Posted 1/21/2024, 1:01:07 AM
UMA Token Surges Over 200% on Upcoming Product to Recoup $100 Million Lost to MEV
- UMA crypto token skyrocketed 209% after teasing an upcoming product to reclaim over $100 million lost yearly to maximum extractable value (MEV)
- UMA aims to serve as a "decentralized truth machine" through its oracle and dispute arbitration system
- The price shot up from $2.01 on Thursday to $6.22 on Friday before retracing to $4.51
- MEV relates to blockchain miners extracting additional profits outside of fees by ordering transactions
- UMA provided few details on the upcoming MEV product launch, planned for next week