Bittime - Recently the price of UMA token (UMA) jumped significantly in the last 24 hours. After briefly touching the $4 mark (Rp. 60,000), the coin is now trading above $3.50 (Rp. 52,500), up more than 40% in a day according to data from CoinMarketCap. This positive sentiment made UMA's market capitalization soar to around $283 million (Rp 4.2 trillion).
Causes of UMA Price Rising
This wave of UMA (UMA) price appreciation was driven by the announcement of the integration of oSnap, a decentralized governance tool, by the Gitcoin DAO. The team behind the UMA project shared a post on X (formerly Twitter) regarding the integration.
Gitcoin DAO is a revolutionary crowdfunding platform for open-source projects that allows $GTC token holders to vote on cash distributions and run approved transactions automatically on the chain from a Safe (crypto wallet).
"This new integration empowers $GTC holders to vote on cash distributions in Snapshot Labs and run automatically approved transactions on-chain from Safe," the UMA team wrote in the post. They also detailed more about Gitcoin's integration with oSnap in a blog post.
Also read: Crypto News Today, May 10, 2024: The Crypto Market Is Back in the Green
In the post, UMA noted that Gitcoin DAO has leveraged oSnap for cash distribution because they are committed to trustless and optimistic governance. This integration is said to make the governance process of Gitcoin DAO smoother while saving time and gas costs for community members.
DAO specifically uses oSnap for cash payments, but this integration does not affect other Snapshot votes that are not cash-related.
UMA Price Today
As of writing on Friday 10/05/2024, UMA is trading at IDR 59,553 per token. UMA's price performance increased by around 4.12% in the last 24 hours. UMA had chalked up a daily high of Rp70,768 and a daily low of Rp55,325 per token in the last 24 hours.
Source: Bittime
What is UMA (UMA)?
UMA is an optimistic oracle (OO) that can record the correctness of any verification into the blockchain. This OO is referred to as a "human-powered truth machine" because of its flexibility to handle ambiguity and expand the design space in Web3.
This OO secures a diverse ecosystem of Web3 applications, including cross-chain bridges, insurance protocols, prediction markets, and customizable DAO-tooling products. UMA tokens can be purchased on most major centralized currency exchanges including Binance and Coinbase, as well as DEXs such as SushiSwap and Uniswap.
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What is oSnap?
oSnap, or Optimistic Snapshot Execution, is a tool that helps DAOs execute governance sound outcomes on the chain in a decentralized manner. Developed by UMA and Gnosis Guild, oSnap uses the Snapshot glasses voting mechanism with the Safe wallet to eliminate the need for a trusted third party or multi-sig wallet. The security of oSnap is guaranteed thanks to the UMA optimistic oracle.
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History of UMA
The UMA project was founded in 2018 by Allison Lu and Hart Lambur, who are two former Goldman Sachs traders, with the goal of making global markets fair, accessible, secure, and universally decentralized.
"The team reportedly drew inspiration from traditional financial derivatives to define an open-source protocol that allows anyone, anywhere, to design and build trustless financial contracts," Decrypt said.
Conclusion
With solid fundamentals and the adoption of oSnap by the Gitcoin DAO, it's no surprise that UMA (UMA) experienced a significant price spike within a day. However, investors and traders are still encouraged to conduct in-depth analysis before making investment decisions amid high crypto market volatility.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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