uma

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What is uma ?

UMA is the utility token of the UMA ecosystem, also known as Universal Market Access. The project is based on the objective of the creation of synthetic assets on the Ethereum mainnet. The project was first rolled out in 2018 and has undergone lots of developments since. UMA allows users to establish value by creating synthetic assets.

Synthetic assets are essentially securities that mimic the price action of an underlying asset but don’t require the owner to actually own that asset to trade it. UMA’s platform specifically enables users to create financial contracts around such synthetic assets and let them run on Ethereum.

Primary features of uma

• UMA is an ERC20 token and is, hence, based on the Ethereum mainnet.
• It is a token that is mainly used by the UMA ecosystem for governance and dispute resolution functions.
• Governing participants are rewarded in UMA for helping make decisions about the network.

Is uma a promising cryptocurrency?

UMA is a promising cryptocurrency because it seeks to democratize the derivative asset markets by allowing users to create financial contracts on the blockchain. It seeks to solve the problem with traditional financial institutions that impose huge barriers to entry to new users in terms of rules and regulations. 

How to use uma?

• UMA can be used by holders to vote on proposals known as Uma Improvement Proposals made in the UMA ecosystem.
• Holders can also cast their vote on price requests made to the Data Verification Mechanism made through the voting dApp on the platform.

Pros & Cons of uma

Pros

• The coin has moved aggressively over the last couple of years. Even today, it sits very high above its initial listing price of $1.16.
• UMA seeks to solve a huge problem in the derivatives market and could become a valuable asset once its applications start becoming popular.

Cons

• It still ranks at #136 by market cap even when it is fairly close to its all-time high. Aggressive price movements are not sustainable and hence, investors should buy only if they feel comfortable holding UMA in the medium to long run.

Trade uma on CoinSwitch

• You can start trading on the app with only Rs 100.
• Enables immediate cancellation and deposit to bank accounts immediately.
• Trade at null fees on this safest Bitcoin exchange.
• Intuitive and easy user interface.
• Offers easy monitoring to beginners.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.