UMA Surges 134% Following Protocol Announcement
According to CoinGecko, UMA has experienced a significant surge in price, with a 134% increase in the last 24 hours. This surge is attributed to the upcoming launch of UMA’s Oval, a new product that aims to protect lending protocols. Although details about Oval are limited, UMA has stated that it will focus on ensuring the security of lending protocols.
Dune Analytics reports that UMA and oSnaps have seen a surge in Total Value Secured (TVS), reaching an all-time high of $775 million. This milestone was achieved even before the announcement of Oval.
Furthermore, UMA is currently the ninth largest Oracle network globally, following established names like Chainlink and Binance Oracle. With the anticipation surrounding Oval’s launch, there is speculation that UMA may surpass its previous all-time high price, which is currently 89.5% lower.
Hot Take: UMA’s Oval Launch Sparks Massive Price Surge
The announcement of UMA’s upcoming Oval launch has resulted in a remarkable surge in its price, with a 134% increase within a day. This surge is driven by the excitement surrounding Oval’s focus on protecting lending protocols. Prior to the announcement, UMA had already achieved a significant milestone of $775 million in Total Value Secured (TVS). As the project continues to gain traction and establish itself as a prominent Oracle network, there is growing speculation that UMA may surpass its previous all-time high price. The future looks promising for UMA as it sets its sights on further growth and development in the decentralized finance space.
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