Uma has been surging upwards due to the anticipation of some interesting developments of the network. Over the past couple of weeks, the cryptocurrency had been near-stagnant with no major upside moves; however, that has changed. During the daily timeframe, the price of the cryptocurrency started an upside movement and has managed a positive change of 27%. The upward momentum has not slowed down and can be expected to continue for a while as the bulls are going strong. At the time of writing, the cryptocurrency stands at a price level of $16.85. the daily trading volume has increased by a staggering 1,200%.
What is Uma?
Uma or Universal Market Access was launched in 2018 after the rise of Ethereum. The protocol is designed for the creation of synthetic assets on Ethereum’s blockchain. It also combines traditional finance and the blockchain realm through its innovative financial contracts which allow anyone to design and build their universally accessible financial products. The project has also built an oracle which they believe to be fool-proof. Although the decentralized world is believed to be much safer than the traditional finance ecosystem there are still risks associated as oracles can be bribed and their data can be corrupted. Uma’s oracle ensures that the profits earned through the network are higher than its cost of corrupting – which eliminates any incentives for corruption.
The launch of the Access protocol
Access Protocol is described as the fastest, cheapest, and most secure bridge from layer 1 to layer 2. Access provides a superior user experience and may alter the market for L2 bridges. Since the future of the blockchain industry is regarded to be based of interconnectivity, projects like Access will gain in value. This is beneficial for Uma because of the collaboration between the two projects. The Access protocol has officially launched today which is also responsible for the upward surge of Uma. The two projects have partnered as Access Protocol utilized Uma’s Optimistic Oracle to ensure its transactions. This partnership closely links the future of both projects. The favorable outlook for Access will result in a positive outlook for Uma because of the Optimistic Oracle.
The future outlook of Uma is considered to be bullish. According to the estimates of Wallet Investor, the cryptocurrency is considered to be operating at a price level of $18 in a year’s time while the five-year projection places it at $27. Digital Coin Price is even more bullish on the token and suggests the price will reach $58 by 2026.
