UMA overtakes Yearn.Finance as the biggest ‘DeFi’ protocol on Ethereum
On Sept. 1, UMA overtook yearn.finance as the biggest “DeFi” protocol on Ethereum with a $1.3 billion market cap. Oracles, like Chainlink, Band, and UMA’s DVM, help DeFi protocols obtain market data through smart contracts.
CoinMarketCap, as an example, lists Chainlink, UMA, and Band Protocol all under the DeFi category. UMA is different from platforms like yearn.finance, however, in that it provides the underlying infrastructure for DeFi protocols that enable services like staking.