UMA 37% price rise due to ‘Across’ protocol launch

Universal Market Access (UMA) experienced a surge in price following the launch of its ‘Across’ protocol on yesterday.

According to Coinbase, UMA’s price increased by 37.43% in 24 hours as well as 68.60% in last seven days.

Established in 2018, UMA defines itself as a ‘decentralised financial contracts platform’ that produces synthetic assets based on the Ethereum blockchain that allows its users to imitate almost any other asset available on the market.

UMA explains the ‘Across’ protocol as “the fastest, cheapest, and most secure L2 to L1 bridge. Across uses UMA’s Optimistic Oracle to insure transactions”.

UMAverse future

Financial platforms using the UMAverse have a total value locked (TVL) of $97.59m and a total value minted (TVM) of $36.15m with a 31.9% increase of assets locked on the platform.

The increase of assets locked suggests the ecosystem continues to increase which, in turn, raises the value of the token.

UMA reached a market cap of $1bn, and while it’s an achievement for those associated with the project, many describe hitting the $1bn mark as the market testing out the support for the project following the reveal of the ‘Across’ Protocol.

With UMA being one asset managed by Grayscale – the world’s largest asset manager for digital currency – its increasing ecosystem suggests its long-term future looks optimistic as it has risen to become the 94th biggest cryptocurrency in the world, according to CoinMarketCap.