UMA is the optimistic Oracle whose purpose is to record any verifiable truth on the blockchain platform. It’s worth noting that an optimistic oracle can handle ambiguity and expand the design space
in web3.
Here, the OO (Optimistic Oracle) verifies the data in steps, that is, first a statement is filed together with an obligation in which the obligation acts as a reward for anyone who can dispute if they think differently about the statement.
Note that the statement is considered true if there is no dispute about it on the part of anyone
.
The following are the main use cases for UMA tokens:
- UMA token holders can participate in the governance of the network through voting processes.
- UMA tokens can be staked to earn rewards (i.e. passive income).
- UMA token holders can earn higher APYs by voting correctly.
Note that staking UMA tokens incentivizes correct voting, discourages inactivity or incorrect voting, and encourages long-term commitment through a seven-day recovery period. This also increases security by increasing the cost of corruption of the Oracle. The shift from discrete rewards to streaming rewards eliminates a potential vector of griefing. Overall, these measures create a more engaged community of token holders and improve the security of the protocol
.
Key Features
- On the Uma platform, any user can challenge a statement.
- Users can earn a reward if they successfully challenge the claim.
- UMA stakers can help protect the UMA’s OO (Optimistic Oracle).
- On the platform, successful voters get a higher percentage of rewards while inactive voters are penalized.
UMA is a fairly unique concept on the market that verifies data on the blockchain. Considering the key features and use cases of UMA, it’s a moderate case for investments
.
Will UMA reach $100?
To reach a value of $100, the UMA token would have to increase by almost 53.76 times its current market price. It’s important to note that the UMA token reached its all-time highest price of $32 in February 2021, which represented nearly 4-fold growth in just two months (starting from the lowest price of $8 in December 2020)
.
Based on its growth of 2 times in a month, it would take about 26.88 months (just over 2 years) for UMA to reach a price of $100. However, this could be affected by market conditions and other economic factors
.
Therefore, UMA can certainly reach $100, but not sooner.
UMA Price Prediction 2023, 2025 and 2030
- The 2023 UMA price prediction is $3.51
- The UMA 2025 price prediction is $6.70
- The UMA 2030 price prediction is $31.14
Where can I buy UMA Crypto?
UMA tokens can be purchased from various centralized and decentralized crypto exchanges such as Binance, Coinbase Exchange, KuCoin, Bitstamp, Kraken, Gemini, OKX, Bybit, Gate.io, Crypto.com Exchange, Poloniex, WazirX, SushiSwap and Uniswap.
