UMA is scaling to Polygon!

June 17, 2021- We are excited to announce that UMA, a decentralized financial contracts platform, will be scaling with Polygon.

UMA provides open-source infrastructure for developers to build synthetic assets quickly, flexibly, and securely on Ethereum Blockchain. With Polygon scaling solution, UMA’s developers can enjoy a seamless experience while building synthetic assets.

The infrastructure of UMA comprises two layers- Data Verification Mechanism (DVM) and Contract Layer. The advantage with UMA’s architecture is that both DVM and Contract layer need not be live on the same chain, allowing it to be deployed on any EVM chain.

As per the plan, the Data Verification Mechanism (DVM) will stay on Ethereum, while the contract layer will be living on Polygon. Using the Polygon bridge, the communication between the chains is established. Thus, there will be a two-way communication; one from the Polygon contract layer, where price requests are sent to DVM, and the other will be the financial contracts on which Polygon receives the price resolutions from DVM.

➡ Check out how the UMA’s system works with Polygon, here

We have deployed an arbitrary messaging system to facilitate communication between the Root and Child Oracles. The Contract layer of UMA relies on consensus security of Polygon as the bridge works on Polygon’s State Sync Mechanism. With Polygon’s bridge, UMA aims to have trustless communication to relay information between chains.

Having onboarded more than 400+ Dapps, we welcome UMA’s decision to adopt polygon to scale its open-source infrastructure platform. This positively impacts the DeFi Developers who build synthetic assets on UMA to utilize the polygon’s scaling solution and enjoy a seamless building experience.

About UMA

UMA is a decentralized financial contracts platform built to enable Universal Market Access. UMA builds open-source infrastructure for “priceless” financial contracts on Ethereum. Specifically, these are two things: Priceless financial contract templates used to create synthetic tokens and Decentralized Oracle Service used to manage and enforce contracts on UMA. Together, these two technologies enable the creation of fast, efficient, and secure derivatives on Ethereum.

Website | Twitter | GitHub | Discord

About Polygon

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 400+ Dapps, ~350M txns and ~1.5M+ unique users.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.

More from the Polygon Blog
The Business Case for Blockchains Going Green

Nothing says “you have arrived” like people caring about your carbon footprint. Polygon has recently marked that milestone with a commitment to becoming carbon negative by the end of the year. Below is the case for why other projects should follow our lead and how to go about doing it. Ethereum’s smart contract blockchain has […]

Read More
Announcing Polygon Pod, a Podcast From the Epicenter of Web3

What’s the future of DeFi? How can blockchain projects shake the reputation for being bad for the environment? What in the world are zero knowledge proofs? How can Web3 attract and accommodate the next billion users? When Flippening? You want to know the answers and so do we. That’s why Polygon is launching Polygon Pod […]

Read More
Introducing Polygon Nightfall Mainnet: Decentralized Private Transactions for Enterprise

We’re in the early innings when it comes to enterprise needs for blockchains. Whether it’s supply chain management or marketplaces, the potential for secure business transactions on a public ledger has enormous implications. That’s why we’re pleased to announce Polygon Nightfall, a blockchain solution that leverages cutting edge Optimistic-Zero Knowledge technology to give businesses an […]

Read More
Introducing Polygon ID, Zero-Knowledge Identity for Web3

At Polygon, we believe that putting people firmly in control of their digital identities is at the core of Web3’s promise to empower users over networks. We have been working behind the scenes to fulfill this promise and today are proud to introduce Polygon ID, the self-sovereign, decentralized and private identity for the next iteration […]

Read More
Polygon Is Going Carbon Negative in 2022 With a $20 Million Pledge

Today marks the start of a new, sustainable era for the Polygon ecosystem -- the core team has committed to eliminating all of the network’s carbon debt going back to inception and making the chain climate positive into the future. Polygon’s Green Manifesto announced today is part of a broader vision for sustainable development that […]

Read More
Getting Started With MetaMask on Polygon

MetaMask is the most popular cryptocurrency wallet app and browser extension used to access the Web3 universe. In just a few simple steps, you can unlock this powerful tool and begin exploring the Polygon ecosystem.  There are more than 19,000 decentralized applications (dApps) running on Polygon. That list includes DeFi protocols like Aave and Uniswap […]

Read More
crossmenuchevron-down-circle