The price of UMA, a Web3-centered crypto project went ballistic on Wednesday as the community welcomed the launch of Oval, a new protocol dedicated to helping decentralized lending protocol’s value. In the last week, UMA price increased by a staggering 71% to $7. However, pressure from investors taking profits and other negative forces in the crypto market have resulted in UMA falling below $5.
UMA holds at $4.72 during US business hours on Thursday, down 14% in 24 hours. A higher support is needed to rescue the bulls, otherwise, the token is at risk of giving back its weekly gains.
UMA Debuts Oval For Lending Protocols
Oval is a new protocol that the team described as the first of its kind. It is designed to protect the value often lost by lending protocols through maximum extractable value (MEV).
UMA argued that “currently this value is lost to actors who contribute nothing to these protocols.”
Oval is designed to capture the massive amounts of MEV created by lending protocols
We współpracy z: https://coingape.com/markets/why-is-uma-price-down-14-despite-ovals-launch-capturing-lending-protocols-value/
