A low-cap altcoin built on the Ethereum (ETH) blockchain is in the midst of a parabolic rally even as Bitcoin (BTC), ETH and most other major crypto assets undergo corrections.
Universal Market Access (UMA), founded by former Goldman Sachs traders, is an Ethereum-based protocol that allows users to create their own collateral-backed tokens that represent and track the price of any real asset.
UMA’s oracle network provides real-time market data to smart contracts. Some of the biggest projects currently using universal market access include a decentralized betting platform Polymarketdecentralized exchange (DEX) Financial Dominationand smart contract security company sherlock.
UMA, the native token of the project, is currently up 104% in the past seven days. Between Feb. 28 and March 1, UMA suddenly exploded from a low of $4.89 to a high of $11.52, a gain of over 130%. It has held onto most of its gains so far, stabilizing at $9.81 at the time of writing.
The coin’s big move seems to be coming amid a steady wave of adoption. According to the Across bridging protocol, which relies in part on UMA’s oracle, several Ethereum whales have been spotted using their platform.
A group of 5 whales used Across for the first time yesterday!
🐳 18 $ETH
🐳 2,949,154 $USDC
🐳 86.69 $ETH
🐳 36,563 $USDC
🐳 80,099 $USDC
— Across (@AcrossProtocol) March 1, 2022
During the same period that UMA saw its big gains, Ethereum has been trading mostly flat, currently up 3% on the week and down 5% in the last 24 hours. Bitcoin, the crypto market’s flagship asset, is currently hovering above the $40,000 mark, correcting after the strong rebound it recently recorded at the $45,000 level.
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