Decentralized financial derivatives protocol UMA has seen its native token UMA surge over 20% in the last 24 hours to over $6.50. The move comes as derivatives activity on UMA spikes ahead of its expected Oval update aimed at mitigating Maximal Extractable Value (MEV) issues.
UMA has rallied from around $5.00 to current levels of $6.50 in the past day, notching a gain of over 20% amid very strong momentum.
Source: CoinStats – Start using it today
Driving upside appears to be building speculation ahead of UMA’s upcoming Oval update, which intends to protect lending protocols from MEV extraction risks. According to statistics from Coinglass, open interest on UMA has swelled to over $121 million in the past day, rising 42% in just 24 hours.
UMA co-founder Hart Lambur hinted that the Oval update rollout could come as early as this week. While details remain scarce, the potential MEV solution combined with the parabolic growth in UMA derivatives activity suggests traders are positioning for a bullish breakout.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +In the past week alone, UMA has seen truly explosive price action, vaulting over 200% off the swing low around $2.15. The altcoin now faces initial resistance around the $6.90 level, with potentially more upside on a successful and impactful Oval update.
Still, the fervent derivatives speculation signals traders see further upside potential as UMA looks to mitigate pernicious MEV risks.
You may also be interested in:
- XRP Ripe for a Bounce Back After This Indicator Issues a “Buy” Signal for Ripple
- Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens
- Manta Network (MANTA), ONDO (ONDO) & Option2Trade (O2T) Gear Up for 2024 Bullrun
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
