Basic Information
Launched Time：Mainnet, umee-1, launched February 15th at 17:00 UTC.
Issue Time：2022.2.16
Headquarter Location：Whitehall House, 2nd Floor 238 North Church Street，George Town, KY1–1206，Cayman Islands
Coin：UMEE
Market Value：$74,304,975
Current Price：$0.068555
Raise Situation：14% of the genesis supply is allocated to early investors who participated in one of Umee’s two private rounds; and 5% of the genesis supply goes to community members who participated in Umee’s public sale on Coinlist. (Details can be checked in the following article part: Economic Model-Distribution)
Circulating Supply：1,083,739,193 UMEE
Total Supply：1,083,340,047 UMEE
Max Supply: 10 Billion (no limited)
Explore: https://www.mintscan.io/umee
All-Time High: $0.359554 (Feb 16, 2022)
All-Time Low: $0.057147 (Apr 14, 2022)
Network Detail
Brief Introduction
Umee is a cross chain DeFi hub that interconnects between blockchains.
As a base layer blockchain, applications and money lego primitives can be built on top of Umee to access cross chain leverage and liquidity.
Social Media Link Tree
Website丨Reddit丨Twitter丨Telegram丨Discord丨Medium丨Github
Network Description
The Umee Blockchain facilitates interoperability for a Tendermint Proof of Stake protocol with the Cosmos ecosystem, Ethereum network, side chain architectures, layer two scaling solutions, and alternative base layer protocols. As a Cosmos SDK blockchain, the Umee Network is interoperable with blockchains including Terra, Crypto.com, Binance Chain, Osmosis, Secret Network, and 30+ other chains, plus Ethereum, from Day 1.
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.
Besides, Umee was created to address three main issues that exist in DeFi:1) Detached Yields; 2) Concentrated Systematic Risks; 3) Isolated Capital.
Feature
- Umee is a Base Layer DeFi Hub
The Umee Blockchain is the foundational infrastructure for a wide ecosystem of DeFi protocols. Utilizing a fast finality consensus protocol based on Tendermint Proof of Stake, Umee offers a flexible mix of speed and efficiency for blockchain transactions. As blockchain is building out a new social, political, and economic framework for society, Umee is creating a new DeFi layer for cross chain lending and borrowing.
- Umee Introduces PoS to Global Debt Markets
The Global Debt Market is a $281 trillion USD ecosystem. Umee offers the foundational building blocks for onboarding global debt into DeFi. By creating primitives and tools for allowing new leverage components and interest rates, Umee will onboard new markets and ecosystems into crypto and become the leverage facility for the blockchain world.
- Umee Offers Cross Chain Interoperability
Umee utilizes IBC, the flagship Cosmos protocol for cross chain communication, in order to facilitate fast finality transfers of tokens from one blockchain to another while eliminating the need for multiple block confirmations or excessive time delays. Umee also utilizes Gravity Bridge for interconnecting between fast finality and probabilistic finality networks. Transactions made on the Umee blockchain can natively interact with other blockchains.
Network Status
Roadmap
2021 October: Umee Network Deployment (Completed)
2021 October: Umee Ethereum Lending and Borrowing Application (Completed)
2021 November: Umee Network and Gravity Bridge Deployment (Completed)
2021 November: Umee Alpha Mainnet Launch (Completed)
2021 December: Umee Base Functionality Deployment on Testnet (Completed)
2021 December: Security Audits (Completed)
2022 January: Umee Network Lending and Borrowing Application testnet
2022 February: Umee Base Functionality Deployment on Mainnet and Token Launch
2022 March: Umee Lending Facility Upgrades
2022 April — Onward:
Umee Polygon Lending and Borrowing Application
Umee Arbitrum Lending and Borrowing Application
Umee Optimism Lending and Borrowing Application
Umee Solana Lending and Borrowing Application
Umee Binance Smart Chain Lending and Borrowing Application
Protocol developments on top of Umee: meTokens, staking curves, defi debt protocols
Cross chain lending and borrowing applications onto more networks
Staking Pool
Mintscan – Chain explorer by COSMOSTATION
Cosmos chain explorer powered by Cosmostation, Block explorer for Cosmos-SDK based networks made with love &…
www.mintscan.io
Team
Linkedin Homepage丨Emplpyees丨Founder/CEO Information
Funding
Overview
Umee has raised a $6.3 million seed round led by Polychain Capital and including Coinbase Ventures, IDEO CoLab, Alameda Research, ConsenSys and others.
