UMA protocol’s native token has seen immense growth following the collaboration with the dApp development platform.
On March 1st, UMA announced that they have partnered with DappBack which rewards users for participating in the development of Web3. This allows users to earn UMA tokens for completing even the most basic tasks like visiting websites and reading articles.
Right after the announcement, based on the statistics by CoinGecko, the UMA token pretty much doubled its initial price, reaching $11.52. However, it steadily went back to the $8 mark by March 3rd but sprung back up to $10 the same day.
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Overall, the UMA token saw a price increase of almost 10% in the past 24 hours and grew by more than 97% over the last seven days.
The UMA protocol has been around since 2018, launched by ex-Goldman Sachs employees Hart Lambur and Allison Lu. It is an open-source network on the ETH blockchain that allows the development of DeFi products.
At the moment of writing this article, the UMA token sits at an average price of $9.70, with 65 million tokens currently in circulation.