According to the latest report from CoinGecko on Jan. 19, UMA has emerged as the top gainer with an impressive 134% price surge in the past 24 hours. This significant increase in value is attributed to the upcoming launch of the Universal Market Access (UMA) protocol’s Oval feature, scheduled for the week of Jan. 22. While details about Oval are scarce, UMA has indicated that the focus will be on safeguarding lending protocols.

UMA’s price chart against USD shows a sharp upward trend, as reported by CoinGecko. Additionally, data from Dune Analytics reveals that both UMA and oSnaps have seen a substantial rise in Total Value Secured (TVS), reaching a record high of $775 million. This milestone was achieved even before the official announcement of the new product.

Earlier in the week, on Jan. 16, UMA made headlines when Index Coop integrated the Optimistic Oracle for secure index rebalancing. These developments have propelled the project to outperform the overall cryptocurrency market, which has experienced a 2.9% decline in the past week. Similarly, UMA has surpassed the rest of the Polygon Ecosystem, which has shown no change in value over the same period.

Moreover, UMA has witnessed a remarkable 136.3% increase in price within the same timeframe, with the majority of gains occurring in the last 24 hours. According to DeFi Llama, UMA ranks as the ninth largest Oracle network globally, following prominent names like Chainlink, Chronicle, and Binance Oracle. With the anticipation surrounding the Oval launch, there is optimism that UMA could surpass its previous all-time high price, which currently stands at 89.5% lower.

For more updates on the cryptocurrency market, stay tuned to Global Crypto News.

Post Views: 5