What is UMA (UMA)? | UMA Crypto Explained in Under 60 Seconds

What is UMA (UMA)? Universal Market Access (UMA) is a protocol for the creation of synthetic assets and financial contracts on the blockchain. The Universal Market Access (UMA) Protocol is powered by the Ethereum token UMA.

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DeFi developers can build synthetic assets (collateral-backed tokens), allowing the digitization of real-world financial derivatives.

UMA uses Priceless DeFi Contracts, which are designed with mechanisms to incentivize proper collateralization of positions without requiring any on-chain price feed.

Optimistic Oracle is the “Data Verification Mechanism” (DVM) is used to resolve disputes of liquidations & settle synthetic token contracts upon expiration.

Why Use UMA?
- Quickly create synthetic assets with priceless contract templates.
- Create tokens that track the price of anything.
- Economic guarantees ensure your contract cannot be manipulated.
- Increase security and reduce costs with minimal on-chain transactions.

WEBSITE: https://umaproject.org/