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- 1 The UMA crypto asset is demonstrating bullish behavior and has room to increase.
- 2 The UMA crypto showed good performance over last week, month, and quarter.
Oracles are essential for blockchain infrastructure. They allow trustless communication between the off-chain world and on-chain environments.
Oracles are crucial for many aspects of the blockchain industry, such as decentralized finance (DeFi) and Web3 applications.
UMA’s optimistic oracle is a type of oracle that uses a “true unless disputed” pattern, with a token holder’s vote to resolve disputes.Anyone can respond to a request for information, and this response is considered correct if there is no disagreement during the statement.
The “optimistic” design is different from a price-feed oracle, where prices are streamed on-chain and are finalized instantly.
The optimistic oracle design concept has been evolving since 2014, when Vitalik first wrote about it. There have been several versions over the years since then. The optimistic design pattern introduces the possibility for human intelligence to weigh in.
This is important for Web3 projects as they need arbitrary data that is not always possible to code.Now, the OO provides flexible, unique dispute resolution involving any kind of question or data with human input, as compared to price feed oracles, which can only push regular price updates onto chains.
UMA’s best prospects involve three actors: the contract requesting the information, the actor providing the information, and the potential argument that could arise if they do not accept the information.
Oracle voting is divided into three phases: public voting; voting/presentation; and harvest time.
Rewards will increase as you receive them. Claiming rewards will deposit the tokens into the user’s wallet, making them valuable voting tokens, and each successful vote will increase the user’s voting power.
UMA’s smart contracts are designed mainly for developers building decentralized applications. All UMA token holders can participate in UMA’s reputable program.
UMA’s tokens are generated by Ethereum and can be held in wallets such as Metamask, Trezor or Ledger, which must be connected to the UMA Voting Dapp to vote.All of UMA’s oracle contracts have been audited by OpenZeppelin, as well as the contracts for Across and Outcome’s Optimistic Governor, Optimistic Distributor, and more.
UMA Price Analysis: Daily Chart
The UMA crypto dipped 0.97% over the last 24 hours, trading at $2.047.
However, if the demand for the UMA remains high, the asset price could bounce back from the current level. The next goal for the UMA price is to reach $2.500.
The UMA crypto asset is demonstrating bullish behavior and has more room to increase. It has achieved good performance in the last week, month, and quarter, by 4.83%, 29.96%, and 47.75% respectively, implying a robust upward direction.
However, if the UMA crypto price fails to stay above the $1.500 level, it could decline further.
Summary
It has achieved good performance in the last week, month, and quarter, by 4.83%, 29.96%, and 47.75% respectively, implying a robust upward direction. The price action and technical tools point for a more bullish outlook.
Technical Levels
Support Levels: $1.500
Resistance Levels: $2.500
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
