UMA Oracle To Release UMA 2.0 In 2023

Key Points:

• UMA 2.0 will be released in phases over the course of 2023, the first of which will be finished in January, according to Risk Labs, the main team responsible for UMA oracle.
• The upgrade will enhance the voting process, make it easier for DApps to connect to the oracle, and advance investigation into the Data Verification Mechanism’s security architecture.
• UMA staking will be included in UMA 2.0, which is scheduled to launch in January. Users can stake UMA to receive incentives.

UMA 2.0 will be released in phases over the course of 2023, the first of which will be finished in January, according to Risk Labs, the main team responsible for UMA oracle.

The upgrade will enhance the voting process, make it easier for dApps to connect to the oracle, and advance investigation into the Data Verification Mechanism’s security architecture.

Here are 3 milestones to watch for in the 2023 UMA 2.0 roadmap:

1. UMA Token Staking

Voters will also undergo reward reallocation when tokens are staked, depending on whether they consistently and accurately cast their votes or not. A tiny portion of the tokens will be transferred from failing voters’ stakes to successful voters after each vote. These reallocations take place separately for each vote. This layout makes sure that voters are sufficiently motivated to cast correct ballots.

Additionally, this modification adds an unstaking cooldown period with a starting duration of 7 days. Users must wait the entire time of that cooldown before unstaking their UMA after voting.

UMA staking will be included in UMA 2.0, which is scheduled to launch in January. Users can stake UMA to receive incentives.

2. Simplified Oracle Interactions

A new website with developer instructions and a new voter dApp with more features for voters, and a dashboard for token staking will be launched by Risk Labs.

A procedure or person will submit a statement or piece of code “as true” rather than asking a query. Therefore, to use the language in use today, a request is also a proposal. Anyone may object and assert that the allegation is false during the dispute window.

3. Security Model

For the time being, UMA’s security model is elegant but constrained for a variety of reasons, not the least of which is that it would force UMA to start charging fees quickly after gaining early traction when the focus should be on growth and adoption.

Due to the UMA token holders’ strong incentive alignment with accurate results, this hasn’t caused any security issues. There are advantages from the reputation of well-known tokenholders to protect the system in the near term, in addition to the economic incentives built into the system’s design. But as UMA develops, it will get away from this safety net.

The next stage for UMA will be to increase voter turnout, particularly by enticing protocols and DAOs that use the oracle to have an interest in UMA and cast a vote.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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