We are happy to announce that UMA has joined the family of the over 200 cryptocurrencies available for exchange on Changelly! Starting today, users will be able to exchange it with other digital assets at floating rates on our platform.
The UMA governance token is used to operate UMA’s dispute resolution system, known as the Data Verification Mechanism (DVM). Owning UMA gives you the ability to contribute with price information to the DVM and contribute to UMA protocol governance decisions.
As the total value of collateral locked in UMA grows, UMA token is required to increase in value to ensure the security of the DVM. The DVM is designed with an economic guarantee around the cost it would take to corrupt the oracle and the profit someone would receive from corrupting the oracle. The cost of corrupting the DVM is as measured by the cost of obtaining 51% of UMA voting tokens.
The DVM ensures the price to obtain 51% of UMA tokens is greater than the profit from corrupting the DVM, as measured by the collateral stored in the financial contracts that are registered with it. To ensure this inequality holds, the DVM may charge fees to financial contracts which the DVM would use to buy UMA tokens.
We are thrilled to have the UMA token join Changelly and we appreciate а fast, flexible, and secure way to create decentralized financial products that offer UMA.
UMA builds open-source infrastructure for “priceless” financial contracts on Ethereum. Specifically, priceless financial contract templates for creating synthetic tokens and Decentralized Oracle Service for managing and enforcing contracts on UMA Together. These two technologies enable the creation of fast, efficient, and secure derivatives on Ethereum.
Changelly provides an ecosystem of products and services that enables customers to have a one-stop-shop experience when engaging with crypto.
Operating since 2015, Changelly acts as an intermediary between crypto exchanges and users, offering access to 200+ cryptocurrencies that can be effortlessly swapped within 10 minutes on desktop and on the go via Changelly mobile app.
In 2020, Changelly branched out to accommodate the needs of traders. PRO has been built as a platform focused on the customer’s needs, effectively enabling retail buying and selling digital tokens and coins. Piggy-backing on the great support system found within Changelly, Changelly PRO will provide the community with high limits, effective pricing, fast execution, and 24/7 live support.
Learn more about Changelly:
Changelly Website: changelly.com
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