UMA Uma Price USD

UMA is an optimistic oracle (OO) capable of storing any verifiable fact on a blockchain. The OO has been named "a human-powered truth machine" since it is adaptable enough to manage uncertainty and widens the design space available in web3. UMA's OO protects a broad ecosystem of web3 apps, including cross-chain bridges, insurance protocols, prediction markets, and configurable DAO toolset items.

UMA's OO safeguards the Across bridge, Polymarket prediction markets, and Outcome.Finance DAO tools.

UMA was established in 2018 by Allison Lu and Hart Lambur, two former Goldman Sachs traders, with the aim of achieving widely accessible, safe, and decentralised markets.

The team was inspired by traditional finance derivatives while developing an open-source protocol that would allow anybody, anywhere to create and build trustless financial contracts.

Oracles are a crucial component of the blockchain's architecture. They allow for trustless communication between the outside world and on-chain ecosystems. Oracles are critical for many aspects of the blockchain industry, such as decentralised finance (DeFi) and Web3 apps.

An optimistic oracle, such as UMA's, employs a "true unless contested" structure, with a tokenholder vote to settle disputes. Anyone can offer a response to a data request, and it is regarded as true if it is not challenged within a verification time. The "optimistic" architecture varies from a price-feed oracle, in which prices are broadcast on-chain and become definitive immediately.

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