Cross-chain DeFi hub Umee raises $32M with Coinlist token sale

Umee, a cross-chain DeFi hub, held a token sale on Coinlist that surpassed the platform’s user interest record, raising approximately $32 million.

More than 922,000 Coinlist accounts registered for options 1 and 2 of the UMME token sale, the greatest amount ever for a token sale on the site, according to Coinlist. Around 63,000 accounts were donated in the end.

The cash will be utilised to grow the development and engineering teams, according to a Medium post from the Umee team yesterday. The platform’s Beta web app will be available “in the next few days,” and the mainnet will be available by mid-February.

The $32 million fundraising is said to be the year’s sixth-largest public offering on Coinlist. With BitDAO (BIT) raising over $43 million, GuildFi (GF) raising over $139 million, and others, this places it among the highest public token sale rounds of the year.

It adds to the $6.3 million in private capital Umee received in June from Polychain, Alameda Research, Coinbase, CMS Holdings, and other investors.

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Umee is a decentralized platform that allows for yield staking and cross-chain leverage trading. Users may “find new yield opportunities and explore DeFi apps overlapping networks in a smooth and trustless way,” according to the company’s website.

Decentralized finance (DeFi) is “the most revolutionary notion in crypto,” according to Brent Xu, a contributor to Ethereum (ETH) and Cosmos (ATOM). The team wants to build on Tendermint’s concepts and technology for Cosmos, which allows distinct layer-one blockchains to become interoperable.

According to Xu, Umee employs the Cosmos ecosystem’s Inter-Blockchain Communication (IBC) protocol to allow assets from Ethereum Virtual Machine (EVM)-based blockchains to be utilized interoperably in DeFi apps on other layer-one blockchain networks. Umee is similar to Cosmos in terms of concept, but it concentrates on cross-chain interest rates, multi-chain staking, and interchain leverage.