Recently Coinlist has produced new projects, the Umee project led by the luxury lineup, which is very hot in the primary market of the currency circle, and the project launch is definitely a wealth-making movement for players in the primary market. Today, I will introduce you to the Umee project in detail.
Cross-chain DeFi project Umee announced the completion of a $6.3 million seed round led by Polychain Capital and with the participation of Coinbase Ventures, IDEO CoLab, Alameda Research, ConsenSys and others.
Cosmos is known as the "Internet of Blockchain" because it builds multiple projects on top of it, such as Kava, Cronos, Binance Chain, Terra, and others. Umee is a blockchain project known as "Aave of Cosmos" that enables a future cross-chain lending hub for blockchain.
Umee is a cross-chain DeFi platform that interconnects blockchains. The platform allows other developers to build application layer protocols on top of the Umee blockchain. It implements Tendermint PoS consensus and can interoperate with various blockchains such as Ethereum, Cosmos, Layer 2 solutions, sidechains, etc.
Base Layer DeFi Hub: The Umee blockchain is built on the Cosmos SDK and ethereum virtual machine for interconnection between DeFi and lending specific use cases. Umee uses a fast deterministic consensus protocol based on the Tamperent Proof of Stake to provide a flexible combination of speed and efficiency for blockchain transactions.
Proof of Stake Meets Global Debt Market: The initial product built on top of Umee will be the building blocks for cross-chain lending and the incorporation of global debt into DeFi. By creating tools that allow for new leverage components and interest rates, Umee is bringing new markets and ecosystems to cryptocurrencies and becoming a leveraged tool in the blockchain world.
Cross-chain interoperability: Umee's vision is to lead the development of the multi-chain world and become the cornerstone of the entire blockchain ecosystem. Umee uses IBC (Inter-Blockchain Communication), the flagship protocol for Cross-Chain Communications at Cosmos.
Umee network, natively integrated with the Cosmos ecosystem via IBC (Inter-Blockchain Communications) connectivity. IBC connects with other networks including Cosmos Hub, Terra, Osmosis, Crypto.com, Injective, Thorchain, Secret Network, Akash, Starname, SifChain, Persistence, and more. In addition, Umee will actively integrate with other ecosystems and enable cross-chain connectivity to networks such as Solana, Polygon, Optimism, Fantom, Arbitrum, Binance Chain, Avalanche, and other blockchains on their roadmaps.
Umee compatible networks are as follows:
Umee leverages the Goals Proof of Stake consensus protocol to enable high-speed and efficient transactions on the blockchain. Tendermint Consensus includes the application programming interface ABCI (Application Blockchain Interface), which allows on-chain transactions to be processed in any programming language.
Cosmos' Cross-Chain Communication (IBC) is used to facilitate cross-chain token transfers between blockchains without the need for additional confirmation time. NFT tokens, Oracle data, and tokens can be transferred between chains.
Gravity Bridge allows transactions on Umee to interact locally with interconnected blockchains. This means that ERC20 tokens will be available for Cosmos-based networks and vice versa, for Cosmos SDK-based tokens.
Umee validator nodes are officially guided by Umee for builders interested in installing nodes to participate in the blockchain verification process.
UMEE is a native token of the Umee PoS blockchain that can be used as a Cosmos SDK token and an Ethereum ERC20 token.
To take advantage of cross-chain lending services, Umee uses two types of tokens as collateral:
uToken is for lenders who successfully deposit crypto assets as collateral into the platform, and they will receive interest from the loan.
Code: UMEE.
Blockchain: Umee.
Consensus: Proof of Stake (PoS)
Token type: utility and governance.
Standard: Based on the Cosmos SDK and ERC20.
The initial supply of UMEE tokens is 10,000,000,000 UMEE and is distributed to:
Community: 46%.
Team: 25%.
Seed round: 13%.
Ecosystem: 9%.
Public sale: 5%.
Consultant: 1%.
Strategy Round: 1%
Validators
The Umee blockchain is built on a network of validators who contribute to the Tendermint BFT consensus for the protocol. Tokens are tied to validators who provide proof of stake to the network. Validators come from an open ecosystem of contributors and infrastructure providers. Tokens can also be entrusted by users to validators to participate in the underlying consensus mechanism.
Consensus on network fees and proof-of-stake
Validators infrastructure providers will earn network fees in the form of UME tokens. Similar to how ETH is used to pay gas fees for transactions on the Ethereum blockchain, UMEE is used to pay gas fees for transactions on the Umee blockchain. Validators receive block rewards in the form of UME.
Protocol governance
The native token UME is also a protocol governance token that facilitates on-chain governance of the Umee blockchain. Governance tokens can be used to vote on the configuration of protocols as well as network upgrades to improve the functionality of the blockchain infrastructure. The UMEE governance token will also manage the DeFi parameters of applications that sit on top of the Umee base layer DeFi protocol.
In June 2021, Umee raised $6.3 million in a seed round led by Polychain, with other partners including Ideo Colab, Coinbase, Tendermint, Brian Kelly Capital Management, Alameda Research, CMS Holdings, Argonautic Ventures, Joe Lubin Ethereal Ventures。 They both have a significant impact on the Cosmos and Ethereum ecosystems.
Umee will launch its public token sale on Coinlist. Registration closes on 28 November at 23:59 UTC. Token sale participants can choose one or two options to purchase UMEE tokens as follows:
Option 1: $0.06 per token; 2 months of clif, followed by a 10-month tenure of vesting.
Option 2: $0.07 per token; 2 months of clif, followed by an 8-month serving period.
Like other blockchain platforms, UMEE tokens have the following features:
Pledge: Users can pledge/delegate UMEE tokens to participate in the PoS consensus mechanism.
Transaction Fees: UMEE tokens are used as Umee network fees. Validators can then receive UMEE rewards.
Governance: Users can use UMEE tokens to participate in the governance mechanism to vote on changes, updates, and configurations of the Umee blockchain.
3. Team, investors and partners
Brent Xu is the founder of Umee. He previously worked at Consensys and Tendermint. In addition, he has experience trading bonds on Wall Street.
In June 2021, Umee raised $6.3 million in a seed round led by Polychain and other accompanying partners. Umee is invested by several popular large VCs in the crypto world. They will support and leverage the potential of the Umee blockchain to the next level.
4. Summary
Umee promotes capital efficiency because the platform allows users to leverage their collateral assets between chains. In addition, the platform allows users to stake collateral tokens on other chains. One could argue that Umee is the "Cosmic Avenue."
UMEE token offerings from development teams, advisors, and private investors will be unlocked after at least 2 years. The Umee project is huge and ambitious, and they need time to develop. This means that they will have a long-term cooperation with the project.
Simply put, Umee is a multi-chain hub that allows its users to borrow/borrow crypto assets between blockchains. As a result, Umee's competitors are lending projects and DeFi centers such as Aave, Compound, Raydium, PancakeSwap, and others. The future of Umee may depend on the future of both cross-chain and multi-chain. Cosmos is an outstanding example of the blockchain internet, where each blockchain is connected together to create an ecosystem.