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- Umee, a system that creates compatible solutions for Defi users, has earned an extra $32 million through a Coinlist sale of its native UMEE tokens.
- According to CoinList Head of Sales Mike Zajko, Umee established a CoinList record with 922,000 wallet registrations. However, only 64,000 were purchased.
Umee positions itself in high-profile public token sale rounds this year
The $32 million gain is the sixth greatest public increase on Coinlist this year, according to reports. This also positions it among the several high-profile public token sale rounds this year, like BitDAO (BIT), which raised more than $43 million, GuildFi (GF), which raised more than $139 million, and others.
It adds to the $6.3 million Umee secured in its first round of private fundraising in June, sponsored by Polychain, Alameda Research, Coinbase, CMS Holdings, and others.
Umee is developing a “cross-chain Defi hub,” which will give Defi users a set of interoperable capabilities that can be used across many chains and venues. The hub will hold the initial tools developed by Umee, as well as encourage developers to expand on the original offers. The major purpose of Umee is to create tools for calculating cross-chain interest rates, interchain leverage, and multi-chain staking.
According to CEO Brent Xu, the company planned to use the freshly collected capital to grow its technical staff. Expand its legal compliance resources, its underlying infrastructure, and its worldwide community through increased marketing.
Future projects of Umee
Umee intends to construct teams of 6-8 engineers for each blockchain network it links to, including systems engineers, cryptography engineers, and product developers, to strengthen the cross-chain hub’s interoperability.
Umee’s ecosystem will grow to include various blockchain structure architectures for connecting networks. According to Xu, the team aims at building network testing infrastructure for its cross-chain bridges as well as lending and borrowing capabilities.
Umee is preparing decentralized autonomous organizations
This will all cost time and money. Umee’s new financing will support engineering teams as well as legal and compliance officials. Xu believes that debt market migration will have begun “naturally” in five years.
It will also need tact. Umee, like many other early-stage blockchain ventures, is a centralized corporation. Xu, on the other hand, stated that he is devoted to increasing decentralization.
Umee is preparing decentralized autonomous organizations (DAOs) for the main net, doing community research, and eventually shifting network power to a decentralized governance model.
Umee’s strategy begins with “rebuilding debt infrastructure” to make the “base layer” more agile. CEO Bren Xu stated that his team is developing tools to assist define how his network’s “money legos” deal with global debt.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
