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UMA climbs 29% in a day amid upcoming launch of ‘Across’ protocol

UMA climbs 29% in a day amid upcoming launch of ‘Across’ protocol

Universal Market Access (UMA) has experienced a substantial increase in value as a result of the imminent rollout of its ‘Across’ protocol which will run live on the main net on November 8, 2021. 

According to UMA in a Twitter post:

“Across Protocol is the fastest, cheapest, and most secure L2 to L1 bridge. Across uses UMA’s Optimistic Oracle to insure transactions.”

Currently, the UMA is changing hands at $16.92, up 29.03% in the last 24 hours and 46.87% across the previous seven days taking its total market cap to $1.07 billion.

UMA 7 day price chart. Source: CoinMarketCap.com

Established in December 2018, UMA is a protocol for producing synthetic assets based on the Ethereum (ETH) blockchain, meaning that it can replicate nearly any other asset on the market. 

As per their official website: “UMA enables anyone to build decentralized financial products,” due to this vibrant DeFi ecosystem, which includes dozens of applications, perhaps making it another significant factor in UMA’s recent price increase of more than 46% in the last week.

UMAverse sees more UMA locked

Interestingly, there are currently operational, financial platforms using the UMA protocol’s UMAverse, with a TVL (total value locked) of over $86 million and a total value minted (TVM) of over $31 million.

UMA TVL and TVM. Source: umaproject.org

When we look at umaproject.org, we can observe that the quantity of assets locked has increased by 20.8% in the last 24 hours. Notably, there seems to be a direct relationship between the number of assets held on the platform and the cryptocurrency’s price.

Furthermore, growth in the number of assets locked indicates that the UMAverse ecosystem is expanding, which can only be a positive indication for traders and investors alike.

Due to the general expanding UMA ecosystem, the long-term forecast for this digital currency is looking positive, with UMA now the 104th largest cryptocurrency on the market at the time of publication. 

The decentralized asset has come a long way since its epic price drop of 28%, barely 24 hours after Coinbase Pro listing announcement a little over a year ago. Nevertheless, investors should be wary that the market will first test UMA support levels as it aims to hold the $1 billion market cap threshold.

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