At a time when most of the cryptocurrency market is in a bearish phase, it is hard to imagine any cryptocurrency witnessing an attractive rally. On the one hand, leading cryptocurrencies such as Bitcoin and Ethereum fell to their 18-month lows, on the other hand, UMA cryptocurrency is making waves with a 22.24% rally along with a huge inflow volume of over 667 .36% around 7:00 am (GMT +1), according to CoinMarketCap.
Based on the Ethereum blockchain, UMA cryptography is a protocol that is used for the creation of assets that are synthetic in nature. Founded by Hart Lambur and Allison Lu, UMA crypto aims to decentralize the financial derivatives market and offers a mix of cryptocurrencies and traditional derivative assets for investors to explore. The Liquidators Your liquidators and token sponsors continue to monitor the asset position, ensuring that it remains properly collateralized.
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UMA cryptocurrency’s rally on Wednesday comes after an extended bear run, which saw it drop 19.8% over the past 30 days, according to data from CoinGecko.
Why is UMA crypto drawing attention?
The UMA crypto appears to be drawing attention largely due to the protocol being launched on Bancor3. Bancor is a platform that allows holders to not only deposit but also earn tokens of their choice for staking.
The association will allow the UMA tokens to be protected from temporary losses and, at the same time, will also guarantee the liquidity of the UMA protocol. Additionally, Bancor will also enable UMA tokens to earn sustainable returns and offer self-compounding returns to users.
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UMA crypto is unique in that it operates on the Ethereum blockchain and allows users the freedom to trade digitized derivatives from anywhere in the world. This gives local market participants the freedom to participate, thereby removing barriers to entry into the financial space.
AMU Price and performance
The UMA cryptocurrency was witnessing a healthy Wednesday as it traded at $2.61 with a 24-hour trading volume of $24,43,10,645, according to CoinMarketCap. The UMA token has a live market capitalization of US$17,15,70,175 with 6,69,68,713 UMA coins in circulation, as of June 15.
While the rally would be a relief to UMA investors, people should beware of the volatile situation and the warnings issued by various authorities. In the current scenario, where the leading cryptocurrencies are falling and the overall market cap has fallen below $1 trillion, investors should make smart decisions with their money. Investors should be vigilant and make sure to do their research before investing.
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