What is Umee? All information about Umee and UMEE token

• Overview of Umee 
• What is Umee Project?
• Basic characteristics of Umee
• How to make money in Umee
• Umee's mechanism of action
• Umee's developers, investors, partners
• UMEE token overview
• What is UMEE?
• Basic Information UMEE Token
• Allocation of UMEE tokens
• How to own UMEE token
• Should invest in Umee or not?
• Frequently asked questions Umee
• summary

Overview of Umee 

What is Umee Project?

Umee is a decentralized financial protocol and a Cross-chain DeFi Hub that helps connect blockchains with each other. The project is owned and managed by the investor community. Umee allows users to collateralize their assets on any blockchain and then borrow on another blockchain.

With Umee, users can earn interest on lending or using assets as collateral, and borrow assets from another blockchain that can be reinvested on other decentralized financial applications. 

In addition, Umee makes interoperability between other blockchains instant by using the Tendermint Proof of Stake consensus mechanism. Currently, Umee is supporting interoperability between two popular blockchain platforms, Ethereum and Cosmos. 

Basic characteristics of Umee

Umee's goal is to create a multi- blockchain powered platform that is completely decentralized and governed by the community. Thereby, investors can directly perform loan transactions between many different blockchains on this platform.

The advantages of Umee include:

• The lending protocol is based on collaterals without licensing. That is, investors only need to mortgage any type of property that Umee supports, they can borrow directly without intermediaries (such as banks) censoring as well as without credit checks.
• Umee uses Cross-chain technology, supporting multi-blockchain to help investors interact with decentralized financial applications without the need for support from any intermediaries.
• Umee helps users to reinvest from collateralized assets on blockchains using PoS . consensus mechanism

Umee's connection between Ethereum and Cosmos allows users to:

• Access to many decentralized financial applications of both Ethereum and Cosmos . ecosystems
• Earn income by lending assets on Cosmos and Ethereum networks
• Borrowing assets between two ecosystems Ethereum and Cosmos

Up to now, Umee-compatible networks include: Cosmos, Ethereum, Solana , Polygon , Terra, Avalanche ...

Overview of technologies in Umee's infrastructure include:

• Multi-chain debt management platform
• Asset Dispatch Protocol
• uTokens – a token created by investors using collateral to borrow on another blockchain
• meTokens – a token generated from adding crypto assets to Liquidity Pools
• Growth Curve for Yield and Staking
• Tendermint . consensus protocol 
• IBC Interchain Connection Protocol
• Gravity Bridge – connecting the Cosmos ecosystem to Ethereum

How to make money in Umee

In addition to buying and holding UMEE coins for profit, users can become validators (Validators) for the Tendermind BFT consensus protocol and receive bonuses for each participating in transaction validation.

Umee's mechanism of action

Through the implementation of Bridge solutions, Umee will create a pool of funds for Cross Chain assets. Staking and delegation are areas that Umee is particularly interested in. After assets are sent from other blockchains via Umee bridge, the Cross Chain Capital Facility tool will support these assets to participate in DeFi. In addition to the governance token, Umee has two other tokens, uToken and meToken. 

uToken

uToken is an ERC20 token representing a collateral position from the Cosmos side on Ethereum. When users want to participate in lending, they must send their assets via Umee Bridge (asset bridge) to be sent to Cross Chain Capital Facility. After the deposit is confirmed successfully, the lender will receive a collateral token (uToken). The uToken represents the loaned asset as well as the interest received.

meToken

When participating in staking assets through Umee, users will receive meToken. Users have the option of withdrawing their rewards when staking or accumulating so that their staking rewards are liquidated for another asset. 

Umee Unlinking Process

To perform a reward withdrawal, the user must go through an unlinking process based on the staking attribute of the original token. The user then redeems the meToken for the original principal amount. After the unlinking period of 14 to 21 days, meToken holders can exchange for the equivalent uToken or can withdraw the amount of ATOM after staking is stopped.

Umee's developers, investors, partners 

Development team

Umee was built by a team of blockchain infrastructure engineers, software architects, researchers, and decentralized finance strategists. Some of the members included in the Umee development team are:

Brent Xu : Founder and CEO of Umee. He used to be the head of the strategy team at Tendermint. In addition, Brent Xu is a former system architect at ConsenSys.

Brandon Comer : He is the director of product development at Umee, Brandon Comer used to be the head of product development at Amazon.

Facundo Medica : He is an engineer and takes on a software development role at Umee.

Drew Tomich : I am an operations specialist at Umee.

Investor of Umee project

On June 15, 2021, Umee successfully raised US$6.3 million in a Seed Round, with the participation of major investment funds such as Alameda Research, Argonautic Ventures, CMS Holdings, Coinbase Ventures, ConsenSys , IDEO CoLab, Polychain Capital and Tendermint.

UMEE token overview

What is UMEE?

UMEE is the official token of Umee. UMEE meets the two standards of the Cosmos and Ethereum networks. UMEE is used to pay for transaction costs and reward Validators in the Tendermint BFT consensus protocol for performing transactions on the network. In addition, UMEE owners have the right to participate in the governance process and make suggestions to help the Umee project grow.

Basic Information UMEE Token

• Token Name: Umee Token.
• Ticker: UMEE.
• Blockchain: Cosmos.
• Token Type: Utility, Governance.
• Total Supply – total supply: 10,000,000,000 UMEE.

Allocation of UMEE tokens

• Community: 46%
• Ecosystem: 9%
• Development team: 25%
• Advisors: 1%
• Seed Round: 13%
• Open round for public sale: 5%
• Strategic funding round: 1%

How to own UMEE token

On December 2, 2021, Umee will open the sale of UMEE tokens on CoinList. Investors can register from now until 6:59 p.m. (AM) on November 29, 2021. With 2 options as follows:

Option 1

• Total amount of tokens sold: 300,000,000 UMEE
• Selling price per token: US$0.06
• Token allocation time: This token will be locked for the first 2 months and distributed gradually in the next 10 months. That is, investors will probably receive tokens from February 15, 2022

Option 2

• Total amount of tokens sold: 200,000,000 UMEE
• Selling price per token: $0.07
• Token allocation time: This token will be locked for the first 2 months and distributed gradually in the next 8 months. That is, investors will probably receive tokens from February 15, 2022

Should invest in Umee or not?

The decentralized finance (DeFi) market is growing rapidly, with many new projects being launched. However, protocols or projects have not been able to fully meet the needs of users to be able to interact with other blockchains on the same platform.

Thanks to the use of IBC, Layer 2 scaling solutions, Sidechain architecture, Tendermint consensus mechanism, Umee hopes to bring optimal interoperability with other blockchains and transaction execution time. translation becomes faster. Therefore, once Umee successfully fulfills its wish, this project may receive a lot of attention from investors around the world.

Frequently asked questions Umee

Here are some frequently asked questions about Umee. Hope readers with the same questions can find their own answers.

What is special about Umee project?

The Umee platform involves collateralized assets from the PoS blockchain. That is, Umee uses those staked assets as collateral to borrow on another blockchain. Therefore, users can interact with many networks and not be dependent on any object.

What will users get when they deposit assets?

Lenders must deposit assets into Cross-chain Capital Facility, which will then receive uToken ERC20 Compliant. This uToken is transferred to both Cosmos and the Ethereum Blockchain via Two-way-Peg.

summary

Above is all information about Umee project and UMEE token. Umee takes advantage of many advanced technologies and solutions to develop its projects, one of which is Cross-chain. With this technology, Umee can directly interact between different ecosystems to enhance the user experience. With the above information, hopefully readers have been able to assess the potential of this project and make investment decisions for themselves.

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