UMA

Halal Rating :
Questionable
Last Price $3.62 Last updated:
Rank 232
1D Change -0.16 %
Market Cap $292.2m
Circulating supply 80,624,536
Maximum supply None

Crypto Overview

Categories
  • DeFi
  • Derivatives
  • Oracles
  • DAO
  • Coinbase Ventures Portfolio
  • Governance
  • Synthetics
  • Blockchain Capital Portfolio
  • DragonFly Capital Portfolio
  • Placeholder Ventures Portfolio
  • Polygon Ecosystem
  • Injective Ecosystem

UMA is a decentralized financial contracts platform built to enable Universal Market Access. UMA builds infrastructure for “priceless” financial contracts: DeFi contracts that minimize oracle usage, avoiding many of the security and scalability issues that have plagued decentralized finance. The first contracts built with UMA are priceless synthetic tokens: ERC20 tokens that can track anything while minimizing the need for on-chain price data. The UMA project token powers the system in two ways: Governance: UMA token holders govern what types of contracts can access the system, which asset types are supported, and key system parameters and upgrades. Price requests: the priceless methodology minimizes on-chain price requests but doesn’t eliminate them — when contract interactions are disputed, UMA token holders fulfill price requests via the Data Verification Mechanism, or DVM. UMA tokens enable the holder to participate in community governance and resolve contract disputes through the DVM. The tokens are not an investment opportunity.

Crypto Impact

To assign a comfort level investing in UMA from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to UMA.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

Justification for our Halal Rating