Yesterday Coinbase Pro announced that tomorrow, September 4th, it will proceed with the listing of the Universal Market Access (UMA) token.
On Fri, Sept 4, our UMA-USD, UMA-BTC, UMA-EUR & UMA-GBP order books will enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on or after 9AM (PT) Tuesday September 8, if liquidity conditions are met.
— Coinbase Pro (@CoinbasePro) September 2, 2020
Coinbase Pro is a trading platform that is part of the Coinbase ecosystem but designed for an audience of professional traders.
What is Universal Market Access (UMA)?
The UMA token is part of decentralized finance (DeFi).
Universal Market Access (UMA) is a protocol for the creation, maintenance and arrangement of derivatives.
It allows to place any asset as an underlying and at high levels allows its users to create smart contracts governed by metatokens that represent any derivative.
Each UMA contract includes 5 configurable components:
- The public address of the counterparties;
- The margin trading account for each counterparty;
- The logic to calculate the economy in terms of derivatives, such as NPV or volatility;
- An oracle to track the underlying asset;
- Some contract functions to modify the margin balance and setting procedures, as each counterparty must maintain a certain margin balance.
In any case, from tomorrow it will be possible to start transferring UMA tokens to Coinbase Pro and trading will start on September 8th if the liquidity conditions are met.
Trading will be available on the following pairs: UMA-USD, UMA-BTC, UMA-EUR and UMA-GBP.
It is interesting to note that this protocol, which we said is part of DeFi, is steadily growing and has already a market capitalization of more than one billion dollars.
At the moment, its price is around $23, but in June alone it was only worth $1.5, so it has increased by 1500% in just 3 months.