Axelar Bridge Migration
Hello Umee Community!
We have some exciting news to share with you all today. As we work hard and ship new products and features, it is also our priority to keep improving the Umee ecosystem and provide the best experience for our users and validators. As part of this effort, the next change we are ready to announce is that we will start the first phase of our Umee Gravity Bridge shutdown, in two months, by the end of March. From that point forward, we will partner with Axelar to be our official bridge to connect with Ethereum and give users the best cross chain experience.
What does this mean for you?
Until the end of March, you will be able to use Gravity Bridge as is to transfer your tokens back onto the Umee chain. However we don’t recommend transferring any tokens from Umee to Ethereum using the Gravity Bridge.
On April 1, the Gravity Bridge Umee → Ethereum transfers will be disabled, and only transfers from Ethereum back to Umee will be possible. You will have time until mid May to move the tokens back to Umee. We are planning to completely shut down the Gravity Bridge by the end of May. Don't worry if you miss the transfer window. By the end of Q2, we will have a swap function on our website for you to exchange your old ERC20 $UMEE tokens for the new ERC20 $UMEE tokens created through the Axelar bridge.
If you have your ERC20 $UMEE tokens on an exchange, the exchanges will handle the swap for you and will support native $UMEE trading - in short words, you don’t need to take any action in this case.
We understand that this may cause a little inconvenience, but we believe that this change will greatly benefit the Umee ecosystem in the long term by encouraging users to interact with our protocol through staking and voting through holding the native token while being able to keep our focus on delivering a top class lending platform. We are confident that the Axelar bridge will provide an even better experience for you.
Thank you for your support as we continue to improve and innovate.
We hope you join us on this journey to reshaping the global debt markets in Web3!
For more updates on Umee, stay connected with our official channels.