Umee is a cross chain DeFi hub that interconnects between blockchains.
As a base layer blockchain, applications and money lego primitives can be built on top of Umee to access cross chain leverage and liquidity. The Umee Blockchain facilitates interoperability between the Cosmos ecosystem, Ethereum network, side chain architectures, layer two scaling solutions, and alternative base layer protocols. As a Cosmos SDK blockchain, Umee is interoperable with blockchains including Terra, Crypto.com, Binance Chain, Osmosis, Secret Network, and 30+ other chains, plus Ethereum, from Day 1.
The native UMEE token is a Proof of Stake asset that can exist as a Cosmos SDK token and an ERC20 token on Ethereum.
Umee was created to address three main issues that exist in DeFi:
Umee plans to break the inherent silos between blockchains by utilizing bridging solutions towards interconnecting blockchains and encouraging better capital efficiency. The eventual goals will be to enable interchain lending and borrowing, multi-chain staking and delegations, plus cross chain defi rates.
The name Umee was inspired by the Japanese word “Umi”, which translates to ocean. We use this water analogy to refer to the vision that transactions can happen without being restricted to specific systems; i.e. money can flow freely like water across different blockchains. Moreover, Umee strives to help connect the world of crypto; the name itself depicts connectivity as it joins both “U” and “Me.”
Umee releases new community programs and events on an ongoing basis to gather the community for fun events, new product testing, or to simply crowdsource wisdom on various topics. Join the discussion on Discord and follow Umee on Twitter to learn more. All of Umee’s official links can be found here.
2021 October: Umee Network Deployment (Completed)
2021 October: Umee Ethereum Lending and Borrowing Application (Completed)
2021 November: Umee Network and Gravity Bridge Deployment (Completed)
2021 November: Umee Alpha Mainnet Launch (Completed)
2021 December: Umee Base Functionality Deployment on Testnet (Completed)
2021 December: Security Audits (Completed)
2022 January: Umee Network Lending and Borrowing Application testnet
2022 February: Umee Base Functionality Deployment on Mainnet and Token Launch
2022 March: Umee Lending Facility Upgrades
2022 April - Onward:
Disclaimer - timeline is subject to change
The UMEE token is currently AVAILABLE for purchase. The Coinlist public sale has ended, and the TGE occured on February 15th, 2022. More information about where UMEE can be purchase can be found here.
The UMEE token has been issued. The token was issued to Coinlist buyers during the TGE that occured on February 15th, 2022. You are now able to purchase UMEE on available markets.
UMEE tokens are used to pay for network fees on the Umee blockchain, to provide Proof of Stake consensus to the Umee network, and for protocol governance. You can read more about UMEE token uses in Umee’s documentation.
10 billion. You can learn more about the inflation and deflation mechanisms in place here.
Details about Umee’s token distribution and release schedule can be found here
The UMEE token will exist in both ERC20 and Cosmos SDK format. If users want to convert from one blockchain to another, all they need to do is to go to the Umee Application page and use the convert function through Umee’s gravity bridge; such transactions will take sub minutes.