Why $UMA Surged Over 40% Today

Key Points

• UMA (UMA) token surged by over 40% in the past 24 hours on CoinMarketCap.
• Now, the token is trading at around $3.50.

UMA (UMA) saw an impressive surge of over 40% in the past 24 hours on CoinMarketCap. At the moment of writing this article, UMA is trading at over $3.50, up by 38% after it managed to hit $4 earlier.

The total market cap of the token is now about $283 million.

The other day, the team behind the UMA project shared a post on X, announcing the integration of oSnap by the Gitcoin DAO.

They noted that Gitcoin is a revolutionary crowdfunding platform for open-source projects. This new integration empowers $GTC holders to vote on treasury distributions in Snapshot Labs and automatically execute approved transactions on-chain from Safe.

https://twitter.com/UMAprotocol/status/1788282070394876415

UMA also announced that it revealed more details about Gitcoin’s integration with nSnap in a blog post. 

In the post, UMA notes that Gitcoin DAO has deployed oSnap for treasury distributions as it commits to trustless, optimistic governance. This integration reportedly makes Gitcoin DAO’s governance process more seamless while saving community members time and gas costs.

Also, the DAO is specifically using oSnap for treasury payments. This integration does not impact other Snapshot votes unrelated to the treasury, UMA notes.

oSnap is short for Optimistic Snapshot Execution. This is a tool that helps DAOs execute the results of governance votes on-chain in a decentralized manner.

It was developed by UMA and Gnosis Guild, and it uses Snapshot’s glasses voting mechanism with Safe wallets to remove the need for trusted third parties or multi-sig wallets.

oSnap is secure by UMA’s optimistic oracle.

What is UMA (UMA)?

UMA is an optimistic oracle (OO) that can record any verifiable truth onto a blockchain. The OO has been called a “human-powered truth machine” due to its flexibility to handle ambiguity and expand the design space in Web3.

The OO secures a diverse ecosystem of Web3 apps, including cross-chain bridges, insurance protocols, prediciton markets, and customizable DAO tooling products.

The UMA token can be purchased at most major centralized currency exchanges including Binance and Coinbase, and DEXs like SushiSwap and Uniswap.

The UMA project was founded back in 2018 by Allison Lu and Hart Lambur, who are two ex-Goldman Sachs traders, with the goal of making global markets universally fair, accessible, secure, and decentralized.

The team reportedly had inspiration from traditional finance derivatives to define an open-source protocol to allow anyone, anywhere, to design and build trustless financial contracts.