An under-the-radar altcoin skyrocketed by nearly 210% between Thursday and Friday this week after the project teased the launch of a new crypto solution.
UMA is an optimistic oracle and dispute arbitration system that aims to serve as a decentralized truth machine.
The 156th-ranked crypto asset by market cap was trading around $2.01 on Thursday and then exploded in price to a high of $6.22 at one point on Friday, a staggering increase of 209.45%.
The token has since partially retraced and is trading at $4.51 at time of writing.
The assets massive gains materialized as UMA teased a new product that would reclaim the tens of millions of dollars lending protocols lose each year to maximum extractable value (MEV).
Neither the project nor its founders provided many details on the upcoming rollout:
Next week, UMA is launching something that will elegantly reclaim >$100 million of free money lost each year to MEV.
MEV is a strategy to milk as much additional profit as possible from the production of a new block (outside of gas fees and block rewards) by messing with the order of transactions, according to Binance Academy.
Explains Binance,
Block producers are best placed to do this as they have the ability to select and order transactions.
However, other network participants (known as searchers) can also pay fees to place transactions should they see an MEV opportunity, such as arbitrage, front-running, or liquidation. MEV is most often found in smart contract-enabled networks where blockchain transactions include more complex information.
Don't Miss a Beat Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on Twitter, Facebook and TelegramSurf The Daily Hodl Mix
Generated Image: Midjourney
- The Great Debate - Bitcoin vs Altcoin - Video [Last Updated On: April 12th, 2014] [Originally Added On: April 12th, 2014]
- Altcoin Bitcoin Trading Bot BTCE, Cryptsy, Mintpal, Poloniex, etc - Video [Last Updated On: April 22nd, 2014] [Originally Added On: April 22nd, 2014]
- UniversityCoin UVC Project Initiatives - New PoS Altcoin 2014 - Video [Last Updated On: May 6th, 2014] [Originally Added On: May 6th, 2014]
- Bitcoin and altcoin speculation - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- Bitcoin Faucet / Altcoin Faucet FREE BITCOINS - Video [Last Updated On: May 29th, 2014] [Originally Added On: May 29th, 2014]
- ULTIMATE ALTCOIN DAYTRADERS SPREADSHEET (The Demo:) - Video [Last Updated On: June 4th, 2014] [Originally Added On: June 4th, 2014]
- Zedomax Compound w/ 300Mh/s Altcoin Farm/Android Gallery! #HighOnAndroid - Video [Last Updated On: June 5th, 2014] [Originally Added On: June 5th, 2014]
- How to Password Protect Your Bitcoin / Altcoin Wallet Backups on a USB Flash Drive - Video [Last Updated On: June 14th, 2014] [Originally Added On: June 14th, 2014]
- Ultimate Altcoin Daytraders Spreadsheet with Portfolio (2of2) - Video [Last Updated On: June 17th, 2014] [Originally Added On: June 17th, 2014]
- Bitcoin Mafia's Altcoin Spotlight for 6/13/14 - SuperCoin [SUPER] - Video [Last Updated On: June 17th, 2014] [Originally Added On: June 17th, 2014]
- Beat boxing before Altcoin panel. - Video [Last Updated On: June 23rd, 2014] [Originally Added On: June 23rd, 2014]
- ALTCOIN GENERATOR - Video [Last Updated On: June 25th, 2014] [Originally Added On: June 25th, 2014]
- NEW FEATURES altcoin daytraders spreadsheet CHARTS CHARTS CHARTS + AUTO PORTFOLIO - Video [Last Updated On: June 28th, 2014] [Originally Added On: June 28th, 2014]
- Create your own Altcoin - by Wideo.co - Video [Last Updated On: June 30th, 2014] [Originally Added On: June 30th, 2014]
- Bitcoin and Altcoin Coin Mining - GoCoin Payment Processor - Video [Last Updated On: July 10th, 2014] [Originally Added On: July 10th, 2014]
- Multisig Coin - Most Secure Altcoin Ever - Video [Last Updated On: July 24th, 2014] [Originally Added On: July 24th, 2014]
- Coin Brief Podcast #8: New York Bitcoin Regulations, Altcoin Value, Mining Decentralization & More - Video [Last Updated On: July 24th, 2014] [Originally Added On: July 24th, 2014]
- AUTO-TRADING - Running the Free Quatloo Trader for the first time (Altcoin Auto-trader software) - Video [Last Updated On: August 1st, 2014] [Originally Added On: August 1st, 2014]
- Bittrex Altcoin Auto-Tracker Demo - Video [Last Updated On: August 1st, 2014] [Originally Added On: August 1st, 2014]
- A great new Altcoin idea..."Gayfishcoin" - Video [Last Updated On: August 6th, 2014] [Originally Added On: August 6th, 2014]
- Altcoin Investment 101: Today's tip - Video [Last Updated On: August 12th, 2014] [Originally Added On: August 12th, 2014]
- Anatomy of an altcoin with Doug Pike of Vericoin - Video [Last Updated On: August 28th, 2014] [Originally Added On: August 28th, 2014]
- Plankton WhaleFOOD - Benefits for Supporters of the FOOD Altcoin - Video [Last Updated On: August 29th, 2014] [Originally Added On: August 29th, 2014]
- Basic Trading Tactics - Bitcoin Trading Bot - Altcoin Trading Bot - Video [Last Updated On: September 25th, 2014] [Originally Added On: September 25th, 2014]
- 2) PREVIOUS TRADES (Ultimate Altcoin Daytraders Spreadsheet) - Video [Last Updated On: October 10th, 2014] [Originally Added On: October 10th, 2014]
- 1) GETTING STARTED/ Entering BTC (Ultimate Altcoin Daytraders Spreadsheet) - Video [Last Updated On: October 10th, 2014] [Originally Added On: October 10th, 2014]
- Updates: Personal, Bitcoin, Altcoin! - Video [Last Updated On: October 11th, 2014] [Originally Added On: October 11th, 2014]
- 4) CONTINUATION TRADES (Ultimate Altcoin Daytraders Spreadsheet) - Video [Last Updated On: October 16th, 2014] [Originally Added On: October 16th, 2014]
- 5) TWEAKS; ICO'S, IPO'S, MINING (Ultimate Altcoin Daytraders Spreadsheet) - Video [Last Updated On: October 23rd, 2014] [Originally Added On: October 23rd, 2014]
- Can an Altcoin Cure Cancer? CureCoin - Video [Last Updated On: October 24th, 2014] [Originally Added On: October 24th, 2014]
- BTC2B - Altcoin disscusion Panel - Video [Last Updated On: November 10th, 2014] [Originally Added On: November 10th, 2014]
- Poker Totty Venus's Weekly Altcoin Flyers And Divers On Gwapex - Video [Last Updated On: November 12th, 2014] [Originally Added On: November 12th, 2014]
- Altcoin & Bitcoin Trade Bot - Slowly Buy and Sell - Video [Last Updated On: November 16th, 2014] [Originally Added On: November 16th, 2014]
- Haasbot 2.0 Beta - Bitcoin Trade Bot, Altcoin Trade Bot, Bitfinex, Huobi,Bittrex,Poloniex and more, - Video [Last Updated On: January 26th, 2015] [Originally Added On: January 26th, 2015]
- Bitcoin / Altcoin Exchange to Other Payment Processors Tutorial - Video [Last Updated On: January 31st, 2015] [Originally Added On: January 31st, 2015]
- What is an altcoin? - Video [Last Updated On: February 4th, 2015] [Originally Added On: February 4th, 2015]
- How To: Altcoin Trades - Video [Last Updated On: February 14th, 2015] [Originally Added On: February 14th, 2015]
- Shocking interview! - In the mind of an altcoin developer - Video [Last Updated On: March 6th, 2015] [Originally Added On: March 6th, 2015]
- How to Pronounce Altcoin - Video [Last Updated On: March 6th, 2015] [Originally Added On: March 6th, 2015]
- Sell Altcoin Part2 - Video [Last Updated On: March 31st, 2015] [Originally Added On: March 31st, 2015]
- WCHangout 12 -- BitTrex -- Altcoin Futures, USD pairs, & #AltsAreBack - Video [Last Updated On: April 21st, 2015] [Originally Added On: April 21st, 2015]
- Armis, picisi, crowdfunding, altcoin, bitcoin, tra - Video [Last Updated On: April 23rd, 2015] [Originally Added On: April 23rd, 2015]
- Bitcoin and Altcoin price charts / graphs [Last Updated On: May 20th, 2015] [Originally Added On: May 20th, 2015]
- Altcoin faucets - Dailycoins.net [Last Updated On: May 23rd, 2015] [Originally Added On: May 23rd, 2015]
- What is an Altcoin? - CryptoCoinsNews [Last Updated On: May 30th, 2015] [Originally Added On: May 30th, 2015]
- Lumbridgecity - Bitcoin and Altcoin Trading Community [Last Updated On: June 13th, 2015] [Originally Added On: June 13th, 2015]
- How to mine dogecoins | Dogecoin Review | Is Doge Coin ... [Last Updated On: July 3rd, 2015] [Originally Added On: July 3rd, 2015]
- The Altcoin Guys - Cryptocurrency Development [Last Updated On: August 17th, 2015] [Originally Added On: August 17th, 2015]
- mining - Is there an altcoin that is only feasible to mine ... [Last Updated On: August 17th, 2015] [Originally Added On: August 17th, 2015]
- Haasbot Bitcoin Bot | Automate Bitcoin and Altcoin Trades [Last Updated On: August 20th, 2015] [Originally Added On: August 20th, 2015]
- Altcoin Forecast [Last Updated On: September 18th, 2015] [Originally Added On: September 18th, 2015]
- The AltcoinBoard - Index [Last Updated On: September 11th, 2016] [Originally Added On: September 11th, 2016]
- Altcoin News [Last Updated On: September 11th, 2016] [Originally Added On: September 11th, 2016]
- My New Best Bitcoin (and altcoin) Wallet Exodus Wallet ... [Last Updated On: October 8th, 2016] [Originally Added On: October 8th, 2016]
- Altcoin News - Daily Cryptocurrency Articles - CoinDesk [Last Updated On: October 16th, 2016] [Originally Added On: October 16th, 2016]
- The Altcoin Report #3: Zcash - Genesis MiningGenesis Mining [Last Updated On: November 14th, 2016] [Originally Added On: November 14th, 2016]
- CoinDesk How to Mine Litecoin - A Guide on Litecoin Mining ... [Last Updated On: November 14th, 2016] [Originally Added On: November 14th, 2016]
- LCF Coin Prelaunch Review: Rothschilds & Chinese govt altcoin? [Last Updated On: February 2nd, 2017] [Originally Added On: February 2nd, 2017]
- The Altcoin Report #4: Litecoin - Genesis Mining [Last Updated On: February 5th, 2017] [Originally Added On: February 5th, 2017]
- Creditbit May Soon Find Itself among the Top 10 Altcoins - NEWSBTC - newsBTC [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Interest in Bitcoin Services Grows as Altcoin Platforms Lose Traction - The Merkle [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Crypto Traders Flock to Altcoins Amid Bitcoin Price Malaise ... - CoinDesk [Last Updated On: February 20th, 2017] [Originally Added On: February 20th, 2017]
- Why altcoins are dying and how to make one in under an hour ... [Last Updated On: February 20th, 2017] [Originally Added On: February 20th, 2017]
- What is altcoin? - Definition from WhatIs.com [Last Updated On: February 20th, 2017] [Originally Added On: February 20th, 2017]
- Altcoin Uptick Ends as Bitcoin Prices Pass $1050 - CoinDesk [Last Updated On: February 21st, 2017] [Originally Added On: February 21st, 2017]
- Markets Update: The Top Ten Altcoins Then and Now - Nigeria Today [Last Updated On: February 27th, 2017] [Originally Added On: February 27th, 2017]
- Opinion: What's the Difference Between a Bitcoin Hard Fork and an Altcoin? - CoinJournal (blog) [Last Updated On: February 28th, 2017] [Originally Added On: February 28th, 2017]
- Livecoin, the Fourth Largest Altcoin Exchange, Is Now Available in Eight Languages - Coinspeaker [Last Updated On: March 1st, 2017] [Originally Added On: March 1st, 2017]
- Karbowanec a Ukrainian local altcoin used with mobile top ups - TechAnnouncer (press release) (registration) (blog) [Last Updated On: March 2nd, 2017] [Originally Added On: March 2nd, 2017]
- Bittrex Altcoin Exchange Review - The Merkle [Last Updated On: March 2nd, 2017] [Originally Added On: March 2nd, 2017]
- Livecoin, the Fourth Largest Altcoin Exchange Is Now Available in Eight Languages - Blockchain News [Last Updated On: March 9th, 2017] [Originally Added On: March 9th, 2017]
- Altcoins Make a Comeback in Wake of Bitcoin ETF Decision - The Merkle [Last Updated On: March 13th, 2017] [Originally Added On: March 13th, 2017]
- Bitcoin Dominance Index Crashes Below 80% as Ethereum and Dash Rise - CoinJournal (blog) [Last Updated On: March 14th, 2017] [Originally Added On: March 14th, 2017]
- PoSWallet Offers Online Altcoin Staking and Exchange Services - newsBTC [Last Updated On: March 18th, 2017] [Originally Added On: March 18th, 2017]
- Several Exchanges Face Connectivity Issues During Bitcoin and Altcoin Trading Craze - newsBTC [Last Updated On: March 18th, 2017] [Originally Added On: March 18th, 2017]
- allcoinsnews.com Bitcoin, Altcoin & Blockchain Tech News [Last Updated On: March 21st, 2017] [Originally Added On: March 21st, 2017]
- SpectroCoin Announces Altcoin Support for Bitcoin Debit Cards - Yahoo Finance [Last Updated On: March 22nd, 2017] [Originally Added On: March 22nd, 2017]
- YoCoin Review: Pump and dump altcoin with recruitment [Last Updated On: March 22nd, 2017] [Originally Added On: March 22nd, 2017]
- SpectroCoin Announces Altcoin Support for Bitcoin Debit Cards - PR Newswire (press release) [Last Updated On: March 24th, 2017] [Originally Added On: March 24th, 2017]
- Op-Ed: Will Bitcoin's High Transaction Fees Open the Door for Altcoin Adoption? - CoinJournal (blog) [Last Updated On: March 24th, 2017] [Originally Added On: March 24th, 2017]