### What is UMA?

UMA (Universal Market Access) is an open-source protocol built on the Ethereum network. It allows users to create financial contracts and synthetic assets, aiming to democratise access to financial markets by providing infrastructure for decentralised finance (DeFi) applications.

### How does UMA work?

UMA works on the Ethereum blockchain, utilizing smart contracts to facilitate the creation of synthetic assets and financial derivatives. The protocol's key features include an Optimistic Oracle that verifies data requests and resolves disputes through the Data Verification Mechanism (DVM). UMA token holders participate in governance and price oracle functions, ensuring correct management of contracts.

### What are the potential use cases for UMA?

UMA can be used to create synthetic assets that replicate real-world asset values without actual ownership. This allows participation in diverse financial markets, decentralized finance applications, and custom financial products. It can disrupt traditional finance by lowering barriers to entry and offering censorship-resistant financial instruments.

### What is the history of UMA?

UMA was co-founded by Hart Lambur and Allison Lu, with a background in traditional finance. It was launched in December 2018. Since its inception, UMA has released several innovations, such as the "priceless synthetic" token ETHBTC, and continuously expanded its offerings. UMA has attracted attention through its unique oracle system and experienced significant market engagement, exemplified by notable price surges.

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