UMA (UMA), as a decentralized platform, creates self-executing and self-enforcing financial contracts using economic incentives. Optimistic Oracle ensures reliable financial transactions and minimizes dependency on oracles. Founded in 2018, UMA allows users to create synthetic tokens exposed to various assets and offers innovative financial products in the DeFi space. In this article, you can find answers to two frequently asked questions: What is UMA (UMA) and how to buy UMA (UMA) with TRY.
What is UMA (UMA)?
UMA is a decentralized platform that creates self-executing and self-enforcing financial contracts using economic incentives for security. A significant feature of UMA is the Optimistic Oracle, which provides a decentralized and trustless mechanism to resolve contract disputes and verify real-world data. This oracle system allows UMA to operate without the need for central authorities, ensuring reliable financial transactions.
Founded in 2018 by former Goldman Sachs traders Allison Lu and Hart Lambur, UMA aims to transfer risk over the internet. Inspired by traditional financial derivatives, the team developed an open-source protocol that allows anyone to design and create reliable financial contracts. This innovative approach significantly diverges from traditional financial systems, emphasizing decentralization and autonomy.
UMA’s system consists of two main components: Priceless financial contract designs and a Data Verification Mechanism (DVM). Priceless financial contracts enable the creation of synthetic tokens, allowing users to produce financial products exposed to various assets. The DVM, a decentralized oracle service, supports these contracts by verifying real-world data. The emphasis on priceless contracts stems from the belief that oracles are the biggest challenge in the decentralized finance (DeFi) space. UMA aims to enhance the security and reliability of its contracts by minimizing reliance on oracles.
The protocol’s first major innovation was the tokenization feature, allowing users to create ERC-20 tokens representing synthetic exposure to various assets. This feature enables users to design unique financial products that are not possible in traditional finance. Examples of these applications include financial exposure to US and global stocks, total value locked in DeFi protocols, tokenized yield curves, and even the number of followers a user has. This flexibility highlights the potential of UMA’s platform to create diverse and novel financial instruments, potentially revolutionizing financial markets.
UMA’s contracts are designed to encourage proper behavior by implementing mechanisms that incentivize counterparties to adequately collateralize their positions. This design reduces the need for active intervention and ensures that contracts remain secure and reliable. By leveraging economic incentives, UMA ensures that participants act in ways that maintain the integrity and stability of the contracts.
Overall, UMA is at the forefront of DeFi innovation, providing a platform for creating reliable financial contracts capable of handling a wide range of financial products. With its Optimistic Oracle and unique contract design, UMA offers a robust solution for decentralized financial transactions, minimizing reliance on traditional financial intermediaries and paving the way for a more decentralized financial ecosystem.
How to Buy UMA (UMA) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy UMA (UMA). On Binance TR, where accounts can be created quickly, more than 100 cryptocurrencies, including UMA, can be bought and sold. To buy UMA (UMA) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting to trade cryptocurrencies and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website according to your preference. Note that you will need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on the “Identity” option to continue.
Then, a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and that the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure that your face fills the camera area as much as possible after the camera opens.
After completing all these steps completely and accurately, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and trade seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, deposits up to 50,000 TL can be made 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to trbinance.com and hover over the “Wallet” option at the top left of the homepage, then click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank does not yet have Binance TR integration, you should click on the “Other Banks” option to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy UMA Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to UMA coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. You can go to the TL to UMA purchase page by typing “UMA” in the search section on the right side of this page and clicking on the UMA/TRY option from the results.
Now the UMA trading page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy UMA in the first box and the number of UMA you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy UMA” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
