We are excited to announce that Umee is connecting MakerDAO’s Dai stablecoin with the Cosmos DeFi ecosystem!

Dai markets will be available on Umee via Umee's Gravity Bridge.

Dai is a proven fully collateralized stablecoin with deep, liquid markets which will bring a new influx of DeFi use cases to Umee and Cosmos. Bringing Dai to Cosmos DeFi reinforces the ecosystem and greatly improves users’ and developers’ optionality.

DeFi users live in a complex multi-chain present. Umee is creating a simpler, more powerful future.

Why Dai?

Umee is dedicated to bringing a robust, safe stablecoin market to the Cosmos DeFi ecosystem. Umee has been designed and built from day one as a universal cross-chain protocol, and it is already interoperable with more than 30 different blockchains. The vision is to allow multi-chain borrowing and lending while utilizing many types of crypto assets.

Dai is a stablecoin with a $6 billion market cap and a 5-year record of stability and reliability.

All circulating Dai are generated from Maker Vaults and are backed by a surplus of collateral assets. Users generate Dai by depositing collateral into Maker Vaults within the Maker Protocol, thereby enabling Dai to be created (“minted”) and enter circulation.

Using Dai With Umee

Umee is dedicated to realizing seamless cross-chain access. A big part of this is bringing Cosmos assets to Ethereum DeFi and Ethereum assets to Cosmos DeFi.

Umee’s Gravity Bridge will usher Dai into the growing Cosmos DeFi ecosystem, allowing it to be available to borrow and lend in Cosmos. Since security is top priority for Umee, the Gravity Bridge has been audited by Trail of Bits, Least Authority, Informal, and Code4rena. It has also been tested extensively through Umeevengers: Gravity Wars, the network’s adversarial testnet.