UMA is a decentralized cryptocurrency protocol focused on synthetic assets. It aims to facilitate financial market operations for people through permissionless public blockchain networks with its smart contracts backed by economic guarantees. UMA, which targets bringing fiat-based financial derivative products into the cryptocurrency sector, is also an open-source protocol.
The UMA token network consists of two layers, and intermediaries in these layers can create and design their own financial contracts.
What is UMA Coin?
Is the UMA token limited to just that? In fact, it appears that UMA incorporates many of the fashionable elements currently in the market. Contracts based on UMA provide economic incentives and assurances compared to traditional derivative contracts. This makes these smart contracts universally accessible and reliable.
UMA Coin is the primary cryptocurrency of this network, with the economic incentive element being facilitated by it. In collaboration with the side project Ren Protocol, UMA has also launched a new cryptocurrency named Yield Dollar. Those interested can purchase renBTC, lock it in the UMA network, and engage in the popular earning method of yield farming, thus generating income.
Within the UMA Coin network, renBTC is used directly as collateral, and in return, a stablecoin named uUSD is obtained. This is then used to acquire more renBTC, resulting in a leveraged position that is not subject to permission. Yield Farming is a fundamental function of both UMA and renBTC.
UMA Coin Review
Especially before the recent decline last week, UMA Coin managed to rise up to 30 dollars. Positive reviews of UMA Coin are well known, especially considering it was trading under 10 dollars just a month ago. Listed by Coinbase Pro and subsequently by Binance, one of the world’s largest cryptocurrency exchanges, UMA Coin is believed to have a bright future.
Its focus on DeFi and synthetic derivatives creates a bridge between DeFi and central finance. But how can one buy or sell UMA Coin, and what steps are necessary? The most reliable and well-known answer to how to buy or sell UMA coin is of course Binance.
Binance cryptocurrency exchange allows you to purchase UMA with USDT and other trading pairs.
How to Buy UMA Coin?
Binance allows you to use the USDT trading pair to buy UMA:
- To purchase UMA, you first need to deposit USD balance on the exchange or buy a cryptocurrency that can be used instead. First, go to the Binance homepage and click on the “Buy Crypto” option in the upper left, then click on the “Credit/Debit Card” tab.
- In the tab that opens, select how much USD you want to transact with, and mark Tether, that is USDT, in the Coin section.
- After purchasing USDT, preview the “Buy & Sell” option in the upper left, then click on the “Classic” tab.
- In the section that opens, select the USDT tab from the top right, enter UMA in the search button, and select the UMA/USDT pair that appears below.
- Then go to the “BUY UMA” tab in the middle, enter the amount you want to buy.
- Enter the desired amount and confirm the transaction to complete the purchase of UMA.
