UMA, the native token of Universal Market Access, skyrocketed more than 60 percent over the past three days after the launch of Across Protocol, a bridge from layer 1 to layer 2 on the UMA mainnet.
Across Protocol is Live
The UMA token’s performance was average at the beginning of the last week but that changed quickly after the announcement of the Across Protocol, which will provide a secure and fast bridge for DeFi users, allowing them to bridge USDC, ETH and UMA from Arbitrum back to the Ethereum mainnet.
The bridging function works by offering incentives for relayers to offer short-term loans to users on L1, which are repaid after two hours from a liquidity pool on L1. This pool is refilled when the funds arrive from L2 transactions. These transactions are insured by UMA’s Optimistic Oracle.
Across Protocol Medium post
The token has been rallying rapidly since then, up 63 percent to a market cap of US$1.05 billion in the past seven days. Data from Messari shows the token has achieved 100.52 percent in YTD gains, now trading at a range of US$16.50 in most exchanges.
UMA was created in December 2018 as a protocol designed to allow users to create synthetic assets on the Ethereum blockchain. UMA started its bullish rally on December 23, 2020, when the currency broke above the US$9.35 mark, trending upward along with many other altcoins.
Another token that has seen tremendous trading volume is SCRT, the privacy token of Secret Network, a DeFi protocol that aims to be a privacy-centric platform for the community.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
