UMA Protocol is a decentralized financial contracts platform, which is built to enable Universal Market Access UMA.
UMA tweeted: “The $UMA token is now available on both @UniswapProtocol V2 and @BalancerLabs.”
UMA is hailed to be a protocol for building synthetic assets. It is possible to write self-enforcing contracts providing for economic guarantees. They have a White Paper which users can go through for more clarity. The community chats are taking place on Discord.
UMA is set to be listed in Coinbase Pro. The Coinbase blog published, “On Friday, September 4, transfer UMA into your Coinbase Pro account ahead of trading. Support for UMAwill be available in all Coinbase’s supported jurisdictions, with the exception of New York State. Per previous launches, transfers will open during business hours, Pacific time.”
UMA are looking to facilitate a platform for those who are willing to financially innovate. The protocol is focused on empowering the financial innovations which are based on permissionless, public blockchains, like Ethereum.
UMA provides for an open-source protocol, which permits any two counterparties to design and create their own financial contracts. However, unlike in traditional derivatives, UMA contracts are secured by making use of economic incentives alone, thus making them to be universally accessible and self-enforcing.
Sydney Ifergan, the crypto expert opined “UMA Protocol executes in 3 simple steps like a custom party agreement, automatic enforcement and instant settlement. Due Diligence ensured with parties losing 10% of their margins if they misbehave!”
It is easy to build synthetic tokens on UMA Protocol to track almost anything. The ERC20 tokens will be able to track the price of anything, which is limited to the creativity of the developer and investor.
UMA protocol is used for a range of stuff from writing contracts for representing leveraged crypto exposure or anything that can be expressed using decentralized futures, CFDs or total return swap contracts.
Whether about creating Yield Curves on Ethereum or something else it can come in to reality on the Protocol.
UMA Protocol for Financial Innovation
The UMA protocol firmly believe in that the financial markets need to be universally accessible and open. This is something that all financial regulators from across the globe are looking to get done. The potential of decentralized finance is very exciting. There are regional laws and regulations which protect the consumers and the UMA Protocol being an open-source, permissionless, and censorship-resistant protocol helps to provide for a powerful, safe and responsible financial innovation.
UMS protocol is for developers, traders, financial product inventors, or just anyone. Those who are willing to know more about the project can contact the team in their e-mail.