Umee is a layer-one blockchain built on the Cosmos ecosystem, designed to create a universal cross-chain DeFi hub. Serving as a foundational layer for future DApps and money legos, Umee leverages the interoperability of the Tendermint Proof-of-Stake consensus mechanism to seamlessly integrate with Cosmos, Ethereum, side chains, layer-two chains, and alternative base-layer protocols.
Addressing DeFi Challenges
Umee was created to tackle the three main issues plaguing DeFi today: detached yields, concentrated systemic risks, and isolated capital. By introducing bridging solutions that increase capital efficiency and break the siloed structure of different blockchain ecosystems, Umee plans to enable cross-chain lending and borrowing, staking, and cross-chain DeFi rates.
Roadmap and Ecosystem
In its 2022 roadmap, Umee aims to deploy its lending and borrowing app on various blockchains, including BSC, Solana, Polygon, Arbitrum, and Optimism. Additionally, the platform envisions protocol developments such as meTokens, Staking Curves, and DeFi Debt Protocols built on its base layer.
Founders and Funding
Umee was founded by Brent Xu, a former contributor to the Ethereum ecosystem and former Strategic Advisor to Tendermint. The team comprises 16 individuals with experience from leading blockchain and tech companies, including Binance, Yearn, Sushi, Google, Meta, and Amazon. Umee has raised $6.3 million in a seed round led by Polychain, with investments from Coinbase Ventures, Alameda Research, and others.
Unique Advantages
Umee's Tendermint Proof-of-Stake consensus mechanism, combined with its Gravity Bridge that connects Cosmos and Ethereum, enables fast transaction finality and seamless cross-chain asset transfers. Additionally, the platform's Universal Debt Facility allows developers to deploy customized debt instruments, while its meTokens and uTokens facilitate collateralized liquid staking and lending, respectively.
By unifying the DeFi landscape and addressing key challenges, Umee aims to become a hub for all things DeFi, connecting various ecosystems under a single umbrella and providing the necessary financial infrastructure for the crypto industry.