Details can be seen at source 1, source 2 and source 3.
Founding Rounds
Investors
Umee is funded by 11 investors (1 lead investor). High Naut Capital and Argonautic Ventures are the most recent investors.
Technolgy
Code
Refer: https://github.com/umee-network/umee/pulse
Excluding merges, 6 authors have pushed 2 commits to main and 13 commits to all branches. On main, 3 files have changed and there have been 5 additions and 3 deletions.
- Repositories：20
- Submit language：JavaScript，Go，TypeScript，Vue
- Commits: https://github.com/umee-network/umee/graphs/commit-activity
Tech Knowledge
- Universal Debt Facility
Umee’s innovation is encapsulated through its design of a Universal Debt Facility, a base layer lending protocol built using the Cosmos SDK that allows developers to design, build, and deploy their own customized debt instruments. The Umee architecture deeply incorporates a modular and extensible design that allows future iterations of sovereign loan pools and innovative DeFi Debt Markets. These tools are experimented and iterated towards allowing more optimal borrowing and lending interfaces across blockchains.
- Asset Coordination Protocol
Umee realizes its cross chain debt functionality through innovation on its lending and borrowing positions that relay a user’s position universally across platforms and blockchains. Instead of moving crypto assets directly like what many bridge projects do, Umee iterates on its design of uTokens and allows users to reliably lend and borrow natively on a blockchain without introducing any additional base layer dependencies.
- meToken for Collateralized Liquid Staking Positions
As much as the staking mechanism is cornerstone to any Proof of Stake blockchain, Umee takes the mechanism one step further and extends it into a core feature of its lending and borrowing protocol design: the meToken. The meTokens represent staked positions participating in a Proof of Stake consensus mechanism of another blockchain. These can be used as collateral by Umee in order to take a loan position on any other chain. The meToken allows a seamless transition from staking to borrowing while allowing Proof of Stake yield to concurrently pay down interest payments from borrowing. This mechanism allows Umee’s Lending and borrowing function to achieve maximum capital efficiency and yield generation while contributing to the according POS blockchain’s security.
- Yield Curves and Staking Curves
As a base layer debt protocol, the Umee Blockchain will create a yield curve for crypto assets. Similar to the Time Value of Money in TradFi, Umee will build out a term structure of interest rates towards defining the Time Value of Crypto. Proof of Stake durations will be captured within the protocol to make determinations of opportunity costs across crypto time horizons. Using a combination of Proof of Stake yields, DeFi yields, and Debt primitives, the Umee Blockchain will build out foundational infrastructure for onboarding the Global Debt Markets into crypto.
- Tendermint Consensus
Tendermint is one of the most powerful tools for distributed peer 2 peer networks and it is the first ever modern BFT (Byzantine Fault Tolerant) consensus mechanism. Tendermint consists of a consensus engine as well as a generic application interface called ABCI (Application blockchain interface) that enables transactions to be processed in any programming language.
- IBC
IBC (Inter-blockchain Communication Protocol) is an interoperability protocol for communicating arbitrary, ordered, and authenticated data between arbitrary state machines. It provides an end-to-end, connection oriented, and stateful protocol for reliable communication between heterogeneous blockchains or off-chain protocols like roll-ups. IBC can be used for cross chain token transfers, interchain accounts/delegated calls between chains, NFT token transfers, and oracle data feeds.
- Gravity Bridge
Gravity Bridge is a Cosmos to Ethereum bridge which will allow assets to be moved between a fast finality chain like Cosmos and a probabilistic finality like Ethereum using Proof of Stake consensus powered by a network of decentralized validators. The Gravity Bridge is engineered to be as secure as the Cosmos Hub while allowing transfers between the ecosystems. ERC 20 tokens will be able to participate in Cosmos based networks, and Cosmos SDK based tokens will exist as native ERC20’s to participate in Ethereum DeFi.
Tech Advantages
Umee plans to use its own technologies 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.
Ecosystem-Governance
Governance Process
There are three main steps for any governance proposal on the Umee Hub:
- Drafting the Proposal
First, an idea should gain traction within the community and a proposal should be drafted. Community members should utilize the appropriate channels on Umee’s Commonwealth and Umee’s Discord to discuss potential proposals before starting the draft process. Proposal ideas should be reviewed rigorously before taking any further steps.
