What kind of currency is UMA (Can UMA rise to 10,000)?

UMA What Coin According to UMA’s official website, UMA is the platform coin of the decentralized synthetic asset protocol. The UMA project was created by senior developers in the encryption community, with the main purpose of providing users with synthetic assets and financial services in the metaverse. UMA’s native token is UMA/USDC.

UMA is the governance token of the synthetic asset protocol UMA.finance. The total supply of UMA is constant at 1 billion coins. According to data from DuneAnalytics, as of June 30th, the total supply of UMA has reached 1.2 billion US dollars.

Can UMA rise to 10,000?

Editor’s Note: This article is from Xiaozha Idle Talk (ID: xiaonazha88), authorized to be reprinted by Odaily Star Daily.

In the cryptocurrency industry, UMA has always been in a leading position, but the current trend is also very bleak. It even failed to break through the $1 mark for a coin called “uram”, and this is not the first time it has attracted market attention!

According to CoinGecko data, as of the time of publication, the price of UMA token has reached 2.71 USDT, with a 24-hour increase of 15.8%. UMA’s total market value is close to 4 billion US dollars. UMA is a decentralized synthetic asset protocol that combines traditional finance with blockchain through smart contracts. The issuance of UMA has increased from 1 billion coins to 2 billion coins, accounting for about 10% of the total supply, of which 50% is allocated to the community.

The UMA token was originally planned to be circulated and traded as an experimental cryptographic asset, but it has not been fully realized until now.

Although this process may take several years to complete, in reality, its use cases are still very limited, so this pattern is likely to continue. If it can be achieved in the future, its value will become higher and higher!

However, with the launch of UMA 2.0, will UMA become more competitive?

We can see that UMA is currently going through a series of development stages:

1. The first batch of projects after the mainnet launch will go live in Q4 2020;

2. Developers can join the ecosystem according to their own needs;

3. More new projects will appear in the future;

4. Testnet incentive layer will start in the first quarter of 2021;

5. As the UMA network gradually matures, development work will also increase gradually.

For projects that want to participate in the UMA public chain, the most important thing is to understand why the UMA team does not do some research work and has certain technical support.