Sirwin
Sirwin

DeFi - HERE COMES ANOTHER PLAYER - UMA

By CryptoBlonde | CryptoBlonde | 2 Sep 2020


Yearn Finance (YFI) token, a decentralized finance (DeFi) project, burst last week, exceeding the price of bitcoin ($ 11k) reaching all-time high of $ 38k....amazing right? According to analysts, YFI's potential is far from being realized and everyone is very conservative with their YFI price targets.

BitMEX CEO Arthur Hayes responds positively to this question and provides a record price prediction $ 100,000 at some point for YFI. Yearn Finance,  has drawn an incredible graph in the last 1 month. While the total value of the DeFi market reached the $ 8 billion threshold, an 85% increase throughout the month, 

a2d7a8de3a103d4ad1de4590883b1b9ff34b834d9e2c8d875282e8e832783b35.jpeg

But wait....Here Comes Another Player to the GAME by the name of UMA

717925987b3bf75d58a646545e1f506de74dd457f05e9a3961afb8f1c9562bcb.jpeg

The UMA token surpassed Yearn Finance with a market capitalization over $ 1 billion and now is priced at $ 19.79.

20cd7bf36f06845a4c66225baa3558ef0ed6d7b80b71ca71c8f1603ffc27d7b1.jpeg

The UMA token project creates an open source protocol for non-priced financial contracts on Ethereum. It has two main parts, priceless financial contract designs and Data Verification Mechanism (DVM). The invaluable financial contract allows users on the platform to create synthetic tokens. DVM is a decentralized oracle service like Chainlink and Band. These technologies allow the creation of fast, efficient and safe synthetic derivatives on the Ethereum blockchain but unlike platforms such as Yearn.finance, UMA provides the underlying infrastructure for DeFi protocols that enable services such as staking. Learn more about UMA project with @MuyAsk on his article.

What should we expect next ?

How do you rate this article?

4


CryptoBlonde
CryptoBlonde

Crypto Enthusiastic. Crypto Hodler. NFT addict :-)


CryptoBlonde
CryptoBlonde

I'm a crypto enthusiastic who likes to learn all about the crypto world. I will share my journey with you all and hope you get inspired....feel free to comment.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.