- The Deposit Period
The deposit period refers to the period of time where UMEE token deposits need to be made in order to demonstrate that the proposal is legitimate. The deposit period lasts a total of 14 days or until the proposal deposits reach 10,000 UMEE, whichever comes first. Anyone can contribute to the deposit, and deposits of both passed and failed proposals are returned to the contributors. There are three instances in which deposits will be burned instead of returned to the contributors:
Expiration: If the deposit period ends before the minimum deposit of 10,000 UMEE is reached, the deposits will be burned. This helps prevent people from spamming governance proposals.
Failure to Reach Quorum: If less than 40% of eligible votes are cast, deposits will be burned. This helps encourage mass participation and prevent certain proposals from being quietly passed.
Vetoed: If more than 33% of the voting power votes “NoWithVeto,” deposits will be burned. This is an extra precaution in case poor or destructive proposals are able to meet the minimum deposit before the deadline.
By requiring a minimum deposit amount, proposers are incentivized to take the governance process seriously or they risk losing funds.
- The Voting Period
After the minimum deposit has been met for a proposal, the proposal enters the voting period. The voting period is a fixed 5 day period where eligible community members can vote on the proposal. Votes can be cast in the following four ways:
Yes :The voter approves the proposal in its existing form.
No: The voter does not approve the proposal in its existing form.
Abstain: The voter has no preference on the outcome of the vote, but has still participated in the voting process and therefore potentially helped the proposal reach the quorum needed to recover deposits.
NoWithVeto： The voter strongly disagrees with the proposal and feels the deposits made should be burned. If the total number of “NoWithVeto” votes are over one third (33.4%) of the total votes (excluding “Abstain” votes) the deposits will be burned instead of being returned to the contributors. Community members should use “NoWithVeto” when they determine a proposal is spam, or harmful to the Umee Hub.
In order for a governance proposal to pass, the following conditions must be met:
A minimum of 10,000 UMEE needs to be deposited within 14 days;
The 40% voting participation quorum must be reached during the voting period;
A majority (>50%) of voting power needs to vote “Yes”;
The total number of “NoWithVeto” votes needs to represent less than a third (33.4%) of the total votes.
Types of Proposals
Types of governance proposals include:
- Text Proposals
Text proposals are an on chain representation, or signaling mechanism, for events that may happen off-chain. Unlike parameter change proposals and community spend proposals the results of text proposals are not actually enforceable, though they should always be respected. Text proposals can be used for things like the formation of DAOs or other events that cannot be directly programmed.
- Parameter Change Proposals
Whenever a change is being made to the protocol, a parameter change proposal needs to pass through the governance process. Parameter change proposals can be made for altering things like:
Inflation parameters;
Staking parameters;
Governance parameters;
Distribution parameters;
Slashing parameters.
Parameter change proposals need to be carefully reviewed and discussed since they will be automatically executed once passed.
- Foundation Spend Proposals
A total of 46% of the genesis supply of UMEE tokens are allocated to the community, and an additional 9% is allocated to the ecosystem. There is a 2% community tax on all staking rewards that will be used to further fund the community pool; this rate can be altered by community governance through a parameter change. Umee community governance participants will use foundation spend proposals to determine how these tokens are used. You can read more about the community and ecosystem pools and their vesting details in the “Tokenomics” section.
How community pool and ecosystem pool funds are spent is entirely up to community governance decisions. A few ways in which the funds might be spent include:
Creating and funding various Umee DAOs;
Liquidity mining incentives;
Funding large scale community events;
Grants to top contributors;
Strategically acquiring crypto assets to gain voting power in key protocols;
Burning mechanisms.
Economic Model
Supply
There is a total supply of 10 billion UMEE tokens, uncapped, with an inflation and deflation mechanism in place to align the UMEE token distribution with long term Umee supporters over time.
Token Functions
UMEE is the Umee blockchain’s native token. The main purpose of the UMEE token is to power the PoS consensus of the Umee blockchain while allowing the community to use and govern Umee and the applications built on top.
Inflation & Deflation Mechanisms
- Inflation
Umee’s inflation schedule changes slowly based on a targeted staking participation rate. When the network reaches the targeted staking rate, the inflation rate will remain constant. When the network has more than the targeted staking rate, the inflation rate will decrease gradually until reaching 7%, the floor inflation rate. When the network has less staked, the inflation rate will increase gradually until reaching 14%, the ceiling inflation rate.
- Deflation
Deflation of the platform fees generated by the initial borrowing and lending functionality, community governance can make decisions regarding buybacks and burns of UMEE tokens. Additional deflation of the token supply will occur via governance determined mechanisms.
