What is UMA?

UMA is an optimistic oracle and dispute arbitration system that securely allows for arbitrary types of data to be brought on-chain. UMA’s oracle system provides data for projects including a cross-chain bridge, insurance protocols, custom derivatives and prediction markets. UMA's oracle is used to create many other types of products and protocols.

How does UMA work?

UMA's Optimistic Oracle allows contracts to quickly request and receive price information. The Optimistic Oracle acts as a generalized escalation game between contracts that initiate a price request and UMA's dispute resolution system known as the Data Verification Mechanism (DVM).

Unless they are contested, prices suggested by the Optimistic Oracle won't be conveyed to the DVM. This makes it possible for contracts to acquire pricing information within any time frame that has been specified, without the necessity for an asset's price to be recorded on-chain.  

If a dispute is raised, a request is sent to the DVM. All contracts built on UMA use the DVM as a backstop to resolve disputes. Disputes sent to the DVM will be resolved 48 hours after UMA token holders vote on the price of the asset at a given time.

UMA Token Use Cases

UMA token is an ERC20 token used to govern the UMA protocol in the following two ways:

• Vote on price requests from financial contracts using DVM.

• Govern the UMA ecosystem by voting on parameter changes and approving system upgrades.

• Earn fees from providing data points.

• Protect the Oracle from Sybil attacks.

Team, Investors, and Partners

Team

The project founders are Hart Lambur and Clayton. There is not much that stands out about the two project founders, other than that Hart Lambur used to work for Goldman Sachs - a popular US multinational investment bank.

Investors

UMA is invested by a number of names such as IOSG, Blockchain Capital, Amber Group,...

On July 10, 2021, UMA raised $2.6M for a product called Range Token. Investors include: Amber Group, BitDAO, Blockchain Capital, Robert Leshner (Founder of Compound) and Wintermute Trading.

Partners

UMA has more than 75 partners using its products, more details here.

Roadmap and Updates

Updating…

What is UMA Token?

The primary functions of the UMA token are governance and dispute resolution.

Holders of UMA tokens have the ability to vote on ideas pertaining to the evolution of the protocol through governance. In UMA, those who participate in governance are rewarded for their contributions to network decision-making.

Second, the usage of UMA tokens to vote on price-related disputes adds another level of security to UMA's price-tracking oracle.

Detailed information about UMA Token

UMA Token Metrics

• Token Name: UMA.

• Ticker: UMA.

• Blockchain: Ethereum, Avalanche.

• Token Standard: ERC-20, ARC-20

• Contract:

• ERC-20: 0x04fa0d235c4abf4bcf4787af4cf447de572ef828.

• ARC-20: 0x3bd2b1c7ed8d396dbb98ded3aebb41350a5b2339

• Token Type: Governance Token.

• Total Supply: 65,368,369 UMA.

• Circulating Supply: 106,251,021UMA.

UMA Token Allocation

• Initial Uniswap Listing: 2,000,000 (2.0%).

• Future Token Sales: 14,500,000 (14.5%).

• Developers & Users: 35,000,000 (35.0%).

• Founders, Early Contributors và Investors: 48,500,000 (48.5%).

UMA Token Sale

UMA has spent 2% of the total supply, equivalent to 535,000 USD worth in ETH for the public sale on Uniswap. Known as “Initial Uniswap Offering” at 10 p.m., April 28, 2020 with an initial listing price of $0.26/UMA.

UMA Token Release Schedule

At the beginning of 2021, the team and investors agreed to extend the token vesting period by two years from 2021, meaning the tokens will be paid off in early 2023.