UMA sees 134% gains following protocol announcement

UMA CRYPTO_NEWS

According to CoinGecko’s top gainer report for Jan. 19, UMA holds the top spot with a 134% price surge in the last 24 hours.

The triple-digit gains come in light of the Universal Market Access (UMA) protocol’s Oval launch, which is expected the week of Jan. 22. Although minimal information has been released, UMA has stated that the product will focus on protecting lending protocols.

Dune Analytics goes on to highlight that UMA and oSnaps have experienced a surge in Total Value Secured (TVS), reaching an all-time high of $775 million, which was verified by a team member from the marketing team highlights this is even before the announcement of the new product.

Earlier in the week on Jan. 16, the project also garnered excitement on X with Index Coop integrating the Optimistic Oracle to secure index rebalancing. The combination of announcements has since resulted in the project outperforming the total cryptocurrency market, which is currently down 2.9% in the last 7 days, and the rest of the Polygon Ecosystem, which has seen no change in the last week.

In contrast, UMA has seen a 136.3% increase in the same period, with most of its gains occurring in the past 24 hours.

According to DeFi Llama, UMA is the ninth largest Oracle network in the world, following names like Chainlink, Chronicle, and Binance Oracle. Therefore, as excitement continues to build in light of the Oval announcement, the X consensus is that the project might exceed its all-time high price, which is currently 89.5% lower.

Source : crypto.news by Sarah Jansen / Jan 19, 2024

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