Leading trading and investment platform eToro announced the listing of API3 and UMA (Universal Market Access).
API3 is a platform for decentralized application programming interfaces (APIs). 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.”
The coin is gaining on news of the listing. At the time of publication, it was trading for $3.40 with a 24-hour trading volume of $36.8 million. API3 is up 5.22% in the last 24 hours according to CoinMarketCap.
Universal Market Access (UMA) is an Ethereum-based protocol that enables users to build their own synthetic assets, which are tokens that track the value of real-world assets. UMA is a governance token, and can be used to vote on project decisions.
Synthetic assets are a class of assets that represent different, underlying assets and have 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 to digitize and automate any real-world financial derivatives, such as futures, contracts for differences (CFDs) or total return swaps.
By developing a protocol for the creation of synthetic assets and financial contracts on the blockchain, UMA seeks to democratize and decentralize the financial derivatives market.
At the time of publication, 1 UMA was worth $5.50 with a 24-hour trading volume of $95.7 million. According to CoinMarketCap data, UMA is up 2.66% in the last 24 hours.