UMA Protocol: synthetic asset issuance with optimistic oracle
Quick Take
- UMA protocol enables permissionless issuance of any synthetic assets
- The majority of synths issued over the last 12 months were niche and were unable to attract any significant adoption
- The protocol has a unique oracle solution that requires human intervention, it is designed with game theory such that rational players are incentivized to act honestly
- The team has launched a new “optimistic oracle” framework that hopefully captures the oracle market by supporting arbitrary off-chain data relay beyond price feeds
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Author: Eden Au