UMA's $65M valuation tells an interesting story about market mispricing in crypto infrastructure. Here's the thing: Across protocol moves $30B in bridge volume, and this entire operation depends on UMA's oracle layer—if the oracle fails, the whole bridge collapses. Yet the market prices UMA like it's merely Polymarket's oracle service.

That's a significant blind spot. Risk Labs built both protocols, creating a vertical integration that's now baked into the ecosystem's foundation and can't really be unwound. Meanwhile, Across alone processes $128M daily. The structural importance doesn't match current market perception. When you map the actual dependencies and volume flowing through these systems, UMA's role in securing billions across the bridge suggests the market is missing the deeper infrastructure narrative here.