Why Is UMA Price Down 14% Despite Oval’s Launch Capturing Lending Protocols’ Value

The price of UMA, a Web3-centered crypto project went ballistic on Wednesday as the community welcomed the launch of Oval, a new protocol dedicated to helping decentralized lending protocol’s value. In the last week, UMA price increased by a staggering 71% to $7. However, pressure from investors taking profits and other negative forces in the crypto market have resulted in UMA falling below $5.