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How to buy UMA (UMA)
A beginner's guide to buying and selling UMA in the US.
How to buy UMA
Look for an exchange that supports both fiat and cryptocurrency to simplify buying UMA.
- Open an account on an exchange that supports UMA.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy UMA.
- Buy UMA.
Complete your UMA purchase and then find the best wallet to store UMA.
What is UMA?
UMA or Universal Market Access is an Ethereum-based protocol that allows its users to devise a wide range of customised collateralised synthetic crypto tokens. To put it in other terms, using the UMA ecosystem, two counterparties can come together to devise financial contracts (a la derivatives) that can be backed by various forms of collateral and are enforced using smart contracts.
UMA is the token that is native to the Universal Market Access protocol. It serves two key purposes: acting as a governance token for the system’s overall administration and fulfilling price requests that are made within the platform.
UMA (UMA) is the 70th largest cryptocurrency in the world by market cap, valued at $1,952,428,573. The current price of UMA is $32.300, which is 10.675% higher than yesterday. Prices have ranged between $32.480 and $23.870 over the past 24 hours. All prices are listed in US dollars and accurate as of April 19, 2021 11:04 UTC.
Where to buy UMAFind an exchange to buy, sell and trade UMA by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
UMA coin priceUse our graph to track the performance of UMA over time.
UMA at a glance
|Total UMA supply||102,128,215|
|All time high||US$41.560|
|All time high date||February 04, 2021|
UMA price performance over time
How to sell UMA
You can cash out your UMA with the same exchange you bought it through:
- Sign in to the exchange you have UMA on.
If you store your UMA in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of UMA you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of UMA.
What to consider when buying UMA
- Access to derivatives: In its most basic sense, a “derivative contract” can be thought of as an agreement between two parties that pertains to the future price of any asset, wherein neither party actually owns the asset in question.
In this regard, UMA helps crypto owners utilise the potential of derivatives by helping in the creation of a synthetic token (of basically any asset) after a set amount of collateral has been deposited and contract terms for the freshly issued token have been agreed upon beforehand.
- Unique operational structure: Instead of employing automated price oracles to find out which token issuers are undercollateralised, users of the UMA ecosystem are provided with a wide array of financial incentives in order to weed out any participants who they believe may not be in a position to back up their assets.
- Synthetic tokens: Synthetic tokens can be thought of as being collateral-backed (ERC-20) cryptos whose values fluctuate depending upon their reference index. Alternatively, synthetic tokens can be thought of as being derivative contracts that can operate on any smart-contract-enabled blockchain ecosystem. Additionally, on a more technical note, these offerings need to possess three basic characteristics: they need to have a price identifier, an expiration date (much like traditional derivatives contracts) and a set collateralisation requirement.
- Governance: UMA token holders can not only vote on the price of an asset, but they can also vote on any changes or upgrades that may have been proposed in relation to the UMA ecosystem. Furthermore, owners also have additional powers like introducing new assets on the platform, tabling UMA Improvement Proposals (UMIPs), removing any smart contracts that may no longer be in use, etc.
- Wallet compatibility: Despite UMA-based synthetic tokens being quite complex in their design and operational utility, they can easily be stored on virtually any Ethereum-compatible wallet.
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