From February 18th, 2022, we officially list Umee Token (UMEE) on the ONUS application. Soon after UMEE is added, users can perform the following features:
- Off-chain transactions: Send and receive UMEE with other users in the ONUS network.
- Exchange: Swap from VNDC or USDT to UMEE and vice versa.
Umee is a Layer-1 blockchain that supports cross-chain communication and interaction, connecting multiple blockchains. This project is built on Cosmos SDK and Tendermint Proof-of-Stake consensus mechanism. The number of blockchains that can interact with Umee is more than 30 blockchains, such as Ethereum, Terra, Binance Chain, Osmosis, etc.
Such extensive interoperability and scalability are possible thanks to the combination of Ethereum’s Gravity Bridge and the ICB (Inter-Blockchain Communication) protocol on Cosmos. This is the bridge to help users on different blockchain platforms make borrowing and lending activities, opening more opportunities to increase profits.
Umee itself is a Lending Protocol, allowing users to borrow cross-chain. Simply put, Umee will connect lenders with borrowers, allowing them to use assets staked on one blockchain platform as collateral to borrow assets on another blockchain.
Umee’s long-term goal is to develop into a Cross-chain DeFi Hub, connecting various ecosystems and developing novel and unique financial products for users. Umee will incorporate many new tools such as Layer-2 solutions and side-chain to further expand the network of interoperable blockchains.
What is UMEE Token?
UMEE is a native token of the Umee ecosystem, operating on Ethereum according to ERC20 standard, and can be used to:
- Propose, and vote on changes to the overall platform
- Pay transactions fee, network fee
- Stake to become Validators
- Reward Validators
- Name: Umee Token
- Symbol: UMEE
- Platform: Ethereum
- Standard: ERC20
- Type: Utility, Governance
- Total Supply: 10,000,000,000 UMEE