A low-cap altcoin built on the Ethereum (ETH) blockchain is in the middle of a parabolic rally even as Bitcoin (BTC), ETH, and most other major crypto assets go through corrections.
Universal Market Access (UMA), founded by ex-Goldman Sachs traders, is an Ethereum-based protocol that lets users create their own collateral-backed tokens that represent and track the price of any real-life asset.
UMA’s oracle network feeds real-time market data to smart contracts. Some of the bigger projects currently utilizing Universal Market Access include decentralized betting platform Polymarket, decentralized exchange (DEX) Domination Finance, and smart contract security firm Sherlock.
UMA, the project’s native token, is currently up 104% in the last seven days. Between February 28 and March 1, UMA suddenly exploded from a low of $4.89 to a high of $11.52, a gain of more than 130%. It has held onto most of its gains so far, stabilizing at $9.81 at time of writing.
The coin’s big move appears to come amid a steady wave of adoption. According to bridging protocol Across, which partially relies on UMA’s oracle, several Ethereum whales were spotted using their platform.
A pod of 5 whales used Across for the first time yesterday!
18 $ETH 2,949,154 $USDC 86.69 $ETH 36,563 $USDC 80,099 $USDC — Across (@AcrossProtocol) March 1, 2022
In the same timeframe that UMA recorded its big gains, Ethereum has traded mostly flat, currently up 3% on the week and down 5% over the last 24 hours. Bitcoin, the crypto market’s flagship asset, is currently hovering above the $40,000 mark, correcting after the strong bounce it recently saw to the $45,000 level.
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The post Oracle Altcoin Built on Ethereum Skyrockets 135% in Less Than a Day As Bitcoin and ETH Correct appeared first on The Daily Hodl.