[{"data":1,"prerenderedAt":351},["ShallowReactive",2],{"api/learn-center-post-en-what-is-uma-protocol":3,"footer-en":61,"learn/cryptocurrency-guide/what-is-uma-protocol-en-seo":259,"navigation-en-learn-center":264,"api/learn-categories-en":312},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":43,"title":5,"formattedPublishedAt":54,"geofencings":55,"category":56,"pagination":58,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is UMA Protocol? (UMA)","What is UMA Protocol? (UMA) | Bitstamp by Robinhood ","What is UMA Protocol? How does UMA work? Read our guide on UMA Protocol and start trading UMA on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_Uma_1png_e5d46d36b3_a92501bd76.png","image/png",".png",1200,628,"What_is_Uma_1png_e5d46d36b3.png","",[],[20,23,26],{"pathname":21,"locale":22},"/en-gb/learn/cryptocurrency-guide/what-is-uma-protocol/","en-GB",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-uma-protocol/","es",{"pathname":27,"locale":28},"/learn/cryptocurrency-guide/what-is-uma-protocol/","en",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-uma-protocol",false,"\u003Cp>Universal Market Access (UMA) is an Ethereum-based protocol that serves as an oracle, verifying real-world data to be used in blockchain-based applications.\u003C/p>\n",{"url":39,"mime":12,"ext":13,"width":40,"height":41,"name":42,"alt":17},"bitstampImageUrl/What_is_Umapng_1b5b6b9a91_73227c6a16.png",900,450,"What_is_Umapng_1b5b6b9a91.png",[44],{"component":45,"props":46,"content":47,"secondaryContent":51,"ctas":52,"secondaryCtas":53,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":48,"width":49,"align":50},"\u003Cp>\u003Ca href=\"/learn/blockchain/what-are-oracles/\">\u003Cstrong>Oracles\u003C/strong>\u003C/a> are vital services for the blockchain-based world and reliably relay real-world, off-chain information (that is, information that is not stored on a blockchain) to blockchain smart contracts. This information is important for everything from asset prices in decentralized finance (DeFi) to governance of \u003Ca href=\"/learn/crypto-101/what-are-decentralized-autonomous-organizations-dao/\">decentralized autonomous organizations (DAOs).\u003C/a> Put another way, oracles are the bridge between off-chain information and on-chain computation.\u003C/p>\n\u003Cp>UMA Protocol provides oracle services to decentralized applications (dapps). By using smart contracts to create a model it calls an “Optimistic Oracle,” it aims to use economic incentives to verify data for use on-chain.\u003C/p>\n\u003Cp>The protocol harnesses the UMA utility token to secure its Optimistic Oracle and to support governance of the UMA platform.\u003C/p>\n\u003Ch2>How was UMA developed?\u003C/h2>\n\u003Cp>UMA was conceived by Hart Lambur, who previously worked as an interest rate trader at Goldman Sachs and founded a portfolio management platform called Openfolio, which he sold in 2017. He founded UMA in 2018 with former Goldman Sachs Vice President Allison Lu. Lambur serves as the CEO of Risk Labs, which directs UMA’s development.\u003C/p>\n\u003Cp>The original whitepaper for UMA was published in December 2018, describing the platform as a service that would offer financial contracts in the form of synthetic assets. Early on, the project focused on goals such as removing obstacles to financial markets, passing restrictions on short selling and leverage, and tokenizing financial risk on the blockchain.\u003C/p>\n\u003Cp>However, a second whitepaper was released in April 2020 that detailed a shift in the project’s aims to its Data Verification Mechanism and oracle service based on economic incentives/security. This new documentation removed all wording involving “synthetic assets.” The same month, UMA conducted its initial DEX offering (IDO), releasing 2 million UMA tokens onto the market.\u003C/p>\n\u003Ch2>How does UMA work?\u003C/h2>\n\u003Ch3>The Optimistic Oracle\u003C/h3>\n\u003Cp>UMA’s \u003Cstrong>Optimistic Oracle (OO)\u003C/strong> uses smart contracts and various participants to retrieve data for the purposes of transmitting it on-chain. For instance, this might be necessary to ensure that a gold-backed \u003Ca href=\"/learn/crypto-101/what-are-stablecoins/\">stablecoin\u003C/a> is able to be priced at gold’s real-world value.\u003C/p>\n\u003Cp>In order to publish this information and ensure it is verifiable, the OO has four primary steps:\u003C/p>\n\u003Col>\n\u003Cli>An \u003Cstrong>asserter\u003C/strong> proposes off-chain data to the system (like the price of a real-world, off-chain asset) and post a \u003Cem>bond\u003C/em> (such as 5000 \u003Ca href=\"/learn/cryptocurrency-guide/what-is-usd-coin-usdc/\">USDC\u003C/a>) as a financial incentive for other actors on the network to challenge the assertion.