Oracle Altcoin built on Ethereum skyrockets 135% in less than a day as Bitcoin and ETH fair


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.

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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Featured Image: Shutterstock/bestfoto77/Sensvector


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