Umee
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FAQ

What is Umee?

Umee is a decentralized finance (DeFi) hub that was created for cross-chain interactions between networks. As a start, Umee will create an interchain lending and borrowing platform between the Ethereum and Cosmos blockchains. Umee will utilize the IBC protocol and bridging technologies such as Gravity Bridge towards connecting networks. In addition to that, Umee will implement universal DeFi tools and money lego components towards interacting with the broader crypto ecosystem.

Why Umee?

Umee was created to address three main issues that exist in DeFi: 1) Detached Yields; 2) Concentrated Systematic Risks and 3) Isolated Capital. Umee plans to break the inherent silos between blockchains by utilizing bridging solutions towards interconnecting blockchains and encouraging better capital efficiency. The eventual goals will be to enable interchain lending and borrowing, multi-chain staking and delegations, plus cross chain defi rates.

What does the name Umee mean?

The name Umee was inspired by the Japanese word “Umi”, which translates to ocean. We use this water analogy to refer to the vision that transactions can happen without being restricted to specific systems; i.e. money can flow freely like water across different blockchains. Moreover, Umee strives to help connect the world of crypto; the name itself depicts connectivity as it joins both “U” and “Me”.

How is Umee built?

Umee is built using the Cosmos SDK as well as Ethereum smart contracts along with scaling solutions. The Umee network will be powered by a decentralized validator set based on Tendermint Proof of Stake consensus. Interoperability is achieved using Inter-Blockchain Communication protocol (IBC), Gravity bridge, and a customized system architecture. Using a combination of DeFi money legos as well as proof of stake tools, Umee is designing a cross chain defi ecosystem where many protocols can communicate between each other and interconnect across functionalities.

Is there a Umee token?

Currently, the Umee team is focused on the development of the core Umee protocol. We do not have a Umee token at the moment. Therefore, any Umee token released outside of the Umee team should not be considered affiliated with this project. Please follow our official announcements channels for the latest updates.

What is Umee’s vision?

In the long run, Umee will be acting as a cross-chain DeFi hub, connecting various ecosystems together and developing novel financial products on top. Umee will incorporate tools such as layer 2 scaling solutions, side chain architectures, tools from the roll-ups ecosystem as well as alternative base layer protocols for connecting between blockchain networks. Within our DeFi Hub, we have been experimenting with interest rate instruments and other new financial primitives that will act as foundational infrastructure for the evolving crypto world.
Last modified 2mo ago