\u003C/li>\n\u003Cli>During a dedicated challenge period, \u003Cstrong>disputers\u003C/strong> can also post a bond of equivalent amount to challenge the assertion put forth. If there are no disputers, then the assertion is assumed true. This is what makes UMA’s oracle “optimistic.”\u003C/li>\n\u003Cli>The \u003Cstrong>Data Verification Mechanism (DVM)\u003C/strong> is initiated, where UMA token holders have a few days to vote on whether the assertion is true.\u003C/li>\n\u003Cli>The final judgment on assertion is determined by the DVM using the results of the voting process. The majority of the combined bonded assets (the USDC, in this case) are then paid to the correct party, whether it is the asserter or the disputer, and the remainder is sent to the protocol. Voters (UMA holders) are paid for their part in securing the OO.\u003C/li>\n\u003C/ol>\n\u003Cp>The system is intended to incentivize users to correctly estimate real-world data as both asserters and disputers.\u003C/p>\n\u003Ch3>Uses for UMA Protocol\u003C/h3>\n\u003Cp>While the UMA Protocol can be used for many blockchain activities, its most-used activities involve:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cstrong>Governance\u003C/strong> – UMA can help DAOs validate their votes on proposals that guide their communities. Many DAOs use a service called Snapshot to record votes off-chain, and UMA provides a service called oSnap to settle these votes on the blockchain.\u003C/li>\n\u003Cli>\u003Cstrong>Prediction markets\u003C/strong> – Whether it is sports betting or estimating the future price of various cryptocurrencies, prediction markets like Polymarket allow users to attempt to forecast events. This data must be verified on-chain by an oracle once it happens in the real-world.\u003C/li>\n\u003Cli>\u003Cstrong>Tokenization of real-world assets\u003C/strong> – Brings real-world pricing data of assets to on-chain dapps. This may include non-smart contract assets like BTC or real-world assets like real estate, gold or equities.\u003C/li>\n\u003Cli>\u003Cstrong>Cross-chain bridges\u003C/strong> – UMA can also be used to verify cross-chain data and works with the Across bridge to facilitates asset exchange among \u003Ca href=\"/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a> and \u003Ca href=\"/learn/blockchain/what-are-layer-2-solutions/\">layer 2 solutions\u003C/a> like Arbitrum and Optimism. UMA and Across work to ensure the stability of asset prices on these different chains.\u003C/li>\n\u003C/ul>\n\u003Ch2>The UMA Governance and Utility Token\u003C/h2>\n\u003Cp>The UMA token has two primary purposes. First, UMA holders can vote on proposals to guide the project. They also secure the Optimistic Oracle through voting on disputed assertions via the Data Verification Mechanism.\u003C/p>\n\u003Cp>In early 2023, UMA also launched token \u003Ca href=\"/learn/blockchain/what-is-staking/\">staking\u003C/a>, giving token holders the opportunity to receive incentivized staking rewards.\u003C/p>\n\u003Ch3>Tokenomics\u003C/h3>\n\u003Cp>The initial supply of UMA was 100 million tokens, some of which were officially released on Uniswap in April 2020. Risk Labs Foundation deposited 2 million UMA and around $535,000 worth of ETH into a liquidity pool so users could trade for the tokens. About half of all tokens (48.5 million UMA) were allocated to Risk Labs’ founders and investors. Another 35 million UMA were distributed to developers and users of the network, and 14.5 million were reserved for future token sales.\u003C/p>\n\u003Cp>Further UMA tokens were minted through the process of network participation (such as dispute voting). However, this changed when the second version of the DVM was released. UMA’s inflation rate stabilized over time, and newly minted UMA tokens are now rewarded to stakers at a fixed emission rate.\u003C/p>\n\u003Ch2>UMA Protocol Essentials\u003C/h2>\n\u003Cul>\n\u003Cli>UMA is an “optimistic” oracle that uses a data verification system to reliably bring real-world data to blockchain networks\u003C/li>\n\u003Cli>The Optimistic Oracle (OO) assumes that assertions about off-chain data are true. However, it uses economic incentives to allow others to dispute the assertions and ensure data validity\u003C/li>\n\u003Cli>The UMA token is used for platform governance and securing the oracle through decentralized voting processes\u003C/li>\n\u003C/ul>\n\u003Ch2>How to buy UMA\u003C/h2>\n\u003Cp>You can buy the UMA coin on Bitstamp by Robinhood. Sign up for a Bitstamp by Robinhood account and start trading UMA today!\u003C/p>\n\u003Cul>\n\u003Cli>\u003Ca href=\"/markets/uma/eur/\">Buy UMA (UMA) with Euro\u003C/a>\u003C/li>\n\u003Cli>\u003Ca href=\"/markets/uma/usd/\">Buy UMA (UMA) with Dollar\u003C/a>\u003C/li>\n\u003C/ul>\n\u003Cp>Disclosure: UMA is not available in the US.\u003C/p>\n","full","left",{"text":17},[],[],"May 3rd, 2023",{},{"title":32,"url":31,"geofencings":57},{"geofencing-uk":33},{"previous":59,"next":60},"/learn/cryptocurrency-guide/what-is-trump-meme-trump/","/learn/cryptocurrency-guide/what-is-uniswap-uni/",{"ready":33,"sections":62,"disclaimer":257,"copyright":258},[63,106,134,157,194,213],{"title":64,"content":17,"items":65},"About",[66,71,76,81,86,91,96,101],{"noFollow":33,"isExternal":36,"name":67,"value":68,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":69,"geofencings":70},"Who We 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Kingdom",{},{},{"title":214,"content":17,"items":215},"Contact",[216,221,225,229,233,237,242,247,252],{"noFollow":36,"isExternal":36,"name":217,"value":218,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":219,"geofencings":220},"Customer support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":222,"value":222,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":223,"geofencings":224},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":226,"value":226,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":227,"geofencings":228},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":230,"value":230,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":234,"value":234,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":235,"geofencings":236},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":238,"value":239,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":240,"geofencings":241},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":243,"value":244,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":245,"geofencings":246},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":248,"value":249,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":250,"geofencings":251},"+352 20 88 10 96","+35220881096",{},{},{"noFollow":36,"isExternal":36,"name":253,"value":254,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":255,"geofencings":256},"+65 3105 1676","+6531051676",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"description":7,"ogDescription":7,"ogImage":260,"twitterImage":260,"twitterSite":261,"twitterCreator":261,"twitterCard":262,"twitterTitle":6,"twitterDescription":7,"titleTemplate":263},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/What_is_Uma_1png_e5d46d36b3_a92501bd76.png","@Bitstamp","summary_large_image","%s",{"items":265,"ready":33,"platformButtonText":308,"backButtonText":309,"logInButtonText":310,"signUpButtonText":311},[266,270,274,277,280,283,286,291,294,299,304],{"headerName":267,"sidemenuName":138,"url":139,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":268,"submenu":269,"tag":17},"Institutions",{},[],{"headerName":130,"sidemenuName":130,"url":131,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":273},{},[],"NEW",{"headerName":153,"sidemenuName":153,"url":154,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":275,"submenu":276,"tag":17},{},[],{"headerName":110,"sidemenuName":110,"url":111,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":278,"submenu":279,"tag":17},{},[],{"headerName":120,"sidemenuName":120,"url":121,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":281,"submenu":282,"tag":17},{},[],{"headerName":125,"sidemenuName":125,"url":126,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":284,"submenu":285,"tag":17},{"geofencing-uk":33},[],{"headerName":287,"sidemenuName":287,"url":288,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":289,"submenu":290,"tag":17},"Markets","/markets/",{},[],{"headerName":115,"sidemenuName":115,"url":116,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":292,"submenu":293,"tag":17},{},[],{"headerName":295,"sidemenuName":295,"url":296,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":297,"submenu":298,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":300,"sidemenuName":300,"url":301,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":302,"submenu":303,"tag":17},"Learn","/learn/",{},[],{"headerName":305,"sidemenuName":305,"url":111,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":306,"submenu":307,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[313,317,321,325,329,333,335,339,343,347],{"title":314,"url":315,"geofencings":316},"Blockchain technology","/learn/blockchain/",{},{"title":318,"url":319,"geofencings":320},"Company profiles","/learn/company-profiles/",{},{"title":322,"url":323,"geofencings":324},"Crypto 101","/learn/crypto-101/",{},{"title":326,"url":327,"geofencings":328},"Crypto definitions","/learn/crypto-definitions/",{},{"title":330,"url":331,"geofencings":332},"Crypto trading","/learn/crypto-trading/",{},{"title":32,"url":31,"geofencings":334},{"geofencing-uk":33},{"title":336,"url":337,"geofencings":338},"People profiles","/learn/people-profiles/",{},{"title":340,"url":341,"geofencings":342},"Security","/learn/security/",{},{"title":344,"url":345,"geofencings":346},"Tutorials","/learn/bitstamp-tutorials/",{},{"title":348,"url":349,"geofencings":350},"Web3","/learn/web3/",{},1776263747139]