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The Universal Market Access protocol's native cryptocurrency, UMA, has experienced a significant upswing, rising by more than 80% in the previous 12 hours. With a market valuation of $283.5 million, UMA is trading at $3.79 at the time of writing.
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UMA Price Causes $3 Million in Short Transactions
According to Coinglass data, $3 million in short liquidations have occurred in the past 24 hours as a result of the unexpected UMA price surge. However, trading volumes have also increased dramatically, by 2000%, to $284 million.
One well-known player in the blockchain space is Universal Market Access, which focuses on oracle solutions. It presents itself as a blockchain-based decentralized truth network for data recording and validation.
UMA is the ninth-largest Oracle network in the world according to DeFi Llama, lagging behind prominent companies like Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.
Robust network growth is one of the main drivers of the UMA price increase. Dune Analytics reports that Total Value Secured (TVS) for both oSnaps and UMA has increased significantly, hitting a record high of more than $774 million.
The number of businesses joining the UMA network increased in tandem with this rise in TVS. Recently, Index Coop, a company that specializes in decentralized structured products, became a member of the network. Another newcomer to the UMA network is B Protocol, a hub for DeFi economic mitigation.
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Positive Energy Ahead of the Upcoming Oval Launch
The cryptocurrency is seeing a significant uptick as the much awaited Oval launch of the Universal Market Access protocol draws nearer to next week. In a recent tweet, developers conveyed their conviction that the future service will be instrumental in reducing risks in the decentralized finance (DeFi) space, particularly with regard to the problem of maximal extractable value (MEV).
UMA's total futures open interest has surged to a record-high of $47 million, according to Coinglass statistics, indicating a strong demand for the token in the futures market.
The cryptocurrency market is inherently volatile, but UMA is well-positioned to continue on a steady course. A minimum trading price of $7.54 and an average trading price of around $9.43 are the predictions made by market analysts.
Anticipating a pivotal year in 2024, the Universal Market Access protocol is getting ready. Experts in the industry anticipate that UMA's value will rise significantly, maybe hitting $11.96. This optimistic view stems from its growing alliances and creative projects in the ever-evolving cryptocurrency industry.