Crypto News – The Universal Market Access protocol’s native cryptocurrency, UMA crypto, has experienced a significant upswing, rising by more than 80% in the previous 12 hours. UMA has a market value of $356.1 million and is trading at $4.69 at the time of publication.
Impressive Increase: UMA Crypto Increased by 80%
According to Coinglass data, $3 million in short liquidations have occurred in the past 24 hours as a result of the unexpected UMA price surge. However, trading volumes have also increased dramatically, by 2000%, to $284 million. According to DeFi Llama, UMA is currently the ninth-largest Oracle network in the world.
Reasons Behind the Rise of UMA Crypto
Robust network growth has been a primary driver of the UMA price increase. Total Value Secured (TVS) for both oSnaps and UMA has increased dramatically, rising to an all-time high of more than $774 million, according to Dune Analytics.
Alongside this rise in TVS, the number of businesses joining the UMA network increased. As a new member of the network, Index Coop is a company that specializes in decentralized structured products. Recently, the UMA network also added the B Protocol, a hub for DeFi economic mitigation.
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