UMA stands for Universal Market Access. At the heart of the UMA - the shared belief that financial markets should be free, open and fair. The economic freedom, created by a free and open market, gives everyone an equal opportunity to achieve prosperity and financial independence.
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Brief information about the platformUMA
The goal of UMA - to enable anyone to attend or transmit any form of risk easily and securely through the UMA protocol to enable everyone to participate in the public financial system. UMA is building an open source infrastructure for “invaluable” financial contracts on Ethereum.
In particular, these are two things:
| 1. | Priceless financial contract templates, used to create synthetic tokens. |
| 2. | A decentralized Oracle service, used to manage and enforce contracts in the UMA. |
Together, these two technologies enable the creation of fast, efficient and safe derivatives on Ethereum.
Economic guarantees and network incentives ensure that network actors act honestly most of the time, but in the event of a malicious actor or special market event, a dispute can arise to trigger the UMA dispute resolution system, known as the Data Verification Mechanism (DVM).
Project participants
UMA has five main network members: token sponsors, liquidators, debaters, data validation mechanism (DVM), UMA token holders. Token sponsors - people who block collateral in a smart contract for minting synthetic tokens. Token sponsors are responsible for ensuring that their positions are always over-collateralized, otherwise, their positions will be liquidated.
The liquidators continually make sure that the position is properly secured by referencing off-chain price data. Liquidation can be configured to search for positions automatically or manually by anyone who owns the synthetic asset and currency. Like liquidators, debaters can be in the form of a Dispute Bot or executed manually. Dispatchers reference their own offline price streams to determine if the liquidation was valid or invalid.
What else should you pay attention to?
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