Protocol announcement leads to UMA’s remarkable 134% increase
UMA has emerged as the top gainer in CoinGecko’s report for January 19, with a remarkable 134% surge in price within the last 24 hours. This substantial increase can be attributed to the upcoming Oval launch of the Universal Market Access (UMA) protocol, scheduled for the week of January 22. While details about the product remain limited, UMA has indicated that it will prioritize the protection of lending protocols.
Dune Analytics has also highlighted the significant growth of UMA and oSnaps, with their Total Value Secured (TVS) reaching an all-time high of $775 million. This achievement was confirmed by a member of the marketing team, and it is important to note that this milestone was reached even before the announcement of the new product.
Additionally, on January 16, UMA garnered further excitement when Index Coop integrated the Optimistic Oracle to secure index rebalancing. These developments have propelled the project to outperform the overall cryptocurrency market, which has experienced a 2.9% decline in the past 7 days. Moreover, UMA has outshined the rest of the Polygon Ecosystem, which has remained unchanged over the past week.
In contrast to the market’s performance, UMA has seen an impressive 136.3% increase in the same period, with the majority of these gains occurring within the past 24 hours. According to DeFi Llama, UMA currently ranks as the ninth largest Oracle network globally, trailing behind prominent names such as Chainlink, Chronicle, and Binance Oracle. As anticipation continues to grow in anticipation of the Oval announcement, there is speculation that UMA may surpass its all-time high price, which currently stands at a 89.5% lower value.
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