eToro, a top trading and investment platform announced the listing API3 and UMA.
API3 is a platform that allows for decentralized application programming interfaces. API3, the platform’s native token, enables holders to participate in governance through the API3 DAO.
API3’s stated goal is to allow decentralized versions of APIs to be built, managed and monetized at scales.
As blockchain technology plays an ever bigger role in the economy, the team behind this project says it has never been more important for smart contracts to provide “timely, reliable real-world data.”
On the news of its listing, the coin is seeing a rise in value. It was trading at $3.40, with a daily trading volume of $36.8 millions. According to CoinMarketCap, API3 has risen 5.22% over the past 24 hours.
Universal Market Access (UMA), an Ethereum-based protocol, allows users to create their own synthetic assets. These tokens track the value real-world assets. UMA can be used as a governance token to vote on project decisions.
Synthetic assets are assets that have different underlying assets but the same value.
UMA specifically enables its users to design and create self-executing, self-enforcing financial contracts secured by economic incentives and run them on Ethereum’s blockchain.
UMA allows counterparties digitize and automate real-world financial derivatives such as futures contracts for difference (CFDs), total return swaps or contracts for difference (CFDs).
UMA is developing a protocol to create synthetic assets and financial contracts using the blockchain. This will allow the market for financial derivatives to be decentralized and democratized.
The current value of 1 UMA is $5.50, with a daily trading volume of $95.7 Million. CoinMarketCap data shows that UMA has increased by 2.66% over the past 24 hours.