UMA describes itself as “an open-source protocol that allows developers to design and create their financial contracts and synthetic assets”. The name of this protocol is inspired by the goal of global market access – Universal Market Access (UMA), which seeks to democratize and decentralize financial markets based on blockchain technology. This is especially important for developing country economies, where financial institutions are underdeveloped and difficult to access by most people.
Hart Lambur and Allison Lu co-founded UMA. Hart Lambur is a computer scientist and co-founder of Risk Labs, responsible for developing the Universal Market Access protocol. Allison Lu holds a degree in Economics and Management from the Massachusetts Institute of Technology, is a financial advisor at One Daijo, and a former Vice President of Credit and Risk Analysis at Tala.
UMA is the official governance token operating in the UMA network, operating on the Ethereum platform according to ERC20 standards and can be used for the following purposes: