UMA Token Surges By 28% Despite General Bearish Trend

UMA (UMA) has registered an impressive 28.7% gain in the last seven days, according to data by CoinMarketCap. In a week marked by market losses and little gains, the DeFi token showed much resilience to emerge as one of the biggest weekly gainers.

Timeline of Uma

The crypto market has been generous enough for many exciting projects over the past couple of years. UMA has been one of the projects that has managed to sustain and captivate the attention of a larger audience base.

Hart Lambur, the founder of Openfolio and UMA, sat down with Benzinga to discuss the latest developments in DeFi at EthCC 5 in Paris. Most notable was the undergoing deployment of the cross-chain bridge Across that utilizes UMA's Optimistic Oracle.

UMA, an innovative protocol for the Ethereum blockchain, enables users to create their self-enforcing contracts that may provide respective financial and economic incentives, thus contributing to mutually beneficial outcomes for all parties involved.