Cross-chain and multi-chain projects UMEE have many current problems since they aid the user experience. Cosmos is called “the internet of blockchains” since multiple projects are built on top of it such as Kava, Cronos, Binance Chain, Terra, etc. Umee is the blockchain project called “the Aave of Cosmos” that can realize the future of a cross-chain lending hub.
The article below will provide all the detailed information about the Umee blockchain, including:
- What is Umee and UMEE Token? History and how does it work?
- UMEE Tokenomics.
- How to buy & store UMEE tokens?
- Umee roadmap and updates, team, investors. Is Umee a good investment?
Let’s explore why Umee is going to make it!
What is Umee?
Umee is a cross-chain DeFi platform that interconnects between blockchains. The platform allows other developers to build application layer protocols on top of the Umee blockchain. It implements the Tendermint PoS consensus that can interoperate with various blockchains such as Ethereum, Cosmos, layer-2 solutions, sidechains, etc.
Technically, Umee is built on top of Cosmos SDK and Ethereum Virtual Machine (EVM) so as to interconnect other DeFi applications. Furthermore, Umee uses the IBC (Inter-Blockchain Communication) of the Cosmos protocol to develop cross-chain interoperability. Umee will act as an infrastructure for users and developers to leverage liquidity and cross-chain interoperability.
How does the Umee blockchain work?
Umee utilizes the Tendermint Proof of Stake consensus protocol to achieve both high-speed and effective transactions on the blockchain. The Tendermint consensus includes the application interface ABCI (Application blockchain interface) that allows on-chain transactions to be processed in any programming language.
Inter-Blockchain Communication (IBC) of Cosmos is used to facilitate the cross-chain token transfers between blockchains without the need for additional confirmation time. NFT tokens, Oracle data feeds and tokens can be transferred between chains.
Gravity Bridge allows transactions on Umee to natively interact with interconnected blockchains. This means ERC20 tokens will be usable in the networks based on Cosmos and vice versa for Cosmos SDK based tokens.
Umee validator nodes are officially instructed by Umee for builders who are interested in installing nodes to participate in the blockchain validation process.
What is UMEE Token?
UMEE is the native token of the Umee PoS blockchain that is available as a Cosmos SDK token and an Ethereum ERC20 token.
To leverage cross-chain lending/borrowing services, Umee uses two types of tokens as collateral:
uToken is for lenders who successfully deposit crypto assets as collateral on the platform and they will earn interest from lending.
- uTokens = assets lent + interest from lending
meToken is for stakers who stake their tokens via Umee to earn staking rewards.
- meTokens = assets staked + staking rewards
Detailed information about UMEE tokens
UMEE Key Metrics
- Ticker: UMEE.
- Blockchain: Umee.
- Consensus: Proof of Stake (PoS)
- Token Type: Utility and Governance.
- Standard: Cosmos SDK based and ERC20.
UMEE Token Allocation
The UMEE token has an initial supply of 10,000,000,000 UMEE and it is distributed to:
- Community: 46%.
- Team: 25%.
- Seed Round: 13%.
- Ecosystem: 9%.
- Public Sale: 5%.
- Advisors: 1%.
- Strategic Round: 1%
UMEE Token Sale
In June 2021, Umee raised $6.3M in the seed round led by Polychain with other accompanying partners such as Ideo Colab, Coinbase, Tendermint, Brian Kelly Capital Management, Alameda Research, CMS Holdings, Argonautic Ventures, Joe Lubin via Ethereal Ventures. They all have an essential influence on Cosmos and Ethereum ecosystems.
Umee is going to launch its public token sale on Coinlist. The registration deadline is November 28th at 23:59 UTC. Token Sale participants can select one or both options to buy UMEE tokens as follows:
- Option 1: $0.06 per one token; 2-month cliff followed by a 10-month vesting period.
- Option 2: $0.07 per token; 2-month cliff followed by an 8-month vesting period.
UMEE Token Release Schedule
UMEE Token Use Cases
Like other blockchain platforms, the UMEE token has the following functionalities:
- Staking: Users can stake/delegate UMEE tokens to participate in the PoS consensus mechanism.
- Transaction fee: UMEE tokens are used as the Umee network fees. Then, validators can earn 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.
How to get UMEE Token
How to buy UMEE Token
How to store UMEE Token
Team, investors, and partners
Brent Xu is the founder of Umee. He previously worked for Consensys and Tendermint. Furthermore, he has experience in trading bonds on Wallet Street.
In June 2021, Umee raised $6.3M in the seed round led by Polychain with other accompanying partners. Umee is invested by multiple popular and large VCs in the crypto world. They will support and leverage the potential of Umee blockchain to the next level.
Is Umee a good investment?
Umee is built to interconnect liquidity and crypto assets of numerous blockchains. Therefore, the outcome of Umee will be huge if they are able to make it. However, Coin98 Insights will list some key highlights along with information that might be helpful to readers:
Coinlist is a popular platform that has launched several blockchain projects such as Mina, Casper, Flow, Solana, Algorand, Near, Celo, etc. Therefore, Umee blockchain is going to launch its token sale on Coinlist, which is understandable.
Capital Efficiency is facilitated by Umee since the platform allows users to leverage their collateral assets among chains. In addition, the platform allows users to collateralize staked tokens on other chains. Some might say Umee is “the Aave of Cosmos”.
The UMEE token release of the development team, 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 are going on a long-term journey with the project.
In the list of blockchains above, we see the compatibility of the Umee blockchain since it can interconnect with almost every major blockchain platform in the crypto world. Let’s imagine the potential of Umee if it can leverage crypto assets among those blockchains.
The future of Umee might depend on the cross-chain and multi-chain future. Cosmos is an outstanding example of the internet of blockchains where every blockchain is connected together to create an ecosystem.
And as usual, whether it is worth investing or not, Do Your Own Research before investing and be responsible for your investment.
In simple terms, Umee is a multi-chain hub that allows its users to lend/borrow crypto assets among blockchains. Therefore, competitors of Umee are lending projects and DeFi hubs such as Aave, Compound, Raydium, PancakeSwap, etc.
In summary, Umee is a new emerging blockchain platform that might outperform other existing blockchain platforms. Like father, like son, the Umee ecosystem inherits the advantages of the Umee platform, leveraging the scalability of Umee for future expansion.
And that is all you need to know about Umee and its UMEE token. Hope you’ve gained useful information to understand the future potential behind Umee better.
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