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UMA Pumps 230% Following Uma Oval Launch Announcement

UMA Pumps 230% Following Uma Oval Launch Announcement

The Universal Market Access protocol’s native token, UMA, experienced a substantial surge in price, reaching new heights. The Uma token saw an impressive 230% increase, rising from $2 to $3.665 at the time of this writing, as reported by CoinMarketCap.

At the time of writing, UMA is trading at $6.373. The pump in the price follows the announcement of launching Uma Oval, a potential solution aimed at protecting lending protocols from maximal extractable value (MEV). This surge has elevated Uma’s market capitalization to approximately $460 million, marking its highest value since mid-2022.

Details about the Oval MEV solution are currently limited, but Uma has emphasized its objective to secure lending processes. Uma’s co-founder, Hart Lambur, mentioned that the anticipated launch of this solution is scheduled for the upcoming week.

MEV, a concept in blockchain technology, allows block producers to reorganize transactions for third parties’ increased profitability. Uma contends that lending methods incur substantial losses annually due to MEV, with estimates reaching tens of millions of dollars.

Uma’s commitment to recovering lost value suggests that the forthcoming launch aims to address this issue, aiming to reclaim the tens of millions of dollars lost to MEV by lending protocols each year. The project emphasized the need to rectify this situation, signaling a proactive approach to mitigating MEV-related losses in the lending space.

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