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

Cross-chain DeFi hub Umee’s token sale on Coinlist has broken user interest records for the platform and raised nearly $32 million.

Coinlist reported that more than 922,000 Coinlist accounts registered for options 1 and 2 of the UMME token sale, the highest number ever for a token sale on the platform. Around 63,000 accounts ended up contributing.

A Medium post by the Umee team yesterday said the funds will be used to expand the development and engineering teams. A beta version of the platform’s web application will be launched “in the coming days,” while the mainnet is scheduled to launch by mid-February.

The reported $32 million round is the fifth largest public round on Coinlist this year. That also puts it in the forefront of public token sales this year, along with BitDAO (BIT) (raised over $43 million), GuildFi (GF) (raised over $139 million), and others.

In June, Umee raised $6.3 million in its first round of private funding led by Polychain, Alameda Research, Coinbase, CMS Holdings, and others.

Umee is a decentralized platform that allows cross-chain leveraged transactions and yield staking. Its website claims that it helps users “discover new yield opportunities and explore the intersecting web of DeFi applications in a seamless and trustless manner.”

It is led by contributor Brent Xu, a contributor to Ethereum (ETH) and Cosmos (ATOM), who believes that decentralized finance (DeFi) is "the most innovative concept in cryptocurrency." The team hopes to expand the ideas and technologies Tendermint uses on Cosmos to make independent layer-1 blockchains interoperable.

According to Xu, Umee uses the Inter-Blockchain Communication (IBC) protocol from the Cosmos ecosystem so that assets from Ethereum Virtual Machine (EVM)-based blockchains can be shared with other layer blockchain networks in DeFi applications. Interoperable use. This is a similar design to Cosmos, but Umee focuses on cross-chain interest rates, multi-chain staking, and inter-chain leverage.