Cross chain DeFi hub Umee raises $32M with Coinlist token sale

Published at: Dec. 31, 2021

Cross chain DeFi hub Umee's token sale on Coinlist has broken the record for user interest on the platform and concluded with nearly $32 million raised.

Coinlist reported that more than 922,000 Coinlist accounts had registered for options 1 and 2 of the UMME token sale, which is the highest number ever for a token sale on the platform. In the end around 63,000 accounts contributed.

A Medium post from the Umee team yesterday stated that funds will be used to expand the development and engineering teams. The Beta web app for the platform is set to launch “in the coming days,” and the mainnet is scheduled to ship by mid-February.

The $32 million raise is reportedly the fifth largest public raise on Coinlist all year. This also puts it among the top public token sale rounds this year with BitDAO (BIT) which raised over $43 million, GuildFi (GF) which raised over $139 million, and others.

It adds to the $6.3 million Umee raised in June in its first private funding round led by Polychain, Alameda Research, Coinbase, CMS Holdings, and others.

Umee is a decentralized platform which allows cross chain leverage trading and yield staking. Its website claims it can help users “discover new yield opportunities and explore DeFi applications intersecting networks in a seamless and trustless manner.”

It is led by Brent Xu, a contributor to Ethereum (ETH) and Cosmos (ATOM), who sees decentralized finance (DeFi) as “the most innovative concept in crypto.” The team wishes to expand on ideas and technology used by Tendermint on Cosmos that allow separate layer-one blockchains to become interoperable.

Related: DAO treasuries surged 40X in 2021: DeepDAO

According to Xu, Umee uses the Inter-Blockchain Communication (IBC) protocol from the Cosmos ecosystem so that assets from Ethereum Virtual Machine (EVM)-based blockchains can be used interoperably on other layer-one blockchain networks in DeFi apps. This is a similar design to Cosmos but Umee focuses on cross chain interest rates, multi-chain staking, and interchain leverage.

Tags
Defi
Cosmos
Related Posts
Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, XTZ, AXS
The sentiment in the crypto markets can change quickly as seen from the Crypto Fear and Greed Index, which rose from levels of extreme fear on Sept. 30 to neutral on Oct. 3. The sentiment may improve further if Bitcoin (BTC) breaks out and sustains above the psychologically critical level at $50,000. One important event that may boost short-term sentiment is the United States Securities and Exchange Commission’s (SEC) decision on Bitcoin exchange-traded fund (ETF) applications. Although the SEC extended the deadline of four Bitcoin ETF applications by 45 days on Oct. 1, Bloomberg’s senior ETF analyst Eric Balchunas is …
Bitcoin / Oct. 3, 2021
'We'll see about 200 chains connected through Cosmos' IBC next year', says Tendermint CEO Peng Zhong
Ever since the launch of the inter-blockchain communications, or IBC, protocol in March, which enabled the communication and transfer of digital assets across different blockchains, development activity seems to have picked up pace on the Cosmos (ATOM) network. Transaction volumes, the creation of decentralized applications, and the number of chains connected via IBC have all been trending upwards in recent months. Speakers at the Cosmoverse Conference, which took place last week, presented many of the latest technologies under development on the blockchain. Its biggest-ever hackathon will also take place in Lisbon tomorrow. #HackAtomVI is trending in the dev community! 1000+ …
Decentralization / Nov. 10, 2021
Injective Protocol (INJ) rallies 100%+ after launching cross-chain support for Cosmos
Trading perpetual futures contracts in decentralized apps is a crypto sub-sector ripe for growth, especially as discussions of regulation, taxation and mandatory KYC at centralized exchanges continue to take place. One DEX platform that has begun to gain traction is Injective (INJ), an interoperable layer-one protocol designed to facilitate the creation of cross-chain Web3 decentralized finance (DeFi) applications. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.91 on Feb. 3, the price of INJ has rallied 157.8% to a daily high of $10.08 on Feb. 11 amidst a 1,756% spike in its 24-hour trading …
Markets / Feb. 13, 2022
Number of devs increased during crypto winter: Electric Capital report
The notion that bear markets are good for builders appears to be true with the total number of monthly active Web3 developers increasing 5.4% to more than 23,300 over the last 12 months despite a near 70% drop in crypto prices. According to a Jan. 16 report from Electric Capital, “full-time” developers — categorized as those who contribute to 76% of Github commits — also increased 15.2% to over 7000, while “one-time” builders fell 6.2% to over 3,500 during the same time period between December 2021 and December 2022 Despite the crypto market capitalization beginning its long plunge from from …
Adoption / Jan. 18, 2023
Cosmos Interchain Foundation allocates $40M for ecosystem development in 2023
According to a medium post on Feb. 20, the Interchain Foundation (ICF), a non-profit organization behind the creation of the Cosmos (ATOM) interblockchain communications (IBC) ecosystem, has committed to spending approximately $40 million in 2023 to develop its core infrastructure and applications. As a part of the Interchain Stack, which is utilized by around 50 blockchains, these include the Tendermint Core (and now CometBFT), Cosmos SDK, Cosmos Hub, and the IBC protocol. "Throughout the year, we envisage engaging other teams to deliver smaller, tightly defined tasks within each area of work. Such contracts will be to supplement the work of …
Adoption / Feb. 21, 2023