[Polygon] 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.
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.
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.