Cross chain DeFi platform Umee records $32M raise with Coinlist token sale

Cross chain DeFi platform Umee records $32M raise with Coinlist token sale


The Umee’s token sale on Coinlist by Cross chain DeFi hub has reportedly broken all previous records for user interest on the platform, concluding with about $32 million raised.


Coinlist has disclosed that more than 922,000 Coinlist accounts had initially registered for options 1 and 2 of the UMME token sale – the highest number ever for any token sale on the platform. Towards the end, 63,000 accounts had been recorded to have contributed.


A post on Medium from the Umee team on December 30 has stated that funds would be utilized in the expansion of development and engineering teams. The Beta web app for the platform is slated for a launch “in the coming days,” it informed, adding that the mainnet is set to ship by mid-February in 2022.


The $32 million raise has been confirmed to be the fifth largest public raise on Coinlist for the year 2021. This figure has also put the platform among the top public token sale rounds this year, with BitDAO (BIT) that had recorded a raise of more than $43 million, GuildFi (GF) that raised over $139 million, and various others.


The current raise adds to the $6.3 million that Umee had raised in June in its first private funding round that was led by Alameda Research, Polychain, CMS Holdings, Coinbase and others.


Umee is a decentralized platform that allows cross chain leverage trading and yield staking. Its official website claims that it can also assist users “discover new yield opportunities” as well as explore several DeFi applications intersecting networks “in a seamless and trustless manner.”


The platform is led by Brent Xu, who is a contributor to Ethereum and Cosmos. Xu views decentralized finance (DeFi) as “the most innovative concept in crypto.” 


The team has expressed in the blog post that it wishes on expanding on ideas and technology that are currently used by Tendermint on Cosmos to allow separate layer-one blockchains in becoming interoperable.


According to Xu, Umee uses the Inter-Blockchain Communication (IBC) protocol from the Cosmos ecosystem in order for assets from Ethereum Virtual Machine (EVM)-based blockchains to be used interoperably on other layer-one blockchain networks in DeFi apps. 


The design is a similar one to Cosmos, but Umee focuses primarily on cross chain interest rates, interchain leverage and multi-chain staking.

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