Over the last few years, we have seen many industries come and go, but few of them were able to establish their position in the global marketplace, and one such business that has quickly risen and managed to become one of the most valuable industries of all time is the crypto world. This business has lately had a boom in growth and popularity, and it has been extremely effective in attracting new investors from all over the world.
Having said that, I assume most of you are already aware of the fundamentals of the industry, but if that isn’t the case, please allow me to assist you first.
To begin with, cryptocurrency, as the name suggests, is nothing more than a type of virtual or online currency that, like real money, can be used for a variety of reasons such as purchasing goods and services and sales, as well as trade and exchange, through online crypto exchanges.
In other words, the crypto industry is a decentralized platform that employs blockchain technology for all its functions, as well as to record and validate all network transactions to completely remove the possibility of double-spending and counterfeiting.
Everything to know about UMA Crypto
Universal Market Access, or UMA as it is more widely known, is a system that is used to create synthetic assets based on the popular Ethereum (ETH) blockchain. In other words, UMA is essentially an Ethereum token that describes itself as an open-source protocol that allows developers to build and create their own synthetic assets and financial contracts.
Read More: The 18 Best Crypto Podcasts in 2022
It is also worth noting that the protocol is supposed to have gotten its name from the team’s goal of achieving universal market access, hence UMA Crypto. What precisely are synthetic assets, for those of you who are curious? Please allow me to clarify. A synthetic asset is a type of asset that is known to represent different underlying assets and have a similar monetary value.
As stated earlier, UMA specifically allows its platform users to design as well as develop self-enforcement and self-performing financial contracts secured by economic incentives and have them among the most well-known names in the industry. One operates on the Ethereum blockchain.
Before we go any further, it is worth remembering that UMA was co-founded by Allison Lu and Hart Lambur and was established in 2018, almost four years ago. Not only that, but Universal Market Access is renowned as the world’s biggest virtual currency asset manager, with UMA as its native utility token that can be used for a multitude of reasons on the platform itself.
Furthermore, since UMA has been preparing to launch its Across protocol, the platform’s price has skyrocketed by a factor of ten. Furthermore, because the protocol has already been deployed, the upward momentum has not halted and is projected to continue for some time now as the coin continues to expand and acquire popularity in the crypto industry.
What makes UMA Crypto special?
The main vision behind UMA crypto or Universal Market Access is reflected in its name as by creating a protocol for the overall growth of financial contracts along with synthetic assets on the blockchain, it aims to decentralize as well as democratize the economic derivatives market.
It’s also been linked to preventing people from participating in traditional financial markets, which are thought to have high entry hurdles in the form of custody requirements and regulations.
Aside from that, it is sometimes quite difficult for would-be investors and traders to participate in markets outside of their own country’s financial system. Indeed, this hampers the general formation of a truly inclusive global financial market, limiting participation to a small number of institutions that can afford the necessary due diligence as well as legal processes.
Furthermore, as previously said, UMA contracts are built on the Ethereum blockchain, which allows any user on the platform to create, trade, and execute digitalized derivatives from anywhere in the world. This accessibility is critical for emerging economies across the world, where financial institutions are usually immature, requiring local market players to operate in relative isolation.
Now that we’ve discussed UMA extensively, some of you may be asking if it’s a smart idea to invest in the platform. Let’s find out whether that’s the case, shall we?
Investing in UMA Crypto
The price of UMA is now around 9.73 US dollars, with a 24-hour trading volume of 307,463,224 dollars. Not only that, in the last twenty-four hours, the value of UMA has increased by 5.23 percent, and with a current market cap of 632,441,357 US dollars, UMA is presently ranked #122 on Ethereum.
It’s also worth noting that there are now 64,974,850 UMA coins in circulation, with a potential lifetime supply of roughly 101,172,570 UMA coins. The platform’s price has climbed by 1.74 percent in the last week alone.
You should have a good grasp of the platform after reading this far, and you should be able to decide whether or not investing in UMA is the appropriate decision for you. Given what it has to offer, as well as its previous performance and intentions for the near future, I am certain that UMA will prove to be a rewarding investment shortly, providing you with better returns and the prospect of your existing investment increasing in value. But, once again, nothing is certain!
As we indicated from the outset, cryptocurrency is a highly volatile and unpredictable market. As a result, you must realize that, like any other cryptocurrency, UMA crypto comes with its own set of hazards, and you should only invest if you’re prepared to accept those chances and incur any losses if required.
If you’re wondering where you can get UMA, look no further? Allow me to assist you with this. UMA is now accessible on all major cryptocurrency exchanges, however some of the most popular ones are Binance, KuCoin, Huobi Global, OKEx, and Bybit, to mention a few.
What are your feelings towards UMA? Please tell us in the comments section below. Check browse our other articles on our website to learn more about other cryptocurrencies. Thank you for taking the time to read our article, and if you found it useful, please share it with your investing friends!