UMA Protocol skyrockets after Index Coop integrates Optimistic Oracle

While Bitcoin and top altcoins continue to battle downside pressure, UMA Protocol is looking to hold onto massive gains seen in the past 24 hours. As one of the crypto market’s best performers in the past 24 hours, UMA Protocol’s price has skyrocketed amid positive network integration news.

The Ethereum-based optimistic oracle protocol’s native token reached an intraday high of $4.09 on Friday morning, its highest level since May 2022. At the time of writing, UMA traded at $3.83, up 89% after giving up some of the earlier gains.

Index Coop integrates UMA’s Optimistic Oracle

UMA offers an Optimistic Oracle (OO) ecosystem that users can tap into to tokenize real-world assets, with smart contracts platforms leveraging the technology across DeFi and Web3 applications. This includes cross-chain bridges, prediction markets, and insurance protocols.

Earlier this week, the protocol announced that Index Coop, a DeFi platform for decentralised structured products, had integrated UMA’s Optimistic Oracle.

Index Coop will use the service to streamline and secure its index rebalancing. The integration allows anyone to “submit rebalance transactions based on public rules, which will be verified by the OO before trustlessly executing,” UMA noted.

UMA Protocol, which launched in 2018, is also seeing upside traction ahead of its unveiling of a new security solution dubbed UMA Oval. Expected to launch next week, Oval is a solution designed to help the lending protocols across the crypto industry recover millions of dollars lost to MEV.

Each year lending protocols lose tens of millions of dollars to MEV.

It’s time to reclaim that value.

🥚 pic.twitter.com/bEbCAlgCC9

— UMA 🥚 (@UMAprotocol) January 18, 2024

UMA currently has a market cap of $303 million, ranking it 174th in the crypto market. The project has a total supply of 117,528,596 UMA tokens, with a circulating supply of 76,050,011 as of writing. More than $347 million worth of UMA has been traded in the past 24 hours.

In the market, UMA price reached its all-time high of $41.56 on February 4, 2021.

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