UMA Improvement Proposal (UMIP)
UMA Improvement Proposal (UMIP) refers to the document used to propose changes to the UMA ecosystem. UMA token holders can use UMIPs to propose and approve new financial contract templates, new price identifiers, and other governance changes to UMA's data verification mechanism.
Universal Market Access (UMA)
Universal Market Access (UMA) is a specialized protocol built on Ethereum that allows users to create custom synthetic cryptocurrency tokens. Synthetic tokens are collateralized by another asset, while reflecting that asset's price in real time. Essentially any type of asset, both physical and digital, can be tokenized via UMA and integrated into the rapidly evolving ecosystem of blockchain-enabled decentralized finance (DeFi).
UMA: Priceless Contracts via Data Verification
Universal Market Access (UMA) is challenging the standard model for oracles in providing off-chain data for blockchain transactions. UMA’s priceless contracts incentivize the parties who are transacting with one another to conduct their own price identification.