As you journey deeper into the cryptocurrency market, it becomes more important than ever to DYOR (do your own research). Understanding the differences between Universal Market Access (UMA) vs META1 Coin is a great way to gain a more in-depth understanding of the diversity of the blockchain sector. Here’s what you need to know.
What is Universal Market Access (UMA)?
Universal Market Access (UMA) provides the market with an easy and convenient way to create synthetics. Synthetics are digital representations of assets. They enable users to gain exposure to real-world assets on the blockchain. Notably, Universal Market Access raised eyebrows when it came to light that the developers includes alumni of Google, Goldman Sachs, five venture-backed startups, and three economics doctoral programs.
What is META1 Coin?
The META1 Coin was born out of a desire to provide humanity with a more transparent alternative than the skewed centralized financial system. Like Bitcoin, META1 Coin enables users to store value and fight inflation. META1 improves on its predecessor’s functionality in multiple ways.
META1 Coin is the first third-generation stablecoin to hit the market. This stablecoin gets its value from a basket of gold-related assets. By diversifying its pegged assets, the token can provide more stability. Additionally, the developers introduce a couple of unique smart contracts that help to ensure decentralization and retain gains in value.
What Problems was Universal Market Access (UMA) Built to Alleviate?
There are few key areas that Universal Market Access was designed to reduce or eliminate. The platform’s main purpose is to provide users market exposure to assets that were previously difficult if not impossible to access via contracts called derivatives
A derivative is an contract regarding an asset. They are most commonly used to enable users to profit off of market movements of assets they don’t directly own. In the past, derivatives were only available to accredited users. Sadly, this designation left most users out of the loop because to qualify as an accredited in the traditional market, you needed to show at least 1 million in liquid assets.
What Problems was META1 Coin Built to Alleviate?
META1 Coin was built to protect and expand the wealth of its users. The network combines a variety of top-notch DeFi functionalities and services to accomplish this task. META1 Coin holders gain access to multiple passive income streams including staking and savings accounts.
META1 improves Bitcoin’s strategy by reducing network volatility. The network’s multi-asset-backed stablecoin introduces some proprietary value control mechanisms that are exclusive to the platform. For example, whales can’t sell their coins for under asset value. Additionally, only individuals can own META1 Coins.
META1 developers wanted to reduce the risks of centralizations with their “humans only” requirement. The focus of this smart contract is to prevent large firms, corporations, or governments from entering the META1 Coin market and attempting to hijack the network by making large purchases and then using their positioning to influence the project.
How Does Universal Market Access (UMA) Work?
Universal Market Access introduces a simplistic way for users to create synthetics. A synthetic is a collateralized token that enables you to trade with real-world assets without direct exposure. They can be set up to track the price of nearly anything. For example, you could have a synthetic set up to track the price of oil or stocks. Synthetics are a powerful tool because they allow crypto traders to join financial markets of all types
Universal Market Access operates on the Ethereum blockchain. The network leverages off-chain sensors called oracles and self-enforcing smart contracts to eliminate the need for human intervention from the equation. The Price Oracle provides Universal Market Access with real-time valuation, settlement, and dispute resolution.
The system combats oracle data corruption through the introduction of a rewards program. Oracles that provide accurate data receive incentives. Oracles that are found to provide inaccurate data get penalized and in severe cases, removed.
The main utility token of Universal Market Access is UMA. This ERC-20 compliant token enjoys high interoperability within the market. Users can store UMA in any Ethereum-based wallet such as METAMASK. The token also plays a vital role in the functionality of the network and in the governance system.
How Does META1 Coin Work?
META1 Coin introduces an expansive DeFi ecosystem to the market. The network integrates a convenient fiat onramp that supports over 50 fiat currencies, a high-performance DEX (decentralized exchange), a next-gen stablecoin, and a VISA debit card. Users can join META1 using the Onramper portal. Here, you can convert your holding to META1 Coins.
Once you hold META1 Coins, it’s easy to secure profits using the platform’s many features. One of the easiest methods to get rewards is through staking your META1 Coins. The staking contracts provide you with different reward levels based on the number of tokens you lock up. Staking is a great way to increase your holdings because it doesn’t require you to give up ownership of your digital assets like trading.
The savings account feature is another great way to improve your strategy. Sadly, the average interest payment on a US-based bank is only 0.03%. META1 eliminates the bank from the equation and enables coin holders to earn 10% APY in a network savings account. The process takes only a minute to set up and requires little information.
You can spend your META1 Coin just like fiat currency thanks to the VISA debit card feature. This card was designed to operate like any VISA debit card. You swipe the card and the vendor receives fiat currency. However, what the vendor doesn’t see is that behind the scenes, the system trades your crypto for fiat. Users can spend their crypto in millions of locations on and offline thanks to this debit card service.
Universal Market Access (UMA) vs META1 Coin – Top Tier Projects
After reviewing the facts, it’s obvious that both of these projects service different niches. Universal Market Access’s strategy is a great way for users to track and profit off of markets they previously couldn’t access. META1 Coin provides a variety of tools that empowers users to break free from the centralized financial infrastructure and build true wealth. For these reasons, both of these projects have great market potential