In the future community governance can also make decisions related to the usage of the Community and Ecosystem portions of the tokens, such as additional burning mechanisms and plans for the Community and Ecosystem tokens, based on the future market practice and industry trends for the best long term development of Umee.
Distribution
- Community
46% of the genesis supply is reserved for the community. Umee community governance will determine how and when to distribute these tokens through various incentive and grant programs. DAOs can be set up through community votes in order to effectively lead and reward efforts of building sustainable value. All types of contributors can be eligible for community token incentives, including but not limited to technical contributors, community builders, educators, and liquidity providers.
7% of the Community tokens are liquid at the TGE on or around February 15th, 2022; the majority of it is structured as a loan to the market makers of the UMEE tokens, and the rest will be distributed as community incentives to bootstrap the Umee network. The remaining 39% of the tokens will be vested linearly for six years starting at the TGE.
- Ecosystem
9% of the genesis supply is allocated for the ecosystem. Umee community governance will decide how to use these tokens to best incentivize developers to build on top of the Umee blockchain and further build out the ecosystem. These tokens may also be burned if the community chooses to do so.
These tokens will be vested linearly for eight years starting at the TGE on or around February 15th, 2022.
- Public Round
5% of the genesis supply goes to community members who participated in Umee’s public sale on Coinlist.
These tokens will be vested linearly for eight to ten months depending on the sale option selected, starting at the TGE on or around February 15th, 2022.
- Private Rounds
14% of the genesis supply is allocated to early investors who participated in one of Umee’s two private rounds.
These tokens are subject to a six month cliff which will begin at the TGE on or around February 15th, 2022. After six months, 1% of these tokens will be vested linearly for six months while the remaining 13% will be vested linearly for eighteen months.
- Team
15% of the genesis supply is reserved for the Umee team. These tokens will be used to help attract new talent and reward Umee team members for their work. The goal of the Umee team is to attract and collaborate with the best talents and teams around the globe. A portion of the team tokens are set aside for ongoing grants to support the development of Umee as well as open source components of the Umee ecosystem.
These tokens are subject to a six month cliff which will begin at the TGE on or around February 15th, 2022. After six months, these tokens will be vested linearly for thirty months.
- Umee Labs
10% of the genesis supply is allocated to Umee Labs, the corporate entity that funded the development of the Umee protocol and is owned by the founding team. In order to best align the long term interest of the Umee community and not receive tokens in advance of any other Umee participants, the entity has an eight year lockup schedule, beginning with a twelve month cliff.
These tokens are subject to a twelve month cliff which will begin at the TGE on or around February 15th, 2022. After twelve months, these tokens will be vested linearly for eighty-four months.
- Advisors
1% of the genesis supply goes to advisors who have tremendously helped and continue to help guide Umee along its journey.
These tokens are subject to a six month cliff which will begin at the TGE on or around February 15th, 2022. After six months, these tokens will be vested linearly for 30 months.
Release Schedule
Token Format
The UMEE token exists in two forms: an Umee blockchain native version (the native UMEE token), and an ERC-20 token version native to Ethereum. The two forms of UMEE tokens can be freely converted to one another through the Umee Gravity Bridge, accessible on the Umee web app.
The main purpose of the native UMEE token is to participate in the PoS consensus mechanism to help secure the Umee blockchain and earn PoS staking yield, pay gas fees on the Umee blockchain to execute Umee’s cross chain DeFi transactions, and to be able to vote and participate in protocol governance decisions.
The main purpose of the ERC-20 UMEE token is to create a user-friendly experience for Umee to tap into the DeFi legos on Ethereum and allow people to seamlessly access the UMEE token as an ERC-20 token and hold or trade it on centralized exchanges.
Validator
Active Nodes
The top 100 holding addresses will be the active validators: https://www.mintscan.io/umee/validators
Top 10 Nodes:
Last 10 Nodes:
Official Docs
Detailed step-by-step guide on how to run an Umee full node
Detailed step-by-step guide on how to run an Umee validator
Competitors
Refer: https://www.crunchbase.com/organization/umee/org_similarity_overview
Related Readings &Videos
Introducing Umee — the Cross Chain DeFi Hub-2021.3.18
DeFi startup Umee raises $32M to prepare for mainnet launch-2021.12.30
Umee Launches on Cosmos!! | Umee Tokenomics Explained!!-2022.2.17
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