UMA 100% Candle + Project Overview & Chart Analysis w/ Targets

UMABTC | Strong drops lead to strong growth.

Today UMABTC printed a very strong 100% candle... We can also see really high volume.

About UMA

UMA describes itself as a protocol for building synthetic assets. It aims to allow users to write self-enforcing smart contracts with economic guarantees. UMA is designed to power the financial innovations made possible by permissionless, public blockchains, like Ethereum. Using concepts borrowed from fiat financial derivatives, UMA defines an open-source protocol that allows any two counterparties to design and create their own financial contracts. But unlike traditional derivatives, UMA contracts are secured with economic incentives alone, making them self-enforcing and universally accessible.

UMA, along with Ren protocol, has launched a Yield Dollar alongside a three-asset yield farming incentive, which enables its users to lock renBTC into UMA. renBTC can be used as collateral to mint uUSD and purchase more renBTC to create a permissionless leveraged position. Yield farming will also be supported.

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Namaste.