Umee Launches on Mainnet!
After countless days and hours of building, testing, and hard work, we’re proud to say that we’ve accomplished this huge milestone.
Umee was founded on the idea that blockchains shouldn’t exist in silos and that interoperability between blockchains should become normalized across ecosystems. Our mainnet launch is just the first step in that mission as we set to expand scaling and interoperability like never before in DeFi. Stick along for the ride.
Introducing Umee
For those unfamiliar with Umee, let’s do a quick breakdown of our network.
At its core, Umee is a base layer blockchain that interconnects between blockchains. This will allow applications and money lego primitives to be built on top of Umee to access cross chain leverage and liquidity.
That said, as the cross chain DeFi hub, Umee sets out to implement interest rate instruments and other new financial primitives that will act as a foundational infrastructure for the evolving crypto world.
Where does the cross chain interoperability come into play you may ask? By being a Cosmos SDK blockchain, Umee utilizes the Inter-Blockchain Communication (IBC) protocol and Gravity Bridge, two of the most robust and decentralized cross chain protocols, to allow interoperability between 30+ blockchains starting today at launch.
Now that you’re more familiarized with Umee, let’s get into the juicy stuff: mainnet.
What is Mainnet?
Innovation in DeFi is relentless. As we launch mainnet today, we hope that our innovations, in particular, provide DeFi the positioning it needs to be adopted into the mainstream. How will we go about that? Cross chain lending and borrowing.
Users will be able to lend and borrow assets from across different ecosystems natively on Umee — say if you have ETH, you can deposit your ETH and borrow Atom on Umee and earn 10% Atom staking yield right away through staking it on the Cosmos Hub, or use it for liquidity mining on Osmosis. This opens users to a wide range of leverage positions while being able to access large amounts of liquidity and diversified sources of yield. This is all possible thanks to our Cosmos SDK infrastructure and bridge technologies.
Through the use of the Gravity Bridge and IBC, Umee is Interoperable with blockchains including Terra, Crypto.com, Binance Chain, Osmosis, Secret Network, and 30+ other chains, plus Ethereum, from the start.
Through all these cross chain use cases, one goal remains clear: to break the isolated ecosystems blockchains currently operate in and allow users to travel across protocols in a true borderless manner.
What’s Next?
With mainnet now live, users can now begin staking and participate in voting on Keplr! Umee will be conducting community governance on Commonwealth. Of all the proposals that will be presented by the community, one of the more important topics will be the listing of new assets on the Umee platform. As a decentralized project, community is crucial to our success. We’re excited to see what the community determines will push Umee to the next level!
In the more immediate future, we will be launching the native lending module on the Umee chain! Look for an announcement in the coming days to know when it launches live. As for the web app, it will continue to live on testnet for the next week as we have extended the Umeeverse Party until Feb. 20th! Mainnet will then be launched on the web app afterward. So, make sure you participate in the Party for your chance to earn some UMEE tokens!
On the horizon, as scaling and expanding cross chain possibilities are concerned, Umee is currently working on integrations with other ecosystems. We will continue to look for the best opportunities for Umee to grow and for the community to have a say every step of the way. The future looks bright.
Risk Alert
As a new protocol, security is of the utmost importance to Umee. That said, we are approaching mainnet launch with a reduced risk mindset. To ensure that our users are protected, we will initially have a soft launch with a cap. This cap will then be gradually removed after we have conducted thorough audits on our codebase. By adopting this process, we are mitigating risk for the community and alleviating possible bugs.
Join the Community
And, just like that, Umee mainnet is live! For those who are familiar with Umee, thank you for being part of the community. For those just finding out about us today, welcome! We always have room for more friends.