Token Usage
The Umee token will not be launched until mid February 2022; any sale claims coming from anywhere other than the official Coinlist platform are scams. No token is or will be circulating until after the token generation event scheduled in mid February. Please report any suspicious claims to the #scam-alert channel in the official Umee Discord and do not engage with the scammers.

Validator Infrastructure

The Umee Blockchain is built on a network of validators that contribute Tendermint BFT consensus to the protocol. Tokens are bonded to validators that stake to provide Proof of Stake consensus to the network. Validators come from an open ecosystem of contributors and infrastructure providers. Tokens can also be delegated to validators by users to participate in the underlying consensus mechanism.

Network Fees and Proof Of Stake Consensus

Network fees will be earned in the form of UMEE tokens by validator infrastructure providers. Similar to how ETH is used as a gas fee to pay for transactions on the Ethereum blockchain, UMEE is used as a gas fee to pay for transactions on the Umee Blockchain. Validators earn block rewards in the form of UMEE similar to how transaction fees are processed in native blockchain protocols.

Protocol Governance

The native UMEE token is also a protocol governance token used to facilitate on-chain governance for the Umee Blockchain. The governance token can be used to vote on configurations of the protocol as well as network upgrades for improving functionality of the blockchain infrastructure. The UMEE governance token will additionally govern DeFi parameters of applications that sit on top of the Umee base layer DeFi protocol.
Last modified 3d ago