Uma’s native token, the UMA token, has increased by over 200% since the announcement of its solution, Oval. The project’s market cap has risen to over $500 million, indicating a significant uptrend.
UMA token has skyrocketed from $2 to over $6.9 in just a few days. This surge reflects the market’s positive response to the Oval solution, putting the UMA token at its highest level since mid-2022.
The sudden increase in the price of the UMA token coincided with the project’s announcement of Oval, a solution designed to protect lending protocols from Maximum Extractable Value (MEV).
Hart Lambur, Uma’s co-founder, revealed the first details about Oval, with more information expected later this week.
To engage the community, Uma has launched a reward program that will award 500 UMA to lucky users chosen at the Oval announcement.
Users can take part by adding the egg icon to their X account profile, expressing their intention to explore Oval in daily posts, and engaging with the upcoming announcement post through likes and retweets.
Despite the limited information available at this time, the Uma community has responded positively to the news of Oval.
The solution addresses the widespread issue of lending protocols incurring significant losses, often in the tens of millions, as a result of MEV.
MEV, or Maximum Extractable Value, is a blockchain technology concept in which block producers earn additional revenue by rearranging transactions.
Uma emphasizes that lending protocols suffer significant annual losses due to MEV, and Oval is poised to address this issue, potentially recovering significant losses for projects.