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About Umee (UMEE)
Key Points
- Umee is a layer-one blockchain built on Cosmos, designed to create a universal cross-chain DeFi hub.
- It aims to address detached yields, concentrated systemic risks, and isolated capital in DeFi.
- Umee plans to deploy its lending and borrowing app on different blockchains like BSC, Solana, Polygon, Arbitrum, and Optimism.
- The founders of Umee include Brent Xu, a former contributor to the Ethereum ecosystem and former Strategic Advisor to Tendermint.
- Umee has raised $6.3 million in a seed round led by Polychain, with investments from Coinbase Ventures,
About UX Chain: Empowering a Seamless User Experience
Introducing Umee (UMEE): A Comprehensive Overview
Umee is a layer-one blockchain, built on Cosmos, envisioned to establish a universal cross-chain DeFi hub. Serving as a foundational base layer for future decentralized applications (DApps) and money legos, it leverages the interoperability of the Tendermint Proof-of-stake consensus mechanism. This enables seamless integration with Cosmos, Ethereum, side chains, layer-two chains, and alternative base-layer protocols. Umee was specifically designed to tackle the three primary challenges currently hindering the DeFi ecosystem:
- Decoupled returns
- Centralized systemic vulnerabilities
- Segregated capital allocations
By introducing innovative bridging solutions that enhance capital efficiency and dissolve the siloed structure of disparate blockchain ecosystems, Umee aims to facilitate seamless cross-chain lending and borrowing, staking, and unified DeFi rates. Ultimately, Umee envisions becoming a premier hub for the DeFi universe, interconnecting diverse ecosystems under a unified DeFi umbrella. This vision also encompasses the development of its own interest rate instruments and financial primitives, thereby providing a robust financial infrastructure for the burgeoning crypto industry.
In its 2022 roadmap, Umee outlines ambitious plans to deploy its lending and borrowing application across a diverse range of blockchains, including BSC, Solana, Polygon, Arbitrum, and Optimism. Additionally, the protocol envisions further developments built upon its foundational layer, featuring innovative components such as meTokens, Staking Curves, and DeFi Debt Protocols.
The Visionary Founders Behind Umee
Umee was established by Brent Xu, a seasoned contributor to the Ethereum ecosystem and former Strategic Advisor to Tendermint. The company boasts a diverse team of 16 professionals, as listed on its LinkedIn profile, with a rich tapestry of experience garnered from esteemed blockchain companies such as Binance, Yearn, and Sushi, as well as tech giants like Google, Meta, and Amazon.
Notably, Umee has successfully secured $6.3 million in seed funding, with Polychain at the helm, accompanied by strategic investments from esteemed partners, including Coinbase Ventures and Alameda Research, among others.
Unveiling the Unparalleled Excellence of Umee
While numerous DeFi protocols profess a desire to integrate decentralized finance across disparate blockchains, Umee occupies a singular position to actualize this vision, driven by several compelling reasons.
Initially, Umee’s Tendermint proof-of-stake consensus mechanism strikes a perfect balance between speed and efficiency, thereby establishing a robust foundation for cross-chain lending and borrowing. Leveraging the Inter-Blockchain Communication (IBC) interoperability protocol, the flagship Cosmos protocol for seamless cross-chain communication, Umee ensures rapid transaction finality without the need for multiple block confirmations or prolonged time delays.
Moreover, the Gravity Bridge facilitates seamless interactions between the Cosmos and Ethereum ecosystems, enabling the transfer of value between these two disparate networks with distinct value propositions. Notably, ERC-20 tokens can be utilized on a chain that boasts rapid transaction finality (Cosmos), and subsequently bridged to a network that prioritizes decentralized validation (Ethereum).
At the heart of the Umee ecosystem lies its innovative Universal Debt Facility, a foundational lending protocol that empowers developers to craft bespoke debt instruments tailored to their specific needs. Its modular architecture enables seamless integration, allowing future lending pools and DeFi protocols to effortlessly build interfaces atop this robust foundation.
Umee’s innovative meTokens serve as collateral for liquid staking positions. For instance, a trader can establish a staked position on one blockchain via the Umee ecosystem and utilize this staked collateral, represented by a meToken, to initiate another position within a different ecosystem. Moreover, its uTokens fulfill a similar function for assets lent through the platform’s Universal Debt Facility, where traders receive interest on their lent assets, and uTokens represent both the underlying asset and the accruing interest.
What Is the Circulating Supply of Umee (UMEE) Coins?
UMEE is the native governance token, serving a dual purpose in the network’s proof-of-stake (PoS) architecture: facilitating consensus validation and accruing network fees generated from token swaps. Additionally, it functions as a payment medium for gas on Umee, analogous to ETH on Ethereum. The token boasts a total supply of 10 billion, allocated according to the following distribution:
- Public Sale (5%): subject to a linear vesting period of eight to ten months, contingent upon the sale option selected.
- Community (46%): vested linearly over a one-year period.
- Private Sale (14%): featuring a six-month cliff, followed by a 1% linear vesting period for six months, and a subsequent 13% linear vesting period spanning eighteen months.
- Team (15%): incorporating a six-month cliff, with a subsequent linear vesting period of thirty months.
- Umee Labs (10%): characterized by a twelve-month cliff, followed by a linear vesting period of eighty-four months.
- Ecosystem (9%): tokens will be allocated at the discretion of community governance, with the objective of incentivizing developers to build on the Umee blockchain, and will be vested linearly over a period of eight years.
- Advisors (1%): featuring a six-month cliff, followed by a linear vesting period of thirty months.
The token’s inflation rate will be directly tied to the staking participation rate. Should the staking rate surpass the target, inflation can decrease to as low as 7%, whereas undershooting the target rate could lead to an increase of up to 14%. Moreover, the community has the option to allocate platform fees towards buying back and burning UMEE tokens, thereby introducing deflationary pressures that can drive up the token’s value.
The Umee Network’s Robust Security Framework
Umee is built on the Cosmos blockchain, a pioneering layer-1 chain that has earned the moniker “Blockchain 3.0” due to its groundbreaking interoperability. Leveraging a proof-of-stake consensus mechanism, Cosmos seamlessly connects disparate blockchains within its ecosystem, including Umee, to form a robust “web of blockchains.” This intricate network of interoperable blockchains enables Cosmos to deliver exceptional performance, while maintaining a delicate balance between low fees and rapid transaction finality.
Will Umee Soar to $1?
Following its successful IDO on February 15, 2022, UMEE swiftly surged to an all-time high of $0.35, only to subsequently correct. The cryptocurrency’s future price trajectory will be contingent upon prevailing macroeconomic conditions and the project’s capacity to forge meaningful connections with diverse DeFi protocols. Nevertheless, a long-term target of $1 appears to be a reasonable aspiration for UMEE.
Where to Acquire Umee (UMEE): A Comprehensive Guide
UMEE is proudly listed on esteemed cryptocurrency exchanges, including DigiFinex, BTCEX, Gate.io, and MEXC, further expanding its global reach.
For those seeking to delve into the world of cryptocurrency investment, our comprehensive guide provides a wealth of information on how to initiate your cryptocurrency-buying journey.
Associated Resources:
Discover Cosmos (ATOM), the foundational base layer powering the Umee blockchain.
Discover Raydium (RAY), the pioneering decentralized exchange built on the Solana blockchain, revolutionizing the digital asset landscape.
Delve into our in-depth exploration of the most prominent protocols on the Ethereum network.
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