UMAUSD Chart on Tradingview.com
Related Reading: Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low

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
Tags: oSnapShapeShiftuma
Tweet123Share196ShareSend
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer and analyst that works for NewsBTC, providing insights into the latest developments in the cryptocurrency world. With articles featured in other prominent publications such as Coinmash and Bitcoinist, Semilore has a known passion for covering the growing impact of blockchain technology in the global financial world. Beyond his professional work, Semilore has a deep interest in music and politics. He enjoys discovering new artists, attending concerts and music festivals, and closely following global affairs and issues of social justice and equality. You can follow Semilore on Twitter @SemiloreFaleti.

Related Posts

Aave v2

$120 Million Of Aave Funds Stuck In Polygon, Good For Bears?

1 week ago
Lido hits record high in ETH deposits

Lido’s ETH Deposits Reach Record High Amid Stagnant stETH Withdrawals

1 week ago
SushiSwap SUSHI

SUSHI Down 45%: What’s Driving the Decline?

2 weeks ago
lido

Lido DAO Records Biggest Network Transaction In 2 Years – Santiment

3 weeks ago
PancakeSwap CAKE Prices

PancakeSwap Voting To Make CAKE Deflationary, But Prices Are Free-falling

1 month ago
DeFi

From Margin To Perpetuals: How Decentralized Exchanges Are Redefining DeFi Trading

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bware Labs Launches $INFRA Token, making high API...

    8 hours ago
  • Is InQubeta the Best Utility Crypto of 2023? Huge Growth...

    11 hours ago
  • Coinbase launches campaign to educate public on blockchain...

    12 hours ago
  • Utility Coins like Avorak AI will always outperform memes...

    12 hours ago
  • Expect Tremendous Returns for DigiToads (TOADS), Near